The Regional REIT accumulates £486k in rental income following trio of deals
Scottish-based property investor The Regional REIT has let a Glasgow city centre-based office as part of a trio of deals which has earned the company over £486,691 in annual income.
The company has let out the fourth floor of the Templeton Business Centre in Glasgow to Cornerstone Community Care for five years at a headline rate of £68,000 pa.
The Regional REIT property at Templeton is now almost fully let with just the 7,204 sq. ft. remaining to fill.
Alongside this let, the company has let Century Way, 3200 Thorpe Park in Leeds to Marlow Foods Limited trading as Quorn Foods and 9 Portland Street in Manchester to Simard Limited and Taste Marketing Limited.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager, said: “These lettings represent further positive progress. Demand continues to be strong for our assets and we are very encouraged by the rental rates that we are able to achieve which once again are significantly ahead of our expected rental values. This further demonstrates that we are witnessing rental growth in our portfolio across all of the major UK regions.
“The acquisition pipeline remains very healthy and we will update shareholders as we continue to invest the proceeds from the earlier in the year equity raise and the recycling of capital from sales.
“The diversity of our income continues to grow as we expand our asset base and further enhance the quality and quantity of our income and expand our tenant base.”