Mayfair Capital’s Property Income Trust for Charities, has bought a 130,000 sq ft warehouse in Runcorn from Pin Properties for £11.45m, reflecting a net initial yield of 6%.
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 warehouse sits near to the entrance of Manor Park, a 300-acre office and distribution park close to the M56 motorway. The unit was built speculatively by Pin in 2009.
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 Real Estate.