A modern 170,000 sq ft multi-let industrial estate, comprising 11 units, situated in a prominent location in West Swindon with good access links to the town centre and wider national road network.
By developing and maintaining a close working relationship with the occupiers on the Estate it was possible to agree an early surrender of a tenant’s lease to enable that tenant to lease a larger unit elsewhere, settle their dilapidations liability and take a surrender premium before refurbishing the unit to improve its energy performance and re-letting it to an existing tenant on the Estate who needed expansion space. The new letting was completed within the rental period covered by the previous tenant’s surrender premium and was at a rent 60% ahead of the previous rent and c. 10% ahead of the market rental value.
During the Fund’s period of ownership it has increased the annual rent received from the Estate by over 45% and the market rental value by 55%.