Strategic Report
Governance
Financial Statements
Additional Information
£1.4m Invested into upgrading the estates 11 Businesses attracted or retained
UPGRADING THE ESTATES In line with our net zero carbon commitment to reduce operational emissions, we have recently completed the installation of solar on one unit. Across the estates we are aiming to improve the energy efficiency of units and we directly control the electricity supply at Mill Place Trading Estate, meaning we can ensure it is renewably sourced. We have started our programme of refurbishment upgrades across the estates and have installed new signage, LED lighting, repaired roads and enhanced security though mobile patrols, security barriers and CCTV. We have met in person with all of our occupiers and delivered welcome packs, ensuring everyone has a direct point of contact with us.
Key activity ‒ Letting of eight units and compounds for a combined £0.3 million per annum, 79% ahead of the March 2022 ERV ‒ Secured a 29% rental uplift at a review with our largest occupier (by income), to £0.3 million per annum, 23% ahead of ERV ‒ Refurbished a 21,000 sq ft unit, installing solar panels and improving its EPC from a D rating to an A rating ‒ Acquired an adjoining unit for £0.4 million to consolidate our ownership ‒ Successfully relocated an existing occupier to the newly acquired unit, enabling us to secure a new letting at a record rent
Summary of management and leasing activities over the year
Ahead of previous passing rent (%)
Ahead of March 2022 ERV (%)
Rent per annum (£m)
Activity Letting
Number
8 6 4
0.3 0.4 0.4
79% 18% 23%
–
Lease renewal Rent review
64% 33%
Picton Property Income Limited Annual Report 2023
13
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