UKCM secures tenants for Radlett industrial estate
UK Commercial Property REIT has signed two new occupiers for 116,200 sq ft of space at its Ventura Park industrial estate in Radlett, Hertfordshire.
Location Collective, the UK’s third-largest film studio operator, has agreed to take the 86,000 sq ft Unit B on a 15-year lease. It is due to move into the estate in April 2023.
The company intends to refurbish the site into a high-specification film studio facility as part of plans to roll out further facilities in the coming years. As part of the agreement, UKCM will install LED lighting throughout the site and an electric temperature control system in the office to improve the EPC rating from E to B.
UK Commercial Property REIT has signed two new occupiers for 116,200 sq ft of space at its Ventura Park industrial estate in Radlett, Hertfordshire.
Location Collective, the UK’s third-largest film studio operator, has agreed to take the 86,000 sq ft Unit B on a 15-year lease. It is due to move into the estate in April 2023.
The company intends to refurbish the site into a high-specification film studio facility as part of plans to roll out further facilities in the coming years. As part of the agreement, UKCM will install LED lighting throughout the site and an electric temperature control system in the office to improve the EPC rating from E to B.
Aerospace Reliance, a global supplier of aircraft maintenance materials, took occupation of the 32,000 sq ft Unit 7 last month, the day after a previous tenant departed, after agreeing a 10-year lease. That space already has an EPC rating of B.
Combined, the leases will secure £2m of rent per annum in aggregate for UKCM, which the REIT said was ahead of ERV.
As a result of the agreements, the weighted average lease term of Ventura Park has risen to 7.4 years from 5.75 years, with occupancy growing to 94.4%. UKCM’s overall occupancy level stands at 98%.
Ventura Park is a 35-acre multi-let industrial estate comprising 590,000 sq ft of storage and logistics space across 13 industrial spaces. A 29,000 sq ft facility, Unit G&H, remains vacant.
Will Fulton, fund manager of UKCM at abrdn, said: “These latest lettings at Ventura Park have been agreed very shortly after the units became vacant at market rent significantly ahead of the previous rent paid, reflecting the strength of the market, lack of supply and strength of this location for London businesses.
“They clearly demonstrate the continued demand for well-located industrial business space, situated in close proximity to large urban areas and key transport arteries and are testament to our asset management team’s ability to capture rental reversion, in line with our strategy to drive income on behalf of shareholders.”
TLRE and Avison Young advised UKCM.
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Image © UKCM/FTI Consulting
