Tenant swap at Lothbury’s Priory Park in Maidstone

Two occupiers at Lothbury Property Trust’s Priory Park in Aylesford, Maidstone have exchanged units with rental increases achieved on both deals.

Leading technology charity and social enterprise, Digital Pipeline, has moved from the 24,390 sq ft unit 4 to the 10,036 sq ft unit 3e, with frozen food specialist KFF (Kent Frozen Foods) moving in the opposite direction.

Unit 3e has been let on a 10 year lease, with a rental increase from £7.50 per sq ft to £9.15 per sq ft; unit 4 has been let at £10.00 per sq ft, from £7.30 per sq ft, on a six year lease.

Perry Linch, Head of Asset Management at Lothbury Investment Management, said: “Priory Park continues to be an excellent performing asset which has been in the Lothbury Property Trust portfolio since 2004.

“£10.00 per sq ft, which equates to £100,360 per annum, on unit 3e is the highest achieved on a per sq ft basis on the estate to date, which reflects the popularity of this location. Both companies are long term tenants, KFF having been on the park for seven years and Digital Pipeline for nine years. This is an excellent deal both for the individual occcupiers and the fund.”

Priory Park benefits from direct access from the A20. Junction 5 of the M20 motorway is easily reached, approximately 1.5 miles to the north.

Other major occupiers on Priory Park include Tesco, Kent Police Authority and Chubb Fire.

All parties were unrepresented.