Warehouse let with 30% rent uplift

By Liza Helps Property Editor Logistics Matters

THE LANDLORD UK Commercial Property REIT secured the new letting with  Flint Hire & Supply a provider of theatrical goods for scenic artists, propmakers, carpenters, riggers and stage engineers working in live and recorded entertainment. Flint took a 15-year lease on the 14,800 ft2 Unit 2 building at Newton’s Court with a tenant-only break option in year ten, at a rent of £214,377 a year equating to £14.50 per ft2. It also negotiated a six month rent free period. The lease sets a new record rent for the estate.

Abrdn fund manager Will Fulton, who looks after UKCM, said: “The speed at which this letting was secured, without any vacancy period, together with the new rental level achieved demonstrates the ongoing strength of occupier demand for high quality industrial and logistics space.”

UKCM was advised on the letting by Altus Group, with Flint being unrepresented.