National commercial property consultancy Lambert Smith Hampton (LSH) and CBRE are celebrating after successfully letting seven units on the Lakeside industrial estate in Redditch. The units were let on behalf of Centurion Properties and Scottish Widows Investment Partnership Property Trust.
In the latest deal, electronics company Maxey Moverley has taken Unit 6 – a high quality, recently refurbished warehouse of 11,711 sq ft – on a 10 year lease. The company will be using the premises as a technical service centre for the repair and refurbishment of CCTV systems, alarm systems and other electronic equipment.
And Tirec Ltd has agreed a deal to take the 15,572 sq ft Unit 15 on a 10 year lease with a five year break option. Tirec Ltd is a national tyre recovery and recycling company who specialise in the collection, segregation, recycling and disposal of tyres.
Global chemical company BASF has agreed to extend its tenure of three units on the estate. BASF has renewed its leases on Units 16, 18 and 19 totalling 43,173 sq ft for another 10 years with a five year break option. The units are used for the manufacture and warehousing of resin flooring systems. The company, which has its UK headquarters in Cheadle, is also developing a state-of-the-art training suite and a demonstration laboratory.
Stratford Precision Engineering Services, which specialises in premium press and assembly work as well as toolmaking, prototype work and heat treatment has agreed a 10 year lease on the 15,516 sq ft Unit 5, while LA Glass has extended its lease of the 6391 sq ft Unit 13 for a similar term.
LSH and CBRE are also close to placing also has another 20,000 sq ft under offer on the estate in three further transactions. With the completion of these lettings, and since acquiring the investment in February for £6.4 million Centurion Properties will have let approximately 55 per cent of the entire estate on 10 year leases.
Other occupiers on the 17 unit 203,500 sq ft estate include Redditch Borough Council, Jex Engineering and Clements & Street design and build.
Alex Hanna, Associate Director in LSH’s Birmingham-based Industrial and Logistics Agency team said: “Considerable investment has been put into Lakeside to improve the quality of the units and the general appearance of the estate. Lakeside has always been popular with occupiers due to its strong transport links and the competitive terms available to prospective tenants.”
Jon Ryan-Gill, senior surveyor at CBRE, said, “The improvements made to the estate and the success achieved demonstrate Centurion’s hands-on approach with occupiers and their proven track record as a landlord. Occupiers have bought into their ownership of the asset and transactions completed to date demonstrate this. ”
Centurion Properties is a co-investing asset and development manager of UK commercial property. Formed in 2000, the company has expertise in all sectors of the commercial market. Throughout this period it has established an enviable track record for tackling a broad range of hugely challenging assets successfully, and for delivering exceptional returns to its investors.