21st Feb 2023 10:55
(Alliance News) - UK Commercial Property REIT Ltd on Tuesday said it has secured new leases on two units at its Ventura Park industrial estate in Radlett, England, for total of GBP2 million in annual rent.
The London-based commercial property investor said the two units, covering 116,200 square feet of space, have been leased to two new occupiers, after the previous tenant departed last month.
The company said one tenant moved in the day after the departure, indicating "continued strong demand for good value, well-located industrial space".
UKCM said 86,000 square foot unit B has been taken by Location Collective, the UK's largest film studio operator. Location Collective will refurbish the unit into a film studio facility.
32,000 square foot unit 7 has been leased to aircraft maintenance materials supplier Aerospace Reliance Ltd for a 10-year period, the company said.
UKCM added that the new leases increase the weighted average lease term of Ventura Park to 7.4 years, from 5.8 years.
Will Fulton, UKCM fund manager at abrdn PLC said: "These latest lettings at Ventura Park have been agreed very shortly after the units became vacant at market rent significantly ahead of the previous rent paid, reflecting the strength of the market, lack of supply and strength of this location for London businesses.
"They clearly demonstrate the continued demand for well-located industrial business space, situated in close proximity to large urban areas and key transport arteries and are testament to our asset management team's ability to capture rental reversion, in line with our strategy to drive income on behalf of shareholders."
UK Commercial Property shares were down 0.7% trading at 55.52 pence per share on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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