The letting activity in the retail warehouse portfolio continues, with B&M upsizing from a unit of 20,000 sq. ft. into a vacant unit of 30,000 sq. ft. B&M will pay an annual rent of £400,000 and the lease will expire in 2032. This is the third time the Company has been able to accommodate B&M’s expansion on its retail parks having completed similar deals at Barnsley and Hull in previous years.
During 2020, the Company completed 17 asset management transactions which secured £2.6m of income per annum. 94% of these deals were in the retail warehouse sector. This proves that there is still tenant demand for well-located retail warehouse parks let off affordable rents.