Charities Property Fund Aquires Industrial Investment for 7.4%

17 Mar 2004

The Charities Property Fund has aquired an industrial investment from Barnwood Developments Ltd for £6.275 million, reflecting an initial yield of approximately 7.4%.

The Charities Property Fund, jointly advised by Savills Fund Management and M3, has acquired an industrial investment from Barwood Developments Ltd for £6.275 million, reflecting a net initial yield of approximately 7.4%.

The 10,130 sq m (109,035 sq ft) industrial property is to be occupied by Bunzl Outsourcing UK Ltd on a new 10 year lease from May 2004 at a rent of £490,320 pa, equating to £48.44 per sq m (£4.50 per sq ft). The lease is guaranteed by Bunzl plc and the next rent review is due in May 2009. Bunzl were advised by Jones Lang LaSalle. Barwood were advised by Budworth Brown.