Mayfair Capital Charity Trust adds to Investment Portfolio

Posted on 15 April, 2015 by Kirsten Kennedy

Mayfair Capital’s Property Income Trust for Charities (PITCH) has increased its investment portfolio to £350 million on the back of £17.3 million of acquisitions.

Business man pointing to transparent board with text: Property Investment

The first acquisition is the forward purchase of an office building on Cambridge Research Park costing £10.44 million.

Former owner Keir Property will continue in its role as developer for the project, with subsidiary Keir Construction taking the building contract.  The property is due be finished to Grade A specification with a BREEAM rating of ‘very good’.

In total, the development will offer 30,322 sq ft of office space over three floors and will benefit from 120 car parking spaces. The first and second floors are already earmarked for use by Keir, which will take the space on a 15 year lease at a rental cost equating to £21.50 per sq ft and will also guarantee the rent on the ground floor for up to two years following the practical completion of the build.

The second major acquisition for the Mayfair Capital’s PITCH is a 41,184 sq ft office building in the heart of Cardiff city centre, which the trust purchased from the APIA Regional Office Fund in a deal worth £6.94 million.

Known as Oakleigh House, the property is currently leased to Cunningham Lindsey UK under a new 10 year lease which was renegotiated by Knight Frank upon the confirmation of purchase.

Associate Gareth Lloyd at Knight Frank’s Capital Markets team in Cardiff says; “Oakleigh House attracted excellent interest with a number of offers ahead of the quoting price.

“Its popularity and sale demonstrate the strong appetite for good secondary regional investment opportunities which are well located and offer a good income profile.”

Since its launch in January 2005, PITCH has managed to outperform the AREF/IPD UK All-Balanced Property Funds Index (ABFPI) in comparable periods over 3, 5 and 10 years – a significant feat considering the strong market downturns during the recession.

In addition, the fund continues to attract new equity from charities thanks to the attractive prospective yield for new investors, with £60 million worth of new subscriptions taken in the year to the end of December 2014.

Chief executive of Mayfair Capital and PITCH fund director James Thornton believes that the latest acquisitions will further the goals set by the fund.

He says; “Both assets are in line with our investment strategy for PITCH, providing excellent income return and the potential for strong rental growth.

“The Cambridge asset is expected to provide above average rental growth, due to an increasingly strong local office market constrained by a lack of quality supply, while Cardiff offers the potential to grow the income through added value activities such as refurbishment and lease events.”

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