UK Commercial Property REIT (UKCM) has leased two units totalling 116,200 sq ft at Ventura Park industrial estate in Radlett, Hertfordshire.
The previous tenant of the units departed the estate earlier this year and the REIT has secured deals with two occupiers securing £2m of rent per annum in aggregate, which in addition to the premium over the previous passing rent, is ahead of ERV. UKCM said it has increased the weighted average lease term of Ventura Park from 5.75 years to 7.4 years and taken occupancy to 94.4%.
Film studio operator Location Collective has taken the 86,000 sq ft Unit B on a 15-year lease and intends to the refurbish the site into a high specification film studio facility, and global supplier of aircraft maintenance materials, Aerospace Reliance, took occupancy of the 32,000 sq ft Unit 7 the day after it became vacant, on a 10-year lease.
Will Fulton, fund manager of UKCM at abrdn, said: “These latest lettings at Ventura Park have been agreed very shortly after the units became vacant at market rent significantly ahead of the previous rent paid, reflecting the strength of the market, lack of supply and strength of this location for London businesses.
“They clearly demonstrate the continued demand for well-located industrial business space, situated in close proximity to large urban areas and key transport arteries and are testament to our asset management team’s ability to capture rental reversion, in line with our strategy to drive income on behalf of shareholders.”
UKCM was advised by TLRE and Avison Young.
