Major deal at Roseville Business Park in Leeds provides boost for Warehouse REIT

Warehouse REIT, the AIM-listed specialist warehouse investor, has announced a lettings update covering the period from 1 April 2020.

The statement said: "Reflecting the ongoing demand from a range of occupiers for last mile warehouse space in the UK, the company has completed, or is under offer on, 43 lettings and lease renewals, across 277,000 sq ft of space, which will generate contracted rent of £1.9 million per annum, £833,000 of which is additional rent."

The highlights included a new five-year lease with a break at year three, for a 13,300 sq ft unit, to the Leeds and York Partnership NHS Foundation, to support the existing tenant's expansion at Roseville Business Park in Leeds. The rent of £100,000 per annum represents a 25% premium to the 31 March 2020 ERV. The foundation has simultaneously agreed a five-year lease renewal, with a break at year three, for 7,000 sq ft of space it currently occupies.

·Andrew Bird, Managing Director of Tilstone Partners Ltd, the investment advisor of Warehouse REIT, commented: "Despite the ongoing market uncertainty, competition for space from a broad range of tenants is underpinning our ability to significantly improve the rental tone across the portfolio.

"We expect to see demand for good quality, well located urban warehousing remain robust, driven by favorable market dynamics, which will allow us to grow contracted rent, increase the portfolio occupancy rate and capture additional reversionary potential."

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