Wincanton has signed a ten-year lease renewal on a 375,000 sq ft facility at Midpoint 18 near Middlewich, with London-based real estate investment trust Warehouse REIT.
Announcing the deal, Warehouse REIT said Wincanton will be paying a new headline rent of £6.50 per square foot, rising to a minimum of £7.00 per square foot at the end of the fifth year.
Warehouse REIT said the new headline rent represents an uplift of 28.8% against the previous passing rent and secures £2.4m of contracted rent. The lease includes an occupier break in years three and five.
Totalling 725,000 sq ft, Midpoint 18 is the largest asset in Warehouse REIT’s portfolio and is located just off the M6, with access to key international freight lines through Liverpool Docks.
Warehouse REIT was set up as a spin-off business from Tilstone a few years ago. Paul Makin, investment director at Tilstone Partners, said: “We are delighted to have been able to work with Wincanton to satisfy their occupational requirements, with this re-commitment to Midpoint 18 being a strong endorsement of the quality of the space, as well as its strategic location close to the M6 and proximity to key local sources of labour.
“With the supply of both existing and new multi-let warehousing in the UK continuing to be very tight, and occupational markets remaining resilient across a broad range of sectors, Warehouse REIT, with its highly reversionary portfolio, is well placed to capitalise on these attractive market fundamentals.”
Carol Millett is an award-winning freelance journalist with over 30 years’ of experience writing across a broad range of sectors, including road transport, construction and civil engineering, project management, private finance, technology, HR, and travel and tourism.View full Profile
