London & Scottish Investments Limited (“LSI”), Asset Manager to Regional REIT, the UK regional office and industrial property focused real estate investment trust, is delighted to announce further new letting agreements for the Company on top of the flurry of lettings, previously announced at the end of 2018 and earlier this year:
2800, The Crescent, Birmingham Business Park: The Group has secured the second largest letting at Birmingham Business Park in 2018. The terms of the lease, agreed in December, see an undisclosed tenant take 13,356 sq. ft. of office space at The Crescent, Birmingham Business Park, for a 10 year period at a rent of £293,832 per annum. This follows the recent full refurbishment of the building which was managed by LSI.
1st Floor East Wing, Tay House, Glasgow: The Group has agreed a lease with the University of Glasgow which is set to run until 9th September 2029 (tenant break clause at 10th September 2024) for the First Floor East Wing of the Property occupying 9,971 sq. ft.. The University have also extended their existing 20,094 sq. ft. lease on the sixth floor of Tay House securing their continued occupation of the building and aligning with the new lease dates of the first floor.
3rd Floor, Doges, Templeton On The Green, Glasgow: A new lease has been agreed with Fore Digital Ltd. for a 10 year lease (with a tenant break after 5 years) at a rent of £66,700 per annum.
Bennett House, Hanley, Stoke-On-Trent: Another letting has been secured by the Group with Secretary of State for the Housing Communities and Local Government signing a 10 year lease for the 32,512 sq. ft. office space. The agreed rent is £292,626 per annum.
Delta 1200, Delta Business Park, Swindon: Cherwell Software Ltd. has agreed to a new lease for 4,857 sq. ft. office space at £82,569 per annum for 3 years, which represents a 30% uplift on rent for the Company and maintains full occupancy of the building.
Miller Court, Tewkesbury Business Park: Unit 17 and 19 have been successfully leased to XQ Digital Resilience Ltd. and TRL Technology Ltd. for 10 and 3 year leases respectively. Under the terms of the contract, TRL Technology Ltd. will pay £161,120 per annum for the 10,070 sq. ft. unit and XQ Digital Resilience Ltd. have committed to £85,400 per annum for unit 17 which totals 6,100 sq. ft.
Stephen Inglis, Chief Executive Officer of London & Scottish Investments, commented:
“This is fabulous news and comes close on the heels of the raft of significant lettings we announced at the end of 2018 and earlier this year. Our buildings are seeing strong letting interest and is a demonstration of our pro-active and customer focussed approach in refreshing and refurbishing our Core and Core plus buildings and our close relationship with our tenants allowing us to extend and amend leases.
Earlier this week we announced an uplift in our valuations for year ended 31 Dec 2018 and substantial profits generated from sales of assets – we continue to deliver for our shareholders”.