COIF Charities Property Fund secures strategic purchase of Aztec West property for £8.75m

IM Properties, represented by Edward Symmons LLP, has sold Building 1600, Park Avenue, Aztec West for £8.75 million to the COIF Charities Property Fund, which is managed by fund manager, CCLA Investment Management Ltd. The purchase reflects a net initial yield of 9.15%. IM Properties had held this property within their portfolio since 2001.

Date of Press Release: 1|2|2010

The property is let to Spandex Ltd on a 15 year lease, which commenced in March 2001, at a passing rent of £846,270 per annum. Spandex has sub-let parts of the property to IBM, Smartstream Technologies and Tyco.

The Farrell & Grimshaw designed building, which was substantially refurbished in 1999, comprises 126,651 of manufacturing space and offices on a site of over 4.60 acres. It was one of the first buildings to be built on Aztec West, one of the premier business parks in the South West.

Roy Halliday, fund manager at CCLA said, “We know Aztec West well and this building represented a good opportunity for the Fund to strengthen its portfolio by acquiring a well-let prominent building with good long-term asset management opportunities going forward.”

The Fund was represented by Hammond Phillips and Jonathan Martin & Co.

For further press information please contact Sophie Elliott at Redwood Consulting on 020 7828 5553. sophie@redwoodconsulting.co.uk