The Charities Property Fund has purchased the freehold investment interest in Unit 42, Nursling Industrial Estate, Southampton from the Church Commissioners for England for £4.1 million, reflecting a net initial yield of 8%.
The 5,742.1 sq m (61,808 sq ft) distribution warehouse is let to Nuance Global Traders Ltd on a 25-year lease, from March 1987, at a passing rent of £345,000 pa. This is subject to five yearly upward only rent reviews. The March 2002 rent review is ongoing and there is a further rent review in March 2007.
Other occupiers on the estate include Tesco, Coca Cola, Christian Salvesen, Bacardi-Martini and Direct Line.
Savills Fund Management acted on behalf of The Charities Property Fund and CB Hillier Parker represented the vendor.