Mayfair Capital’s fund completes £11.45m Runcorn warehouse

3 May 2016

Mayfair Capital’s fund completes £11.45m Runcorn warehouse

Mayfair Capital’s charities’ fund completes £11.45 million Runcorn warehouse purchase

Mayfair Capital Investment Management, the UK real estate investment manager, announces that its flagship fund, The Property Income Trust for Charities (“PITCH”), has acquired a modern distribution warehouse in Runcorn, Cheshire, as part of its income growth strategy.

PITCH has bought a 131,960 sq ft unit at Manor Park, a prime 300-acre office and distribution park close to the M56 motorway, from Pin Properties for £11.45 million, which reflects a net initial yield to PITCH of 6.00%. The unit, which includes a 2.1 acre concreted yard, is let to Rehau, a global polymer-processing company supplying products to the construction, automotive, and industry sectors, until October 2028 at a rent of £4.89/sq ft.

The unit is located prominently at the entrance to Manor Park, fronting Blackheath Lane, close to its junction with the Daresbury Expressway (A558). Significant occupiers in the immediate location include Eddie Stobart, DHL/NHS, Lidl, UK Mail, Kuehne & Nagel, Howdens Joinery, Fresenius, Matthew Clark and B&M Bargains. Road communications within the region will be further enhanced by the completion of the Mersey Gateway project, which comprises a new six-lane toll bridge over the River Mersey between Runcorn and Widnes, providing a fast link between the M56 and M62 motorways.

Simon Martindale, Fund Manager of PITCH, Mayfair Capital, said: “The transaction is in line with our strategy for PITCH of providing secure, long-term income growth and a relatively-high yield. The property is modern, well specified and let on a long-term lease with the additional benefit of minimum fixed increases. There remains a shortage of quality warehousing in the local market, which is putting upward pressure on rents and reducing void and rent-free periods”.

PITCH was advised by JLL and Pin Properties was advised by B8.


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