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 new successful lettings, which includes four new tenants:
Odeon, Kings Court, Dundee: A new 10 year tenancy extension agreement has been secured by Regional REIT with the longstanding tenant, Odeon, at a rent of £737,600 per annum which extends the lease expiry to 2035. Under the agreement, Odeon will undertake a full refurbishment to the new Odeon Luxe format for which Regional REIT will make a significant capital contribution.
Juniper Park, Basildon: The largest industrial unit within Juniper Park has been re-let for five years to longstanding tenant Schenker Limited. Unit 3B, which totals 74,189 sq. ft. of warehousing space has been secured for a headline rent of £463,681 per annum. In addition, the office space, comprising the Ground Floor of Mayne House and Juniper Place front and rear totalling 12,851 sq. ft., has been secured for a headline rent of £182,265 per annum.
Arena Point, Leeds: The Secretary of State for Housing, Communities and Local Government has taken occupation over the fourth and fifth floors amounting to 8,134 sq. ft. on a flexible leasing basis.
Welcoming four new tenants:
Solihull Parkway, Birmingham Business Park: 1760 Solihull Parkway has been leased in its entirety to Open Study College Limited, totalling 4,464 sq. ft.. They have signed a 10 year lease at a rent of £87,048 per annum. The letting immediately follows the completion of the recent full refurbishment of the building which was managed by the asset manager.
Bear Brook Office Park, Aylesbury: Product Compliance Specialists Limited has agreed a 10 year lease over Suite B, Ground Floor, Building 2, Bear Brook Office Park (5,118 sq. ft.) at a rent of £87,006 per annum. Building 2, 61,385 sq. ft. was refurbished in 2018 and the completion of this letting leaves only one suite available within the building.
Doges, Templeton on the Green, Glasgow: Leading Scottish charity, Cornerstone Community Care, has agreed a new 10 year lease on the top floor of this iconic Glasgow landmark office building looking across The Peoples Palace and Glasgow Green. The agreement will see Regional REIT fit out the last remaining shell space for Cornerstone who have agreed to pay a rent of £73,000 per annum.
Trident Retail Park, Birmingham: S&T Audio, the UK’s largest award winning musical instrument retailer, has agreed a 15 year lease over Unit 4, 8,000 sq. ft., at rent of £69,000 per annum.
Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management1, commented:
“Securing further lettings to long-term tenants and welcoming new tenants to our properties is testament to the quality of our portfolio. Our flexible approach and active asset management continues to ensure we attract and secure high quality established businesses from a diverse range of industries.”
1Following an internal restructure at London & Scottish Investment Ltd., the Asset Manager Agreement has been assigned to London & Scottish Property Investment Management Ltd.