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Future-proofing our Portfolio / Continued
44% Uplift on the previous passing rent further rental growth. The unit is being refurbished in line with our sustainable refurbishment guidelines. We have relocated an occupier to our estate in Luton, meaning we now have one vacant unit we are refurbishing. This will be the first open market letting since 2019 on the estate and we believe will provide Parkbury, Radlett At our largest asset in Radlett, we have captured rental growth at lease events over the year. A rent review was settled with a trade supplier to the professional audio, broadcast, light and power industries where the rent was increased by 56% to £0.1 million per annum. We agreed a renewal with a cosmetics business, who renewed for ten years, subject to break, at a rent of £0.2 million per annum, an uplift of 44% on the previous passing rent. The combined new rent was in line with ERV.
Creating value through proactive asset management
Our diverse occupier base generates a stable income stream, which we aim to grow through active management and capturing market rental uplifts.
Occupational demand in the industrial sector remains positive and we are continuing to capture rental growth. A lack of supply, especially of multi-let estates, coupled with increasing build costs, means that occupiers have restricted choice when looking for space, which has driven rental growth across the country.
Strategic priority 1 2 3
Picton Property Income Limited / Annual Report 2024 12
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