Lettings improve occupancy and capture reversionary potential
We have recently completed lettings with a combined rental of £0.8 million per annum, 4% above the 31 March 2024 estimated rental value (ERV).
These include 31,500 sq ft of industrial lettings in Bracknell and Warrington and a 13,000 sq ft office letting at Tower Wharf in Bristol, where an existing occupier will be relocated within the building, taking 140% more floorspace.
Following these lettings and the previously announced post year end disposal of Angel Gate, London EC1, the proforma occupancy of the portfolio has increased to 93% (31 March 2024: 91%).
We have also made good progress repositioning office assets for alternative use and have reached the following milestones:
· | Charlotte Terrace, London, W14 - the Company has secured planning permission to create six residential units in void office space. |
· | Longcross, Cardiff - in accordance with the sale contract, the purchaser has now submitted a planning application to convert the substantially void office building to student accommodation, comprising inter alia 706 units. Upon receipt of satisfactory planning permission, this number of units will trigger an additional overage payment to the Company on completion. As such the sale price is expected to be approximately 20% ahead of the 31 March 2024 valuation. |