Schroder Real Estate Investment Trust has agreed a new 10-year lease at a rent of £1.09m per year with Bupa Insurance Services at Victory House in Brighton, East Sussex.
Bupa occupies 45,545 sq ft of the building and previously paid a rent of £960,000 per year.
The new lease agreement, which has no breaks, reflects a 14% uplift in rent and has a rent review in 2023 to whichever is higher – £1.2m per year or open-market value, subject to a cap of £1.33m.
The lease also gives Bupa a rent-free period of 15 months.
In addition, Schroder REIT has also agreed a 10- year lease for a rent of £172,050 per year with specialist recruitment firm Talent Works International at The Lakes business park in Northampton.
Talent Works also has an incentive equating to 15 months’ rent.
Schroder REIT said the leasing activity within the portfolio, including a previously industrial letting in Swindon, increased the portfolio’s weighted average unexpired lease term to 6.9 years and reduced the vacancy rate to 6.3%.
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