The Charities Property Fund, advised by Savills Fund Management, has acquired an industrial investment from CAA Pension Fund, a discretionary client of CB Hillier Parker Investors.
The property cost £7.95 million, reflecting a net initial yield of approximately 7.7%.
The 15,103 sq m (162,570 sq ft) industrial property is occupied by Allied Domecq Spirits and Wines Ltd, on assignment from W H Smith, until March 2014 at a rent of £647,500 pa, equating to £42.84 per sq m (£3.98 per sq ft). The next rent review is due in March 2004.