Valad, the European multi-let real estate investment manager, has secured five new lettings at Portmanmoor Road Industrial Estate, Cardiff Bay. On behalf of The Industrial Trust (“TIT”), over 10,000 sq ft of industrial space has been let to local and national businesses over the past six months.
The lettings follow a refurbishment programme undertaken recently by Valad as part of its active asset management strategy, which involved stripping out and clearing the units to provide more open plan space.
Phoenix Hire & Sales Ltd, the tools and equipment sales and hire company, has signed a three year lease on 3,023 sq ft of space; Dunraven Manufacturing Ltd, the PVC window manufacturer has let 2,600 sq ft of space for five years; and Brammer UK, the distributor of industrial maintenance, repair and overhaul products and services has let 2,070 sq ft on a ten year lease.
Existing tenants on the Estate have also expanded into larger units. Cheap Print House Limited has signed a three year lease on a 2,000 sq ft unit whilst catering company, Business Lunch Company Limited has taken an additional 512 sq ft unit adjacent to their current premises and now occupies a total of 1,500 sq ft. A further unit of 2,000 sq ft is currently under offer.
Commenting on the lettings, Rob Howe, Valad’s Head of UK Real Estate, commented: “Following our refurbishment programme, we have seen a strong level of interest in the Estate from both local and national businesses which endorses Valad’s active asset management strategy and the strength of the Estate. It is also encouraging that two existing tenants have taken additional space which is positive news for the local economy.”
Joint letting agents for the Estate are DTZ in Cardiff and Gerald Eve.
Neil Francis, Associate Director at DTZ commented: “Portmanmoor Road Industrial Estate has proven to be a popular choice with start-up businesses due to its good transport links and flexible space. Valad’s active asset management of the estate has meant that units have always been let very quickly.”
Mark O’Leary of Gerald Eve, added: “A combination of well presented units and the flexibility to tailor lease terms to suit tenants’ circumstances has proved a successful formula in achieving lettings at Portmanmoor Road.”
TIT is a UK multi-let industrial fund asset managed by Valad and fund managed by Rockspring Property Investment Managers.