Listed real estate firm announces more than 40,000 sq ft of lettings in January
Listed office and industrial property focused real estate investment trust Regional REIT has this morning announced a series of letting completions in Leeds.
The firm said it has let 120 Wellington Street to construction group, McLaren, which will lease 18,685 sq ft of office space. McLaren has also taken space in Coventry and the combined rent of £555,000 per annum has been announced. Under the agreement, McLaren has the option to purchase both sites, subject to obtaining consent for their proposed redevelopment schemes.
Regional REIT has agreed to lease the second floor – 10,736 sq ft – at 3200 Century Way, Thorpe Park Business Park, to Countryside Properties at a rate of £204,000 per annum. The building is currently undergoing a £2m refurbishment, with the remaining Ground Floor due for completion by Spring 2019.
At Arena Point, Leeds, a serviced office centre of 12,000 sq ft was established in Arena Point at the beginning of January 2019 in partnership with Citibase.
Regional REIT this morning said that within two weeks, 10,000 sq ft of the office space had been leased. “The levels of enquires experienced for the remaining 2,000 sq ft of space may mean the size of the centre is expanded in the coming months,” added the firm.
Stephen Inglis, Chief Executive Officer of London & Scottish Investments Limited, Asset Manager to Regional REIT, said: “We have had a really strong finish to 2018 and the momentum is continuing into 2019. These lettings demonstrate the strength of our vertically integrated management model which enables us to achieve maximum value from our sites.
“We continue to see growing demand for quality space in the regional markets, despite the political uncertainty at a national level. While we remain cautious in our outlook for the macro market, we continue our approach of micro-management and a granular, site by site focus and strategy to meet demands from tenants, and in turn return value to shareholders.”
