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Warehouse REIT makes series of lettings

Warehouse REIT has made a series of lettings across its portfolio worth £1.9m in annual rent, reflecting the continued strength of the logistics sector.

The group said it had completed or was under offer on 43 lettings and lease renewals since 1 April 2020. They cover 277,000 sq ft of space and will generate an additional £833,000 a year of additional rent.

Of the deals that have completed, seven new lettings are 9.6% ahead of 31 March 2020 estimated rental values (ERV) and eight lease renewals are 27.7% ahead of previous passing rent.

Highlights include a 10-year lease renewal, with no breaks, with Iron Mountain, the NYSE-listed storage and information management services company, at Stretton Green Distribution Park, Warrington. The agreement reflects at a 26% uplift to the previous rent paid, with a headline rent of £615,000 per annum, or £5.80 per sq ft.

The company also has 28 letting and lease renewals under offer across the portfolio which will generate contracted rent of £844,000, £387,000 of which is additional rent.

In addition to this leasing activity, the company has agreed a short term letting on a 155,000 sq ft warehouse in Nottingham, supporting the occupier’s online delivery and warehousing needs. The short-term nature of the letting provides additional rental income whilst the company seeks planning permission for the refurbishment of the asset.

WHR : Warehouse REIT makes series of lettings

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