Mayfair Capital’s Property Income Trust for Charities (PITCH) has completed the acquisition of 3 Capital Quarter in Cardiff. The newly developed office, completed in 2018 by JR Smart, comprises 77,000ft². It forms part of eight-acre mixed-use development, including 370,000ft² of offices, 1,200 student beds and a 307 unit build-to-rent residential tower. This acquisition enhances Mayfair Capital’s ability to provide long-term, sustainable income for charity clients within a socially responsible framework. This property features strong environmental credentials, including a roof-mounted photovoltaic system with a BREEAM Excellent rating and EPC of A, in addition to an excellent specification and tenant amenities.
The building is let to two high-calibre tenants, Admiral Insurance and Which? Consumer Services, providing secure, long-term income with an unexpired lease term of 9.5 years. The purchase price was not disclosed.
Simon Martindale, Fund Manager of the Property Income Trust for Charities, said: “This acquisition has allowed us to participate in a market supported by positive long-term trends, which has been bolstered by the recent commitment from a number of well-known corporates. By allocating to high-quality and well-located regional offices, where demand continues to exceed supply and letting activity remains strong, we see the opportunity for further performance from income growth. The building itself provides high-quality space at an attractive yield, allowing us to continue to provide long-term sustainable income for our charity investors.”
Alex Smart, of developers JR Smart commented: “We are delighted to have secured the sale of No 3 Capital Quarter to PITCH, which follows our successful sale of No 2 Capital Quarter to another UK pension fund in 2017 and further demonstrates the level of institutional interest for the product we have created at Capital Quarter. We had a number of strong bids on this asset and are also delighted that No 4 Capital Quarter is also fully let. We have now commenced on our next exciting office development in Cardiff City centre at John Street, Callaghan Square.”
