We have seen good demand for units on the estate over the year, with continued rental growth and units letting on average within two months of becoming vacant.
During the year we surrendered a lease of a unit securing a full dilapidations payment from the outgoing occupier. We then re-let the unit in its existing condition securing a minimum five-year term at an initial rent of £0.1 million per annum, 34% ahead of the previous passing rent and 13% ahead of ERV. The adjoining unit, which became vacant on a lease expiry, was pre-let on an Agreement to Lease prior to being refurbished, securing a minimum five-year term at an initial rent of £0.1 million per annum, 43% ahead of the previous passing rent and 9% ahead of ERV. The refurbishment was fully covered by the dilapidations claim.
Two leases were renewed, one for ten years and the other for five, at a combined rent of £0.3 million per annum, 39% ahead of the previous passing rent and 10% ahead of ERV.
One rent review was settled, increasing the passing rent by 42% to
£0.1 million per annum, 10% ahead of ERV.
The property is currently 93% let with the ERV 8% higher than at 31 March 2018, and the valuation having increased by 16% over the same period.