Warehouse REIT has let a total of 121,400 sq ft across four long-term lettings.
PWR Europe has taken a 20-year lease on 38,600 sq ft at Valley Point, Rugby. The unit will serve as the cooling solutions developer’s new European headquarters. The lease will generate a contracted rent of £332,400 pa, 11% above the 31 March 2022 ERV.
Superbike Factory has taken 20,200 sq ft on a 10-year lease at Unit 1, Granby Trade Park, Milton Keynes, to be its first dedicated outlet in the South East. The lease will generate a contracted rent of £201,800 pa, 6.6% ahead of the 31 March 2022 ERV.
A third letting of a unit at Carisbrooke Industrial Estate on the Isle of Wight for £185,000 pa has been agreed with a manufacturing business, while Turners Garage has extended its 21,000 sq ft lease at Shaw Lane in Doncaster, and taken on a further 5,000 sq ft unit. The £165,300 pa agreed is a 4% uplift on the previous rent.
Paul Makin, investment director at Tilstone Partners, the REIT’s investment adviser, said: “As our continued strong leasing activity demonstrates, the UK warehouse occupier market remains in robust health, reflecting the breadth of tenant demand in a market beset by structural undersupply. Where rents remain affordable, particularly in the regions where the company’s portfolio is concentrated, there is no sign of this supply-demand imbalance easing.”
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