Warehouse REIT has said the occupier market has proved “resilient” after posting a string of new deals in the final quarter of its financial year.
In a quarterly trading update, the company said it closed 22 leasing deals in the three months to 31 March, 30.1% ahead of previous rents and representing £1.4m of contracted rent.
Director Simon Hope said: “The consistency with which we are delivering rental uplifts is a testament to the expertise of our asset management team and the strength of our locations, which has underpinned like-for-like rental growth of circa 5% for the financial year. The multi-let industrial market benefits from a diverse mix of occupiers, making it more resilient through the cycle and supporting our strategic priority to capture portfolio reversion.”
Deals during the quarter included a new letting to an engineering equipment manufacturer at Foundry Point in Widnes for £325,000 pa, 50.2% ahead of previous passing rent, and a rent review at Oldbury Point in the West Midlands to a vehicle equipment producer, securing £142,300 pa, 47.4% above the prior rent.
These transactions bring leasing activity for the financial year to 31 March 2024 to 1.5m sq ft, at an average 28.6% ahead of previous contracted rent.
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