Mayfair Capital Property Unit Trust (MCPUT), a fund managed by Schroder Real Estate Managers (Jersey) with Mayfair Capital Investment Management Limited as the property adviser, has sold the freehold interest in Eden House, Eden Office Park, Bristol, to Eagle One Limited.
The property, which was constructed in 2007, comprises a standalone office building, totalling 7,781 sq ft, let to Unit 4 Business Software Limited for a further six years. The sale price was £1.58 million.
Eden Office Park totals 100,000 sq ft and is located about two miles from Junction 19 of the M5 Motorway, four miles from Clifton and five miles to the north east of Bristol City Centre. The park offers a landscaped office environment with high levels of parking and appeals to a variety of occupiers.
James Feilden, Fund Manager at Mayfair Capital, commented: "This asset has been a small but excellent performer for the Trust. This sale was identified due to its relatively small lot size and following the successful execution of our business plan to remove the tenant’s break option, extending the term certain to 2022".
Graeme Rutter, Head of Schroder Real Estate Capital Partners, said: "We are delighted that Mayfair Capital has completed the business plan at Eden House and then looked to crystallise a profit for our investors. Mayfair continues to add value through good stock selection, active management and its predominantly income-focused strategies".
Paul Withers, Director of Eagle One, commented: "We are delighted to have completed the purchase of Eden House. This is a small lot size for the company and we will be targeting a number of larger investment acquisitions in the region during the course of the year".
The purchaser was represented by Colliers International and MCPUT was represented by Knight Frank.
Launched in June 2010, MCPUT has performed strongly against the AREF / IPD UK Quarterly Property Fund Index – All Balanced Property Fund Index Weighted Average. In the three years to March 2016 MCPUT produced a total annual return of 13.5% per annum against its benchmark of 13% per annum.
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Notes to Editors:
Mayfair Capital Investment Management Limited www.mayfaircapital.co.uk Mayfair Capital is an independent, owner-managed, UK real estate investment management business. Founded in 2002 and headquartered in London, Mayfair Capital is authorised and regulated by the FCA. Its management board, which is chaired by Stephen Musgrave, includes William Hill (non-executive director), James Thornton (chief executive officer), Robert Palmer (chief investment officer), Graham Langlay-Smith (chief operating officer), Ned Pumphrey (fund director) and James Lloyd (director of business development & marketing). Mayfair Capital serves a diverse client base, through its discretionary and advisory funds, which include The Property Income Trust for Charities, Mayfair Capital Property Unit Trust, Mayfair Capital Commercial Property Trust, MC Property Growth Fund No 2, Mayfair Capital Residential 1 and Mayfair Capital Residential 2.