Legal & General, advised jointly by Savills and Bidwells, has let Unit 3, Viking Way on Bar Hill Trading Estate in Cambridge to Hermes.
The parcel delivery firm has agreed to a new five-year lease for warehouse space totalling 5,405 sq ft (502 sq m). This transaction signals a 13% uplift in rental tone for the estate, which continues to perform positively since the last letting to Bit Drywall Ltd.
Rupert Dando, surveyor in the business space team at Savills Cambridge, comments: “Situated in a well-established industrial location just seven miles outside of Cambridge, the excellent access to the wider region makes Bar Hill Trading Estate the ideal place for Hermes. The wave of new speculative industrial development happening in Cambridge coupled with the lack of available stock has had a knock on effect on the market and we are now seeing record rents achieved as occupiers look to secure occupation within the immediate city limits.”
Hermes was advised by LSH.