Columbia Threadneedle’s Balanced Commercial Property Trust has secured two industrial leasing deals in Birmingham and Liverpool, including a 264,000 sq ft lease extension from pet care company Nestlé Purina.
Nestle Purina has signed for a 10-year extension at Hams Hall Distribution Park Birmingham, beginning March 2025 with a break at the end of year five.
BCPT said it expects a rent review in March 2025 to show a “significant uplift” to passing rent at the premises. The tenant will receive a three-and-a-half-month rent-free period when the new lease begins.
Separately, sportswear brand Montirex has signed a 10-year lease for Hurricane 52 (pictured) on the Estuary Business Park in Liverpool. The newly-built logistics unit measures 52,500 sq ft. The agreement includes a break at the end of year five.
The letting followed a competitive ‘best bids’ process between three occupiers, with rent achieved at £8.25 per sq ft. BCPT said it reflected a premium in excess of 7% to the logistics facility’s estimated rental value.
BCPT fund manager Richard Kirby said: “These latest lettings underscore the demand for industrial and logistics assets in the UK, and it is encouraging to see such a resilient occupier market.
“Active asset management and the delivery of initiatives such as these are key to converting rental growth into income and capital performance.”
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