Warehouse REIT has agreed a 10-year lease renewal with Wincanton on a 375,000 sq ft unit at Midpoint 18 in Middlewich.
Wincanton is paying a new headline rent of £6.50/sq ft, rising to a minimum of £7/sq ft at the end of the fifth year.
The new headline rent represents a 28.8% uplift on the previous passing rent and the lease includes an occupier break in years three and five.
Paul Makin, from Tilstone Partners, said: “We are delighted to have been able to work with Wincanton to satisfy their occupational requirements, with this re-commitment to Midpoint 18 being a strong endorsement of the quality of the space, as well as its strategic location close to the M6 and proximity to key local sources of labour.
“With the supply of both existing and new multi-let warehousing in the UK continuing to be very tight, and occupational markets remaining resilient across a broad range of sectors, Warehouse REIT, with its highly reversionary portfolio, is well placed to capitalise on these attractive market fundamentals.”
