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Close offering property fund with 10% yield

Close Property Investment is introducing a new property partnership product, offering investors a yield of 10 per cent.

The Fareham Fund Limited Partnership will invest in a new innovation centre in the Solent business corridor between Portsmouth and Southampton.

The innovation centre will offer funding, accounting and marketing assistance for small firms as well as busi-ness premises. It is the second centre of its kind, following on from the success of the St Johns&#39 innovation centre which was launched in Cambridge in 1987.

The fund, which is looking to raise £1.6m, is open to all UK investors and has a minimum investment limit of £10,000.

It is eligible for inclusion in self-invested personal pensions and small self-administered schemes for income-drawdown purposes.

The fund has a minimum target income of 10 per cent a year, which will be distributed to investors once occupancy reaches a high level, which is expected to be within 12 months.

At the Cambridge innovation centre, the average occupancy rate has been 95 per cent since 1990 and is currently 97.5 per cent.

The investment product can be sold after five years, taking an internal rate of return of 17.7 per cent, assuming a yield of 8 per cent on sale.

Alternatively, the product can be retained indefinitely for income.

Commission is offered to IFAs at 3 per cent.

Close Business Centre Capital managing director Jonathan Price says: “The success of the St Johns Innovations Centre in Cambridge has shown that commercial property offers excellent returns for investors.

“This second centre will benefit hugely from the demand in the Solent corridor which is crying out for commercial accommodation.”

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