Ediston Property Investment Company said Monday it had completed two further lease transactions at Pallion Retail Park, Sunderland.
GO Outdoors signed an agreement for lease on unit 2, which comprises 11,345 sq. ft., in June 2018. The lease agreement was conditional on the company carrying out various repairs to the property.
The repairs had now been undertaken and a new 10-year lease with a five-year break clause had been completed. The rent passing of £187,192 an annum was 20% higher than the rent paid by the previous tenant.
The Company also completed a lease renewal with The Wallpaper Warehouse on the 6,000 sq. ft. unit 4. The tenant had signed a 10-year lease with a five-year tenant break option. The new rent per annum was 7% higher than the rent at expiry, the company said.
'These two transactions have secured £274,000 p.a. for the Company and show that it is possible to move rents forward on good quality retail warehouse park assets,' said Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager.
At 9:05am: (LON:EPIC) Ediston Property Investment Company Plc share price was +1.75p at 102.75p