Enhanced green credentials leads to rental uplift at Westerngate Industrial Estate

Asset: Westerngate Industrial Estate, Swindon

Following a comprehensive refurbishment of two units at Westerngate Industrial Estate in Swindon, DPFC has agreed a new 10-year letting with sustainable energy business Gridserve.

DPFC undertook refurbishment works to Units 9 & 10 at the 170,000 sq ft industrial estate which saw the EPC ratings of the two buildings upgraded from an E to a B rating.

The upgrade works attracted strong interest from several prospective tenants, and within four weeks of gaining possession of Units 9 and 10, DPFC agreed a letting with Gridserve on both units at a rent 25% above the previous rent.

Kenny Jamieson, Asset Manager for DPFC, commented: “Through our ongoing conversations with the Fund’s tenants we were alerted to the previous tenant’s intentions to exit their units at Westerngate. Thanks to the Fund’s established agency network, we were able to minimise the post expiry void period, quickly secure a new letting to an exciting occupier and enhance the overall rental profile of the asset.”

Paul Hodgson, Fund Manager for DPFC, added: “The refurbishment shows how improving the energy efficiency of a property can be closely aligned to occupier needs for low occupancy costs and energy efficiency.  The refurbishment works improved the EPC rating from an E to a B with the Fund’s expenditure being targeted on areas that are most beneficial to reducing occupier costs such as lighting and heating.”