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News Release

Manchester

Mayfair Capital’s PITCH fund achieves largest industrial letting in north west this year

Advised by JLL’s NW team


 29 April 2014  Mayfair Capital Investment Management, the UK real estate investment manager, has announced that its flagship fund, the Property Income Trust for Charities (“PITCH”), has completed the largest industrial letting in the north west in 2014.
 
PITCH has let its 115,000 manufacturing warehouse, Tame115, at Tameside Industrial Park, Dukinfield, Manchester, to Ritrama UK Ltd, a leading manufacturer of self-adhesive materials, which is relocating from its existing 72,000 sq ft facility at Lyntown Trading Estate in Eccles, Salford. The lease was granted on full repairing and insuring terms for 16 years at a starting rent of £425,000.
 
James Thornton, chief investment officer of Mayfair Capital and fund director of PITCH, added: "This significant letting for PITCH more than halves the void rate in its portfolio to just 2.1 per cent of the income. This is important to our charity investors because it increases the distribution yield.”
 
For the Dukinfield transaction JLL acted for Mayfair Capital and Ridley Thaw for Ritrama.
 
Richard Johnson, associate director at JLL Manchester, said: “Tame115 was one of the few, large purpose-built manufacturing units left in the region and, therefore, we were always confident of disposing of it to a manufacturer. Tame115 suits Ritrama because it offers the company a corporate-looking, fully-fitted manufacturing facility with a large power supply and is within easy reach of the M60.    
 
“With UK manufacturing continuing to perform strongly, bolstered by growing trends such as re-shoring, we expect the sector to drive the north west industrial market this year, along with e-commerce”.