Brixton has agreed a further letting at Premier Park in Park Royal, West London, leaving the park now 95% let.
Unit 1, comprising approximately 27,700 sq ft in Phase II of the development, has been let to umbrella maker, A Fulton Company Limited, on a 15 year lease with 6 months rent free. The rental of £325,440 p.a. equates to £11.75 per sq ft, the same as Brixton’s valuers’ June 2008 estimated rental value. There are break options after 5 and 10 years.
Overall Premier Park is now nearly 95% occupied. Since Brixton first carried out a development at the Park in October 2005 top rents have increased by nearly 30%, and by 60% compared to the highest rents that had been achieved when the company made the Phase 1 investment acquisition back in 1999.
Other key West London lettings announced in Brixton's Interim Management Statement on November 14 were:
- Royal Mail Group – Brixton’s largest tenant – has agreed to take over 57,000 sq ft together with 0.4 acres of land for parking at Phase III of Premier Park, Park Royal. The letting is for a 20 year term and includes a 10 month rent free period with a break option at the expiry of the 15th year of the term. The specific rental is not disclosed at the request of Royal Mail, but the level exceeds the valuers’ June 2008 estimated rental value and Brixton says it follows the tone of earlier lettings this year of smaller units on the estate where terms certain of 15 years or more were achieved with rentals between £11.75 and £12 per sq ft.
- At Brixton’s new development at Greenford Park which completed earlier this year Jack Wills, the retailer and another existing Brixton occupier, has taken a unit of 57,000 sq ft at a rental of £11.50 per sq ft. The lease is for 10 years with breaks after 3.5 and 7 years with a 6 month rent free period. The letting follows several smaller lettings and the leasing to H&M of 86,000 sq ft. The rental level is more than 5% higher than the valuers’ June 2008 rental estimates.