The Mayfair Capital-managed Property Income Trust for Charities fund (PITCH) has acquired a freehold office investment in Manchester for £11.925m.
The property at 31 Booth Street comprises 24,902 sq ft of prime office accommodation located in the heart of the city’s central business district. The purchase reflects a net initial yield of 5.04%.
The Grade II-listed building was extensively refurbished in 2017 and is fully let to nine tenants at a low average rent of £25 per sq ft.
Mayfair Capital Investment Director, Phil Sturdy, commented: “This acquisition is aligned to our thematic investment strategy of acquiring Grade A office space in strong strategic locations.
“31 Booth Street is particularly well placed for future income growth with a low passing rent, numerous lease events in the next three to five years and seven of the leases having been granted outside the 1954 Act.”
CBRE advised Mayfair Capital and Savills advised Helical.
PITCH is a tax-efficient unit trust for charity investors which aims to deliver a relatively high and sustainable income yield whilst at least maintaining capital value in real terms over the economic cycle. It has more than 1,000 charities invested in the Fund.