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Industrial activity at Schroder Real Estate

Industrial activity at Schroder Real Estate – Schroder Real Estate Investment Trust says that, since its financial year end on 31 March 2020, eight lettings, renewals and reviews have completed across its industrial portfolio with a total rent of £840,000 a year, £270k a year higher than at 31 March 2020.

Leeds, Millshaw Industrial Estate (multi-let industrial estate) – Lease renewal with Restore Plc for a new five year lease at a rent of £250,000 per annum, or £4.84 per sq ft, compared with the previous rent of £242,500. This represented a 3.1% increase. Rent review agreed with Camso UK Limited at a new rent of £19,800 per annum, or £7.26 per sq ft, compared with the prior passing rent of £18,420.

Norwich, Union Park (multi-let industrial estate) – New lease completed with Quentor Ltd for a 10 year term at a rent of £189,175 per annum, or £4.79 per sq ft. The unit was vacated by the previous tenant in May 2020 who was paying £181,125. Rent review agreed and simultaneous new six year lease completed with ADI-Gardiner Limited resulting in a new rent of £18,500 per annum, or £5.51 per sq ft, compared with the prior passing rent of £17,000 or £5.06 per sq ft.

Milton Keynes, Stacey Bushes (multi-let industrial estate) – Lease renewal with My Warehouse Limited in Unit 28 with new five year lease at a rent of £82,943 per annum, or £7.00 per sq ft, compared with the prior passing rent of £53,321 or £4.50 per sq ft. Lease renewal with Vacuum Technologies Limited for a new five year lease at a significantly higher rent of £15,380 per annum, or £10.00 per sq ft, compared with the prior passing rent of £10,766 or £7.00 per sq ft. Rent review agreed with The Warehouse (Milton Keynes) Limited resulting in a new rent of £37,464 per annum, or £7.00 per sq ft, compared with the prior passing rent of £34,788 or £6.50 per sq ft.

Portsmouth, Walton Road (industrial) – Rent review agreed with Codestorm Limited resulting in a new rent of £225,000 per annum, or £8.36 per sq ft, compared with the prior passing rent of £188,377.

SREI : Industrial activity at Schroder Real Estate

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