During the latter half of 2018, the Fund had a number of rent review successes across the alternatives, retail and office sectors which delivered in excess of £640,000 to portfolio rent. At four of our car showrooms at Chester, Harrogate, Worcester and Solihull, index linked and fixed rent review mechanisms delivered an additional £184,177 per annum. On average, rents have increased at these showrooms by 14.5%.
At Metro Park West, Gateshead, a prime retail asset, the first RPI linked rent review became effective from August 2018, which resulted in an uplift in rent of £264,343 pa, reflecting a 13.2% increase in annual rent. The property is let to Tesco with an unexpired lease term certain of in excess of 14.5 years and has been underlet to the Range and Sports Direct.
At 90 Chancery Lane, a midtown office block substantially refurbished by the Fund in 2013/14, four open market rent reviews have been settled which has delivered an additional £192,451 per annum, reflecting a 24.2% improvement on the former rents.