New deals secured by investment management firm
Lothbury Investment Management has secured a number of new lettings and tenant lease renewals, on behalf of Lothbury Property Trust, across its commercial property holdings.
In Birmingham, it has completed a 10-year lease with a five year break with parcels courier Evri, formerly Hermes Parcelnet, at their holding at Unit 4, Meteor Park in Birmingham.
The 112,943 sq ft property was let at a headline rent of £8.50 per sq ft, realising an annual rent of £960,000.
The firm has also seen a lease renewal with refrigeration and air conditioning company Dean & Wood, at Unit 9 at Premier Park, Manchester.
Unit 9 comprises 8,690 sq ft and has been let on a 10-year lease at £10.50 per sq ft, generating an annual rental figure of £91,245, the highest rent achieved on the estate to date.
The letting of two units at Lothbury’s Priory Park, Aylesford holding has also just been completed. Unit 3C, which has undergone a complete refurbishment, comprises 9,413 sq ft and was vacated by Chubb Fire last year. Unit 3D stands at 10,288 sq ft and was previously let to Quadrant Modular before a surrender of their lease earlier this year.
Both units have been let to food and beverage solutions firm Prinova Solutions at £11 per sq ft on a 10-year lease with a five year break, generating a rental income of £216,711 per annum.
Alastair Dewar, asset manager at Lothbury Investment Management, said: “These commercial property holdings across the country continue to be excellent performing assets. The new lettings and lease renewals confirm the popularity of good quality units in strategically placed industrial locations, where we are continuing to invest successfully.”
At Priory Park, Lothbury was represented by Martine Waghorn; Prinova were unrepresented. At Premier Park, JLL acted on behalf of Lothbury; Dean & Wood was represented by Logix Property. At Meteor Park, Savills acted for Lothbury; Art Surveyors acted for Evri.
