Friday, 11 July 2014
Mayfair Capital’s "PITCH" fund continues to grow with £22.6 million of acquisitions (UK)
Mayfair Capital Investment Management today announces that the Property Income Trust for Charities (“PITCH”), has completed £22.6 million (€28.5 million) of acquisitions.
PITCH has acquired a £13.5 million (€17 million) retail and leisure investment in Widnes, Cheshire, from Property Alliance Group and a £9.1 million (€11.5 million) retail development in Skipton, Yorkshire, from Maple Grove Developments.
The property in Widnes, Cheshire, extends to 93,147 ft² (approx. 8,639 m²) and comprises a modern B&Q retail warehouse, a Jellybean Play Centre unit and a trade counter park to the rear, which comprises six units in a terrace. The site is located south east of the town centre in close proximity to Widnes Shopping Park and Tesco Extra, Morrisons and Asda supermarkets and is easily reached via the M62 from the north at Junction 7 and the M56 to the south at Junction 12.
Deloitte Real Estate advised Mayfair Capital and Whitaker Horton advised Property Alliance Group.
The property at Albion Place in Skipton, Yorkshire, a retail development which was completed in 2014, comprises 46,500 ft² (approx. 4,273 m²) and is adjacent to a Marks & Spencer Simply Food outlet and close to New Look, Arcadia, Boots, O2 and Costa stores.
GVA advised Maple Grove Developments.
James Thornton, CEO of Mayfair Capital and fund director of PITCH, said: “These two acquisitions offer a blended yield of 6.7%, which will enable the Fund to continue to deliver a relatively high income distribution to investors.
Ben Hall, investment director at GVA in Leeds, said: ““Albion Place has given an economic boost to Skipton and the surrounding area. We had strong interest in the property which again shows a return of investor sentiment to the region.
Source: Tavistock Communications