All the news from Keningtons.
Jeremy Sutton in our Swindon office reports that office take up in 2018 stood at 107,315 sq ft which despite being below the 10 year annual average was some 24% higher than in 2017. The out of town market again dominated the take up, accounting for some 76% of the total figure.
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Acting on behalf of Swindon Borough Council, the Swindon office have let a lock- up retail unit in the popular retail parade in the Lawns area to, The Puffin Hut, a local e-cigarette and vaping retailer. The shop will be opening after the tenants have completed a comprehensive refurbishment and fit out. This will be the retailers fourth outlet in the Swindon area. Keningtons received instructions to market the property in June and the new lease completed 2 days after the previous lease expired.
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.