Mayfair Capital’s Property Income Trust for Charities has acquired four mid-box logistics warehouses in Avonmouth, Bristol, for £15.9m, at a net initial yield of 4.1%.
The connected properties at Cabot Park, Rockingham Gate measure 104,000 sq ft in total. Orchard Street Investment Management is listed as the previous owner on EG Radius.
The asset has a WAULT of 4.7 years to lease expiries and 3.7 years to tenant break options, at an average passing rent of £6.70 per sq ft.
Jos Seligman, transaction manager for Mayfair Capital, said: “Mayfair Capital continues to seek assets such as Cabot Park with excellent specification and rapid connections which provide flexible space for a wide variety of occupiers.
“Avonmouth is a top logistics pick in our thematic investment strategy owing to the road, rail and sea connectivity, tenant amenity and an Enterprise Area designation that encourages long-term industrial use in the area.”
Simon Martindale, fund director of the Property Income Trust for Charities, said the purchase increased the fund’s exposure to the warehouse sector to more than 46%, and it formed part of an “ongoing repositioning strategy to coincide with a number of non-core sales”.
Hartnell Taylor Cook represented Mayfair Capital; Savills acted for the vendor.
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See how this compares with other investment sales in the Bristol industrial market >>
