Wincanton renews lease at Middlewich site

Warehouse REIT, the multi-let warehouse investor, has introduced that it has agreed a 375,000sqft, 10-year lease renewal at Midpoint 18, Middlewich, with Wincanton plc, a number one provide chain specialist and one of many largest occupiers within the Firm’s portfolio. 

Wincanton might be paying a brand new headline hire of £6.50 psf, rising to a minimal of £7.00 psf on the finish of the fifth 12 months.  The brand new headline hire represents an uplift of 28.8% in opposition to the earlier passing hire and secures £2.4 million of contracted hire. The lease consists of an occupier break in years three and 5.

£0.5 million of reversion is captured by this lease renewal, bringing complete reversion captured within the monetary 12 months thus far to £2.2 million. The transaction extends the portfolio WAULT to expiry from 4.7 years as at September 2024 to five.1 years on a professional forma foundation.

Totalling 725,000sqft, Midpoint 18 is the biggest asset in Warehouse REIT’s portfolio and is strategically positioned simply off the M6, with entry to key worldwide freight traces by Liverpool Docks, the UK’s fourth busiest container port.

Paul Makin, Tilstone Companions, commented: “We’re delighted to have been capable of work with Wincanton to fulfill their occupational necessities, with this re-commitment to Midpoint 18 being a robust endorsement of the standard of the area, in addition to its strategic location near the M6 and proximity to key native sources of labour. 

“With the provision of each present and new multi-let warehousing within the UK persevering with to be very tight, and occupational markets remaining resilient throughout a broad vary of sectors, Warehouse REIT, with its extremely reversionary portfolio, is properly positioned to capitalise on these engaging market fundamentals.”