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, is pleased to announce further successful lettings some 19% ahead of expected rental value, amounting to £644,537 per annum:
Juniper Park, Basildon: Unit 1 of the 16-unit site has successfully been let to DG International Group Limited for a five-year period. The 30,100 sq. ft. industrial unit has been let for a rental of £240,800 per annum representing a notable uplift of 30% from the previous tenancy. The unit was re-let within 11 weeks of the previous lease coming to an end.
Witham Park House, Lincoln: Anglian Water Limited has increased its footprint within the 102,000 sq. ft. multi occupied office complex signing a lease of Units 4 & 7 until January 2032. The combined suites extend to c. 17,000 sq. ft. with an annual headline rent of £220,000 per annum.
2800 The Crescent, Birmingham: The first floor has been successfully leased for 10 years at a rent of £150,876 per annum (£22/sq. ft.) subject to a break option on the fifth anniversary. Only 8,369 sq. ft. remains available of the comprehensively refurbished 28,583 sq. ft. building.
Silver Court, Watchmead, Welwyn Garden City: Continuing the recent letting success at this 30,000 sq. ft. business park, a national charity organisation has renewed its lease of Unit 6 (1,933 sq. ft.) for a further three years at a headline rent of £32,861 per annum.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager, commented:
"The continuing strength of successful letting activity across our national portfolio is a testament to the value added by our bespoke asset management strategies. Following several continuing initiatives, we are pleased to announce further rental uplifts this morning, 19% ahead of our expected rental value.
The diversity of income continues to grow as we expand our asset base and further enhance the quality and quantity of our rental and expand our tenant base. We would like to welcome the new tenants who are joining us and thank existing tenants who have chosen to renew with Regional REIT."