All the news from Keningtons.
Acting on behalf of Carey Commercial Limited the Swindon office have concluded the letting of Unit 4 Callenders, a 5048 sq ft Industrial / warehouse unit to Aspen Concepts. The unit was taken on a new 10 year lease with 5th year tenant break. Callenders is an estate in the Clipstone portfolio managed by Keningtons .
Further to receiving instructions on the 9 August 2018, Keningtons Chartered Surveyors were instructed by Porta Planning LLP to dispose of their remaining leasehold interest at 67-69 George Street, London W1.
The property measured 1,100 sq ft with a lease expiry in January 2020, at a passing rent of £44,000 per annum. Keningtons Chartered Surveyors marketed the property and secured a subletting on full repairing and insuring terms expiring on the 11 January 2020, at the passing rent of £50,000 per annum. The transaction completed on the 15 October 2018.
(The tenants were unrepresented.)
Testimonial from Client: "Thank you very much for your persistence on this – I know at times it was not easy."
Keningtons Chartered Surveyors have just acquired the industrial estate known as The Willows, Mark Road, Hemel Hempstead Industrial Estate, Hemel Hempstead HP2 7BN on behalf of their private client.
The acquisition represents an attractive net initial yield of 8.0%. The estate comprises of three standalone business units.Unit 2 is let to Draeger Medical expiring 14 October 2021, passing rent £256,960 per annum. Unit 3 is let to Capita Managed IT Solutions Limited expiring 1 October 2020, passing rent £134,025 per annum. Total rent £390,985 per annum. Unit 1 is sold off freehold to Opro Limited.
The Heads of Terms were agreed on Friday 21 September 2018 and completion took place on 19 November 2018.
Keningtons are retained to manage the property and implement the asset enhancement initiatives.
Going forward, we have an outstanding requirement for similar investments between £2 million and £5 million on office or industrial multi-let opportunities around the M25.
Our building consultancy department have been appointed to oversee strip out and reinstatement works to a Grade II Listed property between Bayswater and Notting Hill. Damage caused to the original wood block floor was subject to a target drying method which resulted in minimal loss of historic fabric and the speedy return of occupiers to the risk address.
Acting on behalf of a private landlord we have completed a new 10 year lease of premises in Islington to Brewers Decorators (www.brewers.co.uk).
The demised area includes four shop fronts on New North Road in Islington with connected basement/storage and car parking areas.
Testimonial from Client: "I felt confident in you and always felt you would get the job done. I was glad to have an expert on our side whom was able to argue our case successfully, especially the point about how much exposure the shops frontage allows."