The Charities Property Fund acquires industrial distribution unit in Redditch

28 Feb 2003

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.