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Regional REIT completes series of rent renewals

Regional REIT has completed a series of lease renewals at marked uplifts in rent.

The company, that owns a diverse portfolio of properties in the UK regions, has completed eight deals across office, retail and warehouse assets amounting to more than £500,000 in annual rents and at a combined uplift of 20.2% to estimated rental values (ERV).

The deals comprise:

  • A new 10-year lease on 4,762 sq ft of office space at Solihull Parkway, Birmingham Business Park at a headline rent of £92,589 per annum;
  • A new six-year lease on 11,673 sq ft of office space at Marston Moor Business Park in York, at a headline rent of £79,400 a year – 70% above ERV;
  • Three new six-year leases on warehouse and distribution units at Marston Business Park at a headline rent of £68,000 per annum;
  • A five-year lease for 3,345 sq ft of office space at Unit 3, Acorn Business Park, in Leeds at a headline rent of £34,300 a year;
  • A two-year lease renewal on 3,584 sq ft of office space at Woodlands Court, in Bristol, at a headline rent of £65,520 a year;
  • A one-year lease extension on office space at Witham Park, in Lincoln, at a rent of £71,055 per annum;
  • A two-year lease extension at York House, Felixstowe, at a rent of £13,500 for the first year and £14,000 for the second; and
  • A four-year lease extension to 2029 on a 13,687 sq ft retail unit at High Street, Dumfries, at a 65.1% uplift to ERV.

“The positive progress achieved as part of our ongoing asset management plan has resulted in ERV uplifts amounting to 20.2% and follows on from our strong Q1 rental collection previously announced,” said Stephen Inglis, chief executive of Regional REIT’s asset manager. “More than ever, our close relationships with tenants and the strength of experience in the asset management team that spans previous financial crises, continue to be invaluable in creating exemplary usable spaces suitable for the new environment that meet the needs of tenants and optimise value for shareholders.”

RGL : Regional REIT completes series of rent renewals

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