New tenancy agreed for property at office park
A real estate investment specialist has secured an occupier for 10,550 sq ft of remaining space at Century Way, 3200 Thorpe Park, in Leeds.
Regional REIT confirmed the tenancy today, as part of a series of successful lettings for the investment trust, amounting to 5.5% above expected rental value, equating to £486,691 per year.
Following the successful refurbishment of the 31,805 sq ft Century Way office by London & Scottish Property, on behalf of Regional REIT, the final remaining space on the ground floor has been let to Marlow Foods Limited trading as Quorn Foods.
The lease is for a 10-year term with a break at the fifth anniversary at a headline rent of £211,600 per annum, (£20 per sq ft) following earlier lettings to Sodexo and Countryside Properties.
Commenting on this deal and other leases recently secured for properties in Manchester and Glasgow, Stephen Inglis, CEO of London & Scottish Property Investment Management, said: “Demand continues to be strong for our assets and we are very encouraged by the rental rates that we are able to achieve which once again are significantly ahead of our expected rental values.
“This further demonstrates that we are witnessing rental growth in our portfolio across all of the major UK regions.
“The acquisition pipeline remains very healthy and we will update shareholders as we continue to invest the proceeds from the earlier in the year equity raise and the recycling of capital from sales.
“The diversity of our income continues to grow as we expand our asset base and further enhance the quality and quantity of our income and expand our tenant base.”
