The Charities Property Fund — the first organisation to invest directly in UK commercial property for English and Welsh charities — has paid more than £15m for an east London office block.
Rivington House, on Great Eastern Street, was sold by the privately owned property investment and development company, Boultbee Brooks Real Estate. Last November it let the entire EC2 property on a 15-year lease to fashion retailer LK Bennett.
In September, 2013, London-based Boultbee purchased the 17,743 sq ft building for £6m. It then underwent extensive refurbishment — stripping it back to its bare Victorian shell — before being offered to Bennett at £46 per sq ft.
“We are delighted to sell a second completed development in Shoreditch to The Charities Property Fund,” commented Boultbee development director, Roger James. “Rivington House is a superb property in a much sought-after location, and we expect it to deliver excellent returns for The Charities Property Fund over the coming years.”
The Shoreditch building, formerly a garment factory, is an impressive yellow brick structure which has been extended to create two new upper levels with external terraces. It is the latest addition to the Charity Property Fund’s 106-strong property portfolio.
Launched in 2000 the organisation was the first common investment fund available to all charities in England and Wales. “Many charities do not have sufficient funds to create a portfolio large enough to spread the risk of owning individual properties,” explained a spokesman.
“The Charities Property Fund has been specifically designed to meet the needs of charities, allowing them access to professional property investment and management while avoiding the time and expense of property administration.” he added.
The fund’s portfolio contains 33 retail properties, 18 office buildings, 38 warehouse and industrial assets and the sites of 19 car dealerships.
