A Scottish based property investor has let a Glasgow city centre based office as part of a clutch of deals worth more than £486,000 in annual income.
The Regional REIT, which has a £721m portfolio of office and industrial property assets, has let 5,746 sq ft of space at the Templeton Business Centre on Templeton Street in the city to Cornerstone Community Care for five years at a headline rate of £68,000 a year.
The investor has also let sites in Leeds and Manchester and in total the three lettings were achieved at some 5.5% ahead of expected rental value.
Stephen Inglis, CEO of Glasgow-based London & Scottish Property Investment Management, said:
“Demand continues to be strong for our assets and we are very encouraged by the rental rates that we are able to achieve which once again are significantly ahead of our expected rental values. This further demonstrates that we are witnessing rental growth in our portfolio across all of the major UK regions.
The acquisition pipeline remains very healthy and we will update shareholders as we continue to invest the proceeds from the earlier in the year equity raise and the recycling of capital from sales.
The diversity of our income continues to grow as we expand our asset base and further enhance the quality and quantity of our income and expand our tenant base."
