LondonMetric sees “strong demand” for distribution space with new lettings

A London-based real estate specialist has announced it has exchanged contracts on 213,000 sq ft of new lettings.

LondonMetric has secured lettings on four distribution spaces, both in London and across the South and the West Midlands.

At its Stoke development, Pets at Home has taken a new lease on a 141,000 sq ft distribution unit, which now completes the letting of the 278,000 sq ft development, and Network Rail has taken a new lease on 38,000 sq ft of distribution warehousing in Birmingham.

At Greenford West London, online pharmacy Metabolic Healthcare has taken a new lease on a recently refurbished 34,000 sq ft warehouse. In addition, LondonMetric has renegotiated a lease on a circa 50,000 sq ft warehouse in Fareham, where it has extended the term certain by ten years.

Mark Stirling, asset director of LondonMetric, commented: “We continue to see strong occupier demand for well located and fit for purpose distribution warehousing, particularly in urban logistics where there is highly attractive rental growth.

“These lettings reflect our wide range of occupier relationships and our ability to deliver on occupier requirements, whilst also generating material income uplift and further diversifying our income base with good covenants.”

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