BMF expands property portfolio
Published: 19 December, 2013
The Builders Merchants Federation (BMF) has increased its property investment portfolio with the acquisition of two commercial office units, which neighbour its HQ at Coventry Business Park.
The investment – using some of the money realised by the sale of the BMF’s former HQ in central London – takes advantage of the rising demand for quality office stock in the Coventry area. The two adjoining office units, 1130 and 1140 Elliot Court, provide a total of 6,692sq ft of lettable space, 80% of which is occupied by a single tenant on a new five-year lease.
BMF managing director John Newcomb said: “As a trade body we have a responsibility to manage both our cash reserves and our investments wisely, and it makes financial sense to have a diversified portfolio. With the buildings already 80% let, we immediately generate a good rental return, but this is a long-term investment and good quality units offer sound fundamentals with prospects for active management and capital growth. Furthermore, as the investment properties are in close proximity to our own premises, we will be on hand to monitor and manage them.”