Real estate investment trust LondonMetric Property has exchanged contracts on two new lettings totalling roughly 260,000 square feet, each on 15-year lease terms.
LondonMetric said on Wednesday that at its Bedford Link development, it had let 172,000 square feet to Carlton Packaging, an e-commerce packaging supplier, at a rent of £1.33m per year, subject to five-yearly rent reviews at the higher of CPI plus 1% or open market.
Over at Grange Park, Northampton, following a minor refurbishment, LondonMetric re-let 86,000 square feet to My 1st Years, a supplier of baby and children’s gifts, at a rent of £650,000 per annum, representing a 29% uplift versus the previous passing rent.
Asset director Mark Stirling said: “These are excellent lettings at what are record rents for the respective schemes and which demonstrate the continued strength of occupier demand for quality warehouse space. They also reduce warehouse vacancy across the LondonMetric portfolio to less than 1%.
“We continue to make good progress with pre-letting the final warehouse at Bedford Link, which totals 360,000 square feet and is due to complete at the end of this year.”
As of 0910 BST, LondonMetric shares were up 0.58% at 243.40p.
