Regional REIT has announced a number of lettings across its portfolio, in aggregate 10.9% ahead of expected rental value (ERV).
The deals comprise:
- Juniper Park, Basildon: lease renewal to Vanguard Logistics Services for five years with Vanguard having the option to extend beyond this. Headline rent of £370,000 a year, representing an uplift of 15.4% to the previous annual rent and 5.4% ahead of ERV.
- Charles House, Northampton: lease renewal to Reed Specialist Recruitment for a further two years to September 2021 subject to break options after 12 months at a combined rental of £112,700 a year – 2.7% ahead of ERV.
- Enterprise House, Century Park, Altrincham: lease renewal to Enterprise Software Systems over the entire 6,500 sq ft building for a further 10 years until September 2029, subject to break option after five years at a headline rental of £89,400 a year, and 14.6% ahead of ERV.
- Dysart Way, Leicester: The lease on the petrol filling station/retail site has been renewed for a further 20 years on a stepped rental arrangement rising to a headline rent of £147,025 a year after five years, and 40% ahead of ERV.
- Braidhurt House, Strathclyde Business Park, Bellshill: Wireless Infrastructure Group has leased the previously vacant first floor space of 4,697 sq ft for 10 years, subject to a tenant break option after five years, at a headline rental of £58,713 a year, and 4.1% ahead of ERV.
- Silver Court, Watchmead, Welwyn Garden City: vacant space totalling 4,048 sq ft let to Coreix for five years at a headline rent of £70,840 a year, and 9.3% ahead of ERV.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the asset manager, said: “The quality and diversity of our customer base continues to grow across the regions, which coupled with our strong asset management platform, remains a key differentiator for our investment case. In aggregate, at £848,678 in revenue, the lettings announced today represent a 10.9% uplift from their current ERV.”
RGL : Regional REIT announces letting success