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(Sharecast News) - Property group LondonMetric has leased its Tyseley development near Birmingham to an unnamed retailer on a new 15-year lease at an annual rent of £1.6m.
LondonMetric said on Tuesday that the 120,000 square foot last-mile logistics warehouse would mark the completion of the Tyseley development scheme, which will now extend to over 250,000 square foot.
The FTSE 250-listed group highlighted that the rent of roughly £14.0 per square foot reflected "a very low site cover" of 24%, which accommodates the occupier's need for vehicle parking and movement.
"Planning consent has been received and construction is expected to commence imminently with completion anticipated in summer 2021," said the firm.
LondonMetric also noted that the warehouse would target a BREEAM Excellent rating and was designed to allow the occupier to adopt a fully electric vehicle delivery fleet.
As of 0815 GMT, LondonMetric shares were down 0.81% at 219.80p.
26 Jan 2023 14:31
IN BRIEF: LondonMetric Property appoints Alistair Elliott as chair
LondonMetric Property PLC - London-based property investor - Appoints Non-Executive Director Alistair Elliott as chair from July 11, replacing Patrick Vaughan. Company refers to an annual general meeting held in July 2022, when 79% of shares cast their vote in favour of re-electing Patrick Vaughan to the board of directors. LondonMetric Property says shareholders noted that female representation fell below 33% at the 2022 annual general meeting, and that Vaughan's tenure as chair had lasted over nine years. The company confirms that at the next annual general meeting, female representation on the board will increase to 33% from currently 30%. "LondonMetric confirms that it is in advanced stages of recruiting a female non-executive director and expects to announce an appointment over the next two months," the firm says.
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