Investors attracted to the four-walls-and-a-roof type of investing may be interested in two new property funds on offer from Norwich Union.

For a minimum investment of £5,000 (€6,348.69) investors may purchase units in either the Norwich Union Irish Property Fund or the UK Property Fund. An investment of £10,000 or more is required where a regular withdrawal amount is needed.

The commercial property portfolios are invested in high-quality offices, high street retail properties, industrial properties and property shares. During the first five years there is a 1.5 per cent management charge which reduces to 0.75 of a per cent in the ensuing years. To encourage medium to long-term investment, early exits are penalised during the first five years. Withdrawal in year one incurs a 5 per cent surcharge - every year after that the penalty decreases by 1 per cent.