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10/04/2003
The Charities Property Fund, advised by Savills Fund Management has acquired the freehold interest in Phase IV, Ashford Business Park, Kent from the Church Commissioners for England for £3,760,000.
The Charities Property Fund, advised by Savills Fund Management has acquired the freehold interest in Phase IV, Ashford Business Park, Kent from the Church Commissioners for England for £3,760,000 reflecting a net initial yield of 7.6% and reversionary yield of 8.5%.
The estate comprising 4 industrial units totalling approximately 5,733 sq m (61,706 sq ft) let to Keane Graphic Products Limited, STS Flooring Distributors Ltd, Sauflon Pharmaceuticals Limited and BG Electrical Limited. The leases expire between 2006 and 2014. The passing rent is £300,430 pa, equating to £52.42 per sq m/£4.87 per sq ft overall. The rent reviews fall due in 2004.
The Church Commissioners were advised by Michael Elliott.