The Charities Property Fund has acquired the freehold interest of an industrial distribution unit in Redditch, Worcestershire for just over £3.4 million.
The Charities Property Fund has acquired the freehold interest of an industrial distribution unit in Redditch, Worcestershire for just over £3.4 million.
Alto House is on Ravensbank Drive, North Moons Moat, adjacent to Ravensbank Business Park and comprises 5,663 sq m (60,950 sq ft) of part 1980s, part new build accommodation let to Hydro Aluminium Profiler (UK) Limited on a lease expiring in 2017. The lease is guaranteed by Norsk Hydro ASA, a Norwegian based company 43.82% owned by the Norwegian government. The unit produces a total annual rent of £274,297.50 per annum (£48.44 per sq m / £4.50 per sq ft). The investment is held long leasehold with an option to purchase the freehold for £1.
Savills Fund Management represented the Charities Property Fund and Brown Harknett and Ayles Heath Buchanan Neve advised the vendor, a private company.