Ritrama agrees ‘largest NW industrial letting’

SELF-ADHESIVE materials manufacturer Ritrama UK is relocated from Eccles to Dukinfield after agreeing a lease on a 115,000 sq ft warehouse at Tameside Industrial Park.

London-based Mayfair Capital Investment Management, which owns the Tame115 site through its Property Income Trust for Charities (PITCH) fund, said the deal was the largest industrial letting in the North West this year.

The 16-year lease has an annual rent of £425,000. Ritrama is moving from a 72,000 sq ft facility at Lyntown Trading Estate.

James Thornton, chief investment officer of Mayfair Capital and fund director of PITCH, said: “This significant letting for PITCH more than halves the void rate in its portfolio to just 2.1% of the income. This is important to our charity investors because it increases the distribution yield. The fund now offers a prospective yield of 6.5% plus, which is very attractive to charities in the current environment of low inflation and interest rates.”

Earlier this month the PITCH fund bought 86 Deansgate in Manchester for £16m. JLL acted for Mayfair Capital and Ridley Thaw for Ritrama.

Click here to sign up to receive our new South West business news...
Close