Rockspring Property Investment Managers has let a shed at its Burnt Mills Industrial Estate in Basildon, Essex to delivery firm Yodel.
Yodel has signed a 10-year lease on the 57,000 sq ft 1 Watkins Close at a stepped rent rising to £6.25 per sq ft in year five.
The shed was one of the assets that made up the Greenridge Portfolio, which included 470,000 sq ft of warehouse space and 150,000 sq ft of office space, and was bought by the fund in February 2011 from the Alderley Group for £40m.
Rockspring assistant director Paul Crosbie said: “The swift letting of this asset in Basildon to a well known parcel operator underlines the success of our asset management strategy to refurbish the site in response to the lack of quality space available in the market and buoyant occupier demand for the ‘mid-box size range’.
“Moreover, this positive result is in line with the overall fund strategy of buying fundamentally well located assets in undersupplied markets that lend themselves to improvement through active asset management.”
LSH and SBH acted for Rockspring; Yodel was represented by Penn Commercial.
nick.whitten@estatesgazette.com
