UK Commercial Property Trust Limited, which is advised by Standard Life Investments and owns a diversified portfolio of high quality income producing UK commercial property, has agreed four new lettings, totalling 90,000 ft², at Gatwick Gate, its 140,000 ft² industrial estate adjacent to Gatwick Airport. Following these new lettings, which will together deliver a total rental income across the four units of €919,000 (£776,000) per annum, the estate is now fully occupied with a WAULT of 5 years and 9 months.
Airbase Interiors Limited, the plane interior specialist whose clients include British Airways, has agreed 10 year leases on two units comprising 22,500 ft² each, at a rent of ca. €465,000 (£392,779) per annum. Two 10 year leases have also been agreed with International Logistics Limited, which provides warehousing distribution and logistics services, for two 22,000 ft² units, producing a new passing rent of ca. €454,200 (£383,870) per annum, which is 9% ahead of ERV and delivers an uplift of 6.4% on the previous rent.
Will Fulton, Fund Manager at Standard Life Investments and Lead Manager for UKCPT, said: “These new lettings have not only achieved a substantial rental uplift and increased lease commitment to Gatwick Gate, but they are a clear sign of the ongoing demand for logistics space in the UK. We have been working to rebalance our portfolio towards this growthsector, only recently completing the forward purchase of a 15 year pre-let distribution warehouse development in Burton upon Trent, and the appetite shown for this space is a strong endorsement of this strategy.”
