Regional REIT (LSE: RGL), the regional real estate investment specialist focused on building a diverse portfolio of income producing regional UK core and core plus office and industrial property assets, today announces an update on a number of successful regional lettings across its portfolio, in aggregate some 10.9% ahead of expected rental value ("ERV"):
Juniper Park, Basildon: The lease of Unit 2 of the 16-unit site has successfully been renewed to Vanguard Logistics Services Limited for a five-year period with Vanguard having the option to extend beyond this. A stepped rent has been agreed on the 61,079 sq. ft. unit, increasing to the headline rent of £370,000 per annum representing an uplift of 15.4% to the previous annual rent of £320,665, and 5.4% ahead of ERV.
Charles House, Northampton: Reed Specialist Recruitment have renewed their three leases for a further two years to September 2021 subject to break options after 12 months at a combined rental of £112,700 per annum across the 11,277 sq. ft. site, and 2.7% ahead of ERV.
Enterprise House, Century Park, Altrincham: Enterprise Software Systems Limited have renewed their lease over the entire building of 6,500 sq. ft. for a further 10 years until September 2029, subject to break option after 5 years at a headline rental of £89,400 per annum, and 14.6% ahead of ERV.
Dysart Way, Leicester: The lease on this petrol filling station/retail site has been renewed, following the expiry of the 24-year lease to Rontec Service Station 1A Limited, for a further 20 years on a stepped rental arrangement rising to a headline rent of £147,025 per annum after 5 years, and 40.0% ahead of ERV.
Braidhurt House, Strathclyde Business Park, Bellshill: Wireless Infrastructure Group Limited have leased the previously vacant first floor space of 4,697 sq. ft. for 10 years, subject to a tenant break option after 5 years at a headline rental of £58,713 per annum, and 4.1% ahead of ERV.
Silver Court, Watchmead, Welwyn Garden City: Unit 6, Floor (4,048 sq. ft.), previously vacant, has recently been let to Coreix Limited for 5 years at a headline rent of £70,840 per annum, and 9.3% ahead of ERV.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager, commented:
"We are pleased to announce a series of significant letting events across our portfolio and we would like to thank tenants who are renewing with us and to welcome our new tenants.
The quality and diversity of our customer base continues to grow across the regions, which coupled with our strong asset management platform, remains a key differentiator for our investment case and we are delighted to see it continue to grow. In aggregate, at £848,678 in revenue, the lettings announced today represent a 10.9% uplift from their current ERV, demonstrating the on-going success of the asset manager's activities across our national portfolio."