A new UK record industrial rent has been set at £30 a sq ft.
M7 Real Estate let two units at the Parkfield Industrial Estate, Battersea, SW11 in a deal which is believed to be the highest rent ever achieved for a standard open market industrial unit letting in the United Kingdom.
Auction house Sotheby’s agreed the deal on 2,100 sq ft on a ten year lease, whilst kitchen business Food Stars took a 25 year lease on 4,600 sq ft, both at £30 a sq ft.
The units were rebuilt after a fire in 2016, with building work completing in May.
Parkfield Industrial Estate is close to Clapham Junction railway station. The estate extends to a total of 69,000 sq ft contained within 20 units. M7 was appointed asset manager in September 2017.
John Murnaghan, Head of Real Estate in the UK and Ireland, said: “These lettings have set a milestone both for Battersea and the wider market as the race for well-located industrial space continues. We are seeing rental levels hitting new heights across the UK fuelled by the supply/demand in-balance and overall structural changes in the market. It is mixed picture in some parts of the country but estates that have strong fundamentals like Battersea continue to drive performance.”
