Parks Trust adds £15m of new property to its portfolioApr 02, 2012
Milton Keynes Parks Trust has boosted its commercial property portfolio with a total £15.7 million worth acquisitions in Birmingham, Cardiff, Leeds, Nottingham and Bath.
The purchases are the result of a long-term strategy to maintain the Trust as a financially sustainable organisation.
The newly acquired properties complement the Trust’s existing portfolio and provide it with top grade investments anchored by strong tenants.
The acquisitions include a Vauxhall dealership in Birmingham, a prime high street shop in Cardiff, a retail development comprising a Halfords and Burger King in Leeds, and a Land Rover dealership in Nottingham.
This portfolio of four was purchased for £14.39 million. The Trust has also acquired a new Tesco Express store in Bath for £1.35 million.
Parks Trust property director Jenny Strathern (pictured) said: “These recent purchases gave us an exceptional opportunity to strengthen our property portfolio. By acquiring good properties that deliver long-term rental income from reliable tenants we can get a sound return on our investment.
“Our commercial property portfolio generates the majority of our income so, as a self-financing charity, we have to ensure that we manage it wisely to secure the long term future of Milton Keynes’ treasured parks and green spaces.”
Since its creation by Milton Keynes Development Corporation in 1992 the Trust has more than trebled its assets from just over £20 million to more than £75 million today. More than half of its properties are now located outside Milton Keynes.
The Trust was advised in the newest acquisitions by Milton Keynes law firm Geoffrey Leaver Solicitors and property investment consultants Torrin Asset Management.