We successfully advised Mayfair Capital’s Property Income Trust for Charities (PITCH) fund on the purchase of a 203,442 sq ft distribution warehouse for £16.9m reflecting a net initial yield of 5.44%.
The building is located on the established Berry Hill Industrial Estate in the West Midlands and has an unusually large yard with a maximum depth of 105 metres. The property is let to Antolin Interiors UK until November 2024 at a modest passing rent of £981,272 per annum (£4.82 sq ft) illustrating the reversionary potential of the asset.
There is a shortage of warehousing along the M42 corridor which, in combination with strong recent take‐up, has put upward pressure on rents. The acquisition subsequently provides PITCH with exposure to the strong West Midlands industrial market and has the benefit of a forthcoming rent review providing strong prospects for income growth.
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