UK Commercial Property REIT (UKCM) has leased the 14,800 sq ft Unit 2 at its Newton’s Court multi-let industrial estate in Dartford, Kent, to Flint Hire & Supply.
Flint has signed a 15-year lease with a tenant-only break option in year 10, at an annual rent of £214,377 (£14.50/sq ft) – 30% higher than the previous passing rent and 2% ahead of ERV. UKCM said the deal sets a new record rent for the estate.
Will Fulton, fund manager of UKCM at abrdn, said: “The speed at which this letting was secured, without any vacancy period, together with the new rental level achieved demonstrates the ongoing strength of occupier demand for high quality industrial and logistics space in the best locations.
“Despite the high levels of occupancy across UKCM’s this letting is a further example of our ability to continue to capture the reversionary potential in our portfolio when lease events do occur, achieving rates higher than previous passing rent and ahead of ERV to unlock value and drive income on behalf of our investors.”
UKCM was advised on the letting by Altus Group. Flint was unrepresented.
