Self-adhesive materials manufacturer Ritrama UK has agreed a 16-year lease on an 115,000 sq ft warehouse with Mayfair Capital Investment Management at Tameside Industrial Park.
Ritrama will relocate from a 72,000 sq ft facility at Lyntown Trading Estate in Eccles. London-based Mayfair Capital, which owns the Tame115 site through its Property Income Trust for Charities (PITCH) fund, claimed the deal was the largest industrial letting in the North West this year. The Tameside Industrial Park warehouse has an annual rent of £425,000.
James Thornton, chief investment officer of Mayfair Capital and fund director of PITCH, said: "This significant letting for PITCH more than halves the void rate in its portfolio to just 2.1% of the income. This is important to our charity investors because it increases the distribution yield. The fund now offers a prospective yield of 6.5% plus, which is very attractive to charities in the current environment of low inflation and interest rates."
JLL acted for Mayfair Capital and Ridley Thaw for Ritrama.