Regional REIT secures new lettings


Regional REIT, a real estate investment specialist focused on building a diverse portfolio of income producing regional UK core and core plus office and industrial property assets, has announces new lettings, which include four new tenants.

The company has agreed a new 10-year tenancy extension agreement with longstanding tenant, Odeon, at Kings Court in Dundee at a rent of GBP737,600 per annum which extends the lease expiry to 2035. Under the agreement, Odeon will undertake a full refurbishment to the new Odeon Luxe format for which Regional REIT will make a significant capital contribution.

In addition, the largest industrial unit within Juniper Park in Basildon has been re-let for five years to longstanding tenant Schenker Limited. Unit 3B, which totals 74,189 sq ft of warehousing space has been secured for a headline rent of GBP463,681 per annum. In addition, the office space, comprising the Ground Floor of Mayne House and Juniper Place front and rear totalling 12,851 sq ft, has been secured for a headline rent of GBP182,265 per annum.

At Arena Point, Leeds, The Secretary of State for Housing, Communities and Local Government has taken occupation over the fourth and fifth floors amounting to 8,134 sq ft on a flexible leasing basis.

The new tenant deals see 1760 Solihull Parkway leased in its entirety to Open Study College Limited, totalling 4,464 sq ft. They have signed a 10 year lease at a rent of GBP87,048 per annum.  The letting immediately follows the completion of the recent full refurbishment of the building which was managed by the asset manager.

At Bear Brook Office Park, Aylesbury, Product Compliance Specialists Limited has agreed a 10-year lease over Suite B, Ground Floor, Building 2, Bear Brook Office Park (5,118 sq ft) at a rent of GBP87,006 per annum. Building 2, 61,385 sq ft was refurbished in 2018 and the completion of this letting leaves only one suite available within the building.

Leading Scottish charity, Cornerstone Community Care, has also agreed a new 10-year lease on the top floor of iconic Glasgow landmark office building Doges, Templeton on the Green which looks across The Peoples Palace and Glasgow Green. The agreement will see Regional REIT fit out the last remaining shell space for Cornerstone who have agreed to pay a rent of GBP73,000 per annum.
Trident Retail Park, Birmingham: S&T Audio, the UK’s largest award winning musical instrument retailer, has agreed a 15 year lease over Unit 4, 8,000 sq ft, at rent of GBP69,000 per annum.
 
Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management, says: “Securing further lettings to long-term tenants and welcoming new tenants to our properties is testament to the quality of our portfolio. Our flexible approach and active asset management continues to ensure we attract and secure high quality established businesses from a diverse range of industries.”

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