Responding to Uncertainty/Continued
Proactive management: increasing income from our recent Gloucester acquisitions
Our combined ownership in Gloucester totals over 29 acres, having acquired two adjoining city centre industrial estates in 2021/2022: Madleaze Trading Estate, and Mill Place Trading Estate. Since our acquisition of the estates, we have been focused on improving their appeal for our existing occupiers as well as to attract new businesses. The two estates provide 670,000 sq ft of warehouse and ancillary accommodation, with a site coverage of 52%. The average contracted rent across leased property on purchase was £2.76 per sq ft and there was 100,000 sq ft of vacant accommodation in need of redevelopment and refurbishment. The combined consideration was £23.5 million or £35 per sq ft. Over the year we have increased the average contracted rent across leased property by 23% to £3.43 per sq ft and reduced the amount of vacant space by 35%.
We have successfully increased income through proactive asset management and refurbishment. Jay Cable Head of Asset Management
Increased contracted rent by 23% In 2022/23
Picton Property Income Limited Annual Report 2023
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