Property group says new lettings will generate ‘major uplift’
Property group Regional REIT (real estate investment trust) today announced a series of lettings, including three in the North West, that it said will generate a major uplift in income for the group.
Regional REIT focuses on office and industrial property outside London. It has offices in Manchester and Leeds and owns properties throughout the North West and Midlands.
It revealed eight successful lettings today amounting to around £1.27m per annum.
It said these lettings represent a major uplift in income for the group as all of these properties, bar one, were vacant prior to these lettings.
Locations include Nottingham, Chatham, Lincoln, Leeds and Brighouse.
In the North West they include: Albert House, in Preston, let to new tenant the Alzheimers Society for a rent of £18,940 per annum; Birkdate House in Warrington, let to new tenant, a FTSE 250 public service provider, for £153,327 per annum; and Oakland House in Manchester, which is a new letting with an existing tenant, which represents an additional income of £68,125 per annum.
Stephen Inglis, chief executive of London & Scottish Property Investment Management, the asset manager, said: “These significant lettings demonstrate the continued demand across the UK for high quality regional office assets.
“Our asset base continues to attract considerable interest from leading corporate tenants as we continue to build and diversify our existing portfolio with a considerable pipeline of attractive opportunities for our asset management team to maximise unit valuations.”
He added: “We are particularly pleased to have secured our largest tenancy to date at Colwick (Nottingham) on an attractively priced longer lease.
“The tenancy illustrates our adaptable approach to active asset management and the ability to be opportunistic when a longer attractive lease becomes available for the benefit of our shareholders.”
