A new let at Strathclyde Business Park in Bellshill has boosted the expected rental value of a Scottish property investor.
Glasgow-based Regional REIT , a specialist in regional real estate, has announced new leases in four other sites, including Basildon, Northampton, Altrincham and Leicester.
The Scottish site is Braidhurst House, at Strathclyde Business Park, where Wireless Infrastructure Group have leased the previously vacant first floor space of 4,697 sq ft for 10 years, subject to a tenant break option after five years at rent of £58,713 per annum, and 4.1% ahead of expected rental value (ERV). In aggregate, at £848,678 in revenue, the five lettings represent a 10.9% uplift from their current ERV.
Stephen Inglis, chief executive officer of London & Scottish Property Investment Management, the asset manager, said: "We are pleased to announce a series of significant letting events across our portfolio and we would like to thank tenants who are renewing with us and to welcome our new tenants.
"The quality and diversity of our customer base continues to grow across the regions, which coupled with our strong asset management platform, remains a key differentiator for our investment case and we are delighted to see it continue to grow.
"In aggregate, at £848,678 in revenue, the lettings announced today represent a 10.9% uplift from their current ERV, demonstrating the on-going success of the asset manager's activities across our national portfolio."
Regional REIT Limited was launched in November 2015 and has a valuation of £721.7 million. It is managed by London & Scottish Property Investment Management Limited, with Toscafund Asset Management LLP, as the investment manager.
