Cogent Real Estate have successfully agreed a pre-let to Master Remover Group for 20 yrs obo Clipstone Industrial REIT achieving a new record rent for Distribution warehouses in the area.
Clipstone Purchased the property on Oakcroft Road, Chessington in 2017 which was formally let to TP. Clipstone were advised by Stonehill Partners and Cogent Real Estate on the purchase and then went on to negotiate a surrender from the outgoing tenant. The new warehouse will be c.26,000 sqft with 13.5m eaves.
“Securing planning permission is an important step in our asset management plan for this property,” said Clipstone Investment Management chief executive Toby Dean.
“The terms of the pre-let reflect the supply and demand dynamics that exist for London industrials, a sector to which we are actively increasing our exposure, the fund’s London weighting has increased from 18.0% on 30 September 2018 to 47.2% on 30 September 2019.” The project is expected to be delivered towards the end of this year.
For more information please contact:
Gerry Connolly
0203 369 4000
07557114583