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08 February 2023

Aqueous One, Birmingham

We secured a new 10-year lease with Specsavers Optical Superstores Limited t/a NewMedica at a new rent of £83,382 pax. Six months’ rent free was agreed with an additional 12 months at half rent. A tenant break option was provided on the fifth anniversary of the date of entry and a capital contribution of £55,000. This letting has resulted in 100% occupancy of this asset.

Ian Williams Limited have agreed to remove their September 2023 break option in exchange for 22 months at half rent. This is created an additional five-year term certain for this income stream at a headline rate above the reported ERV of £13.00 psf.

As part of this new letting, we refreshed the common areas and installed new signage across the site.