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Growing occupancy and income
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By working closely with our occupiers and investing in our assets, we have been able to grow occupancy and income over the period resulting in significant outperformance against the MSCI UK Quarterly Property Index. alongside the M25 and close to the M1, we have been able to maintain full occupancy throughout the year and drive income through active management. Two rent reviews were agreed, increasing the passing rent by 25%, one lease was renewed for a further 15 years, subject to break, at a rent 35% ahead of the previous passing rent and we extended a lease by five years to 2031 securing future income of £0.3 million per annum. At Parkbury Industrial Estate in Radlett, which is well located
Following completion of the refurbishment of Swiftbox, Rugby, in March 2020, which improved its EPC rating from an E to a B, we leased the entire 99,500 sq ft distribution unit to UPS, on a 12-month lease, with the option to extend for up to a further six months. UPS has taken up the option, so the lease now expires in March 2022. The letting immediately generated an annual income of £0.6 million, which was 4% ahead of ERV. We completed the refurbishment of Stanford Building in Covent Garden, London, providing Grade A space with excellent occupier amenities including showers and changing facilities. We were pleased to welcome our first occupier to the second floor on a five-year lease, subject to break, 5% ahead of ERV. At River Way, Harlow, we refurbished two units and agreed two rent reviews increasing the passing rent by 11%. Two occupiers expanded on the estate both taking five- year leases in line with ERV, with a further lease extended to March 2023, increasing rent by 27%.
Parkbury Industrial Estate Radlett
Swiftbox Rugby
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