UK Commercial Property REIT, which is managed and advised by Aberdeen Standard Investments and owns a diversified portfolio of high quality income-producing UK commercial property, announces that it has now fully let the Ventura Park industrial estate in Radlett, Hertfordshire, having signed five new leases for c.230,000 sq ft of space across five office and warehouse units. As a result, UKCM’s total portfolio vacancy has been reduced by over a third to 4.1%1.
The new leases, which have been signed with both existing and new occupiers, secure £2.5 million of rent per annum, 4.4% ahead of ERV.
113,000 sq ft of space has been leased to new tenants Planners Services & Sundries (10 years), Stand & Deliver (10 years) and GL Events (5 years), while an existing global occupier has extended its footprint by leasing an additional 117,000 sq ft of space across two units (2 years).
Ventura Park, a 35 acre multi-let industrial estate, comprises 589,302 sq ft of storage and logistics space across 13 industrial units and is let to a range of tenants. Situated in Radlett, it is located close to the M25 between the M1 and A1(M) junctions which provide a quick connection to London and the wider UK.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said: “These latest leases at Radlett are a very encouraging translation of the short supply of edge-of-London industrial space into leases and rent, fully letting the asset and reducing the Company’s total portfolio void by over a third to 4.1%1. Furthermore, the leases were agreed at a 4.4% premium to ERV underlining the appeal of this industrial estate and its excellent location.”