PAG sells Widnes retail park
PROPERTY Alliance Group has sold a Widnes retail park to a London investor for £13.5m.
Mayfair Capital Investment Management said its flagship fund, the Property Income Trust for Charities (PITCH), had acquired the 93,000 sq ft, park off Dennis Road.
It is fully let to eight tenants, including B&Q, at a total rent of £947,397 a year, which equates to a net initial yield of 6.91%. The fund has also spent £9.1m acquiring a retail park in Skipton from Maple Grove Developments.
Mayfair’s chief executive James Thornton said: “These two acquisitions offer a blended yield of 6.7%, which will enable the fund to continue to deliver a relatively high income distribution to investors. Widnes is well located, well let and offers a good income return. Skipton is an attractive development in a town that is affluent and has a tight supply.
“PITCH continues to attract new investors from the charity sector on a monthly basis. With a number of acquisitions in hand we expect the fund to exceed £300m in size very shortly.”
Deloitte Real Estate advised Mayfair Capital and Whitaker Horton advised Property Alliance Group.
