REGIONAL REIT FINISHES THE YEAR WITH A TRIO OF LETTINGS
London & Scottish Investments Limited (“LSI”), Asset Manager to Regional REIT Limited (“the Group”), the UK regional office and industrial property focused real estate investment trust, today announces that it has agreed three substantial new lettings.
The Group has agreed terms with construction group, McLaren, who will lease 18,685 sq. ft. of office space at 120 Wellington Street, Leeds, and 22,032 sq. ft. at The Oaks, Coventry, at a combined rent of £555,000 per annum. Under the agreement, McLaren has the option to purchase both sites, subject to obtaining consent for their proposed redevelopment schemes.
Regional REIT has also agreed to lease 10,736 sq. ft. at 3200 Century Way, Thorpe Park Business Park to Countryside Properties Plc at a rate of £204,000 per annum. The site, comprising of office space, was acquired by LSI in November 2014. It is currently undergoing a £2 million refurbishment, with the second floor due for completion in mid-January 2019, and the Ground Floor and remaining common areas due for completion by Spring 2019. C&W acted for LSI and Savills for Countryside Properties Plc.
Stephen Inglis, Chief Executive Officer of London & Scottish Investments Limited, the Asset Manager of Regional REIT Limited commented:
“These lettings again show the flexibility in our approach which enables us to achieve maximum value from our sites and take advantage of growing demand in the regional markets.”
“Leeds is increasingly seeing attention from financial and professional services firms due to the substantial development in the region. Likewise, Coventry has become an attractive destination for students through to technology companies at the cutting edge of innovation.”