The Charities Property Fund, advised by Avison Young, has acquired Mayfield House, Railway Road, Ilkley for £5.9 million from Oakapple Group.
Mayfield House comprises a new 27,290 sq ft (2,535 sq m) purpose-built office building with 62 car parking spaces. Located within the North Leeds ‘Golden Triangle’, the property is split over three floors. The ground and second floor are let on a 15-year term to Smartcredit Ltd, and the first floor on a 10-year term to Modus UK Ltd.
The building forms part of a major mixed-use development including 102 residential units, a care home and offices.
Harry de Ferry Foster, Fund Director for The Charities Property Fund, comments “This acquisition provided us with the opportunity to acquire a newly constructed office building, in a market starved of stock, with a long AWULT of 13.3 years with approximately two-thirds of the income benefitting from RPI linked review. The pricing reflected a capital value of £216 per sq ft and a very healthy NIY of 7.22% and a yield to the Fund of 7.6%.”
Oakapple Group was advised by Colliers. Avison Young advised The Charities Property Fund.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
