Property investment company Picton has secured an 11% uplift on the rent of a warehouse property let to DHL on Magna Park Lutterworth.
During the summer, Picton restructured the lease and secured a further three-year term certain until a tenant break option in December 2022. As part of the same transaction, the December 2019 rent review was settled securing a 11% uplift to £1 million per year, achieving one of the highest rents at the Park at approximately £6.25 per sq ft.
The 160,000 sq ft building was constructed in 1989 and bought by Picton in 2006. In 2014 Picton renewed the lease for a further ten years with DHL.
Property investment company Picton has just concluded the sale of the warehouse for £15.9m. The sale price reflects a net initial yield of 5.8% and 4% uplift to the independent September 2019 valuation.