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New UK record industrial rent set

New UK record industrial rent set

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.”

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