Mayfair Capital Property Unit Trust has completed two purchases, taking the fund’s net asset value to more than £110m.
MCPUT has bought Riverside Retail Park in Canterbury from a client of Cornerstone Real Estate Advisers, paying just over £8.5m and reflecting a net initial yield of 7%.
The park is let to B&M, Pets at Home and Staples. It produces a current net income of £630,200 pa with unexpired lease terms of between nine and 14 years.
Edgerley Simpson Howe acted for Cornerstone; CWM represented MCPUT.
The fund also bought 206-208 High Street , Cheltenham for £2.4m.
The property is let to Specsavers, BrightHouse and Pandora, producing a rent of £187,000 pa.
The purchase price reflects a net initial yield of 7.4%.
The vendor, a client of LIMl, was represented by Lewis & Partners; MCPUT was advised by Kitchen la Frenais Morgan.
MCPUT investment adviser Robert Palmer said: “These latest acquisitions provide balance to the existing portfolio, which is predominantly composed of industrial and office assets in the South East, giving the fund exposure to strong and improving retail locations. They will also enhance the dividend yield.”
nick.whitten@estatesgazette.com
