(Alliance News) -Â UK Commercial Property REIT Ltd on Tuesday said it has now fully let the Ventura Park industrial estate in Radlett, Hertfordshire.
Ventura Park is a 35 acre multi-let industrial estate, comprising 589,302 square feet of storage and logistics space across 13 industrial units.
The FTSE 250-listed firm said it has signed five new leases for around 230,000 square feet of space across five office and warehouse units in the park. As a result, UKCM's total portfolio vacancy has been reduced by over a third to 4.1%.
UKCM said 113,000 square feet of space has been leased to new tenants Planners Services & Sundries, Stand & Deliver and GL Events, while an existing global occupier has extended its footprint by leasing an additional 117,000 square feet of space across two units.
The new leases, which have been signed with both existing and new occupiers, secure GBP2.5 million of rent per year, 4.4% ahead of estimated rental value.
"These latest leases at Radlett are a very encouraging translation of the short supply of edge-of-London industrial space into leases and rent, fully letting the asset and reducing the company's total portfolio void by over a third to 4.1%. Furthermore, the leases were agreed at a 4.4% premium to ERV underlining the appeal of this industrial estate and its excellent location," said Will Fulton, lead manager of UKCM at Aberdeen Standard Investments.
Shares in UKCM were up 1.3% at 73.93 pence in London on Tuesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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UK Commercial Property Trust (UKCM)