Schroder Real Estate has leased a retail warehouse in its St John’s Retail Park in Bedford.
The single warehouse covering 4,860 sq ft has been leased to Tapi Carpets for a total rent of £121,500 per annum which represent an uplift on the £22.50 psq ft rental value when the company purchased the building.
In addition to the new lease, Schroders has also agreed a lease renewal with Palin Electronic on a 4,481 sq ft unit at the park extending the terms from March 2018 to March 2023 at a rent of £18.20 per sq ft.
Tapi will receive the first year rent free witht eh cost spread over the second and fourth year of the lease. Maplin will receive six months’ rent free as an incentive.
Maplin will also be subject to a rent review in March 2018 to put it in line with Tapi’s rent.
In total St John’s Retail Park has a rental income of £2.2m per annum which represents a 7% yield on the purchase price of £31.8m.
