In the year to June 2024, rent reviews, new lettings and renewals for industrial assets across the portfolio have delivered on average a 35% increase. Some of the Fund’s many successes in the sector are outlined below.
At the Fund’s industrial unit in Warrington, which is let to Eddie Stobart, we have just agreed a £200,000 uplift, taking the rent to £550,000 per annum, equating to an increase of 57%. The rent has increased from £5 per sq ft to almost £8 per sq ft. This asset has been owned by the Fund for over 10 years and has delivered consistent and growing income.
United Autosports occupy one of the Fund’s assets in Trident Park, Normanton. Their lease was due to expire in October 2024 and they were paying a rent of £215,107 per annum, reflecting £5.63 per sq ft. Keen to secure their future at the building, we have now secured a new 5 year lease to them at an increased rent of £324,600 per annum, an increase of 51% to £8.50 per sq ft.
At our 178,000 sq ft unit at Emperor Point, Tamworth, we have just secured a rental uplift of 34% at rent review, growing the rent from £5.43 per sq ft to £7.28 per sq ft.
At the Fund’s multi-let industrial estate in Epsom, the Fund secured a new 10 year lease to AWE Europe. The rent has increased from £139,117 per annum (£11.25 per sq ft) to £222,588 per annum (£18.00 per sq ft); a 60% increase.
At Wardley Cross in Manchester, an asset that has been part of the portfolio for 20+ years, we have just agreed the rent review to Wilkinson Star. At review the rent has increased from £4.81 per sq ft to £8.20 per sq ft, which equates to a 70% increase overall.