UK Commercial Property REIT has fully let Sussex Junction, its brand new 107,000 sq ft industrial development in Bolney, West Sussex.
Birch Sussex Ltd., an asset storage and concierge business, has let the c. 47,000 sq ft Unit 1, on a 15-year lease without break, which increased the rental rate of the property to £14.50 per sq ft, delivering annual rental income of c. £677,000. The agreement commences with two years at half rent and five-yearly open market rent reviews.
Completed in February 2023, Sussex Junction comprises three best-in-class industrial units, the other two of which total c. 60,000 sq ft and were both pre-let to geological survey company, CGG, in November 2021 on 15-year leases at a combined annual rent of c. £781,000, equating to £12.50 per sq ft.
The site benefits from a prime location immediately adjacent to the A23, approximately 12 miles north of Brighton and 15 miles south of Gatwick Airport. The units themselves are EPC A and BREEAM ‘Very Good’ with Grade A office facilities, while ample car parking spaces including EV charging points are also provided.
Will Fulton, Fund Manager of UKCM at abrdn, said: “The logistics occupier market continues to perform well with demand outstripping supply for well-located, high quality assets, as demonstrated by the speed with which we have been able to let our newly completed units at Sussex Junction, while at the same time improving the rents. There are a number of opportunities to capture substantial reversion potential across our diversified portfolio, which will enable us to drive rental income on behalf of our shareholders in the near term.”
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