The Investment Manager has continued to deliver asset management initiatives since the start of its new financial year on 1 October 2022.
13 transactions have completed across eight of the Company’s retail warehouse parks. Deals have been completed at Stirling, Widnes, Prestatyn, Wrexham, Hull, Coatbridge, Daventry and Barnsley, over 185,000 sq. ft. of space.
The transactions, which include lease renewals, lease extensions, new lettings and Agreements for Lease have secured £2.4m of rental income per annum with tenants such as B&M, Poundland, Mamas and Papas, DFS, Superdrug, B&Q and M&S.
It is encouraging that these lettings have been secured in line with or ahead of the valuer’s ERVs. It is also significant that 10 of the tenants currently trade from the Company’s parks and are validating them as trading locations by taking new leases. Some tenants have even upsized their trading footprints, which points to the strengths of the parks as trading locations.
The Company continues to progress lettings and lease restructures across the portfolio, with the aim of improving the Company’s income stream and reducing the vacancy rate.