M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that, on behalf of Movvi Ltd, it has fully let an asset on Heighington Lane with a new lease to EOS Framing Ltd.
The property is located on Aycliffe Business Park, the second largest industrial estate in the North East, which is predominantly occupied by businesses in the manufacturing sector. The unit is well configured with excellent loading and circulation space which is highly sought after in this market.
The 7.76 acre site was purchased in December 2018 with 18,347 sq ft of vacant office space that required complete refurbishment and reconfiguration prior to marketing. M7 has let all remaining vacant space to the current tenant EOS Framing Ltd by way of surrender (of their current industrial lease) and regrant of a new lease totalling 58,747 sq ft of space.
The asset was acquired on behalf of MOVVI, a separate account mandate for a private trust managed by M7, in line with the fund’s strategy of investing in assets providing long term sustainable income and diversification of risk while providing opportunity for value-add through leasing of the vacant accommodation and development opportunities.
Victoria Lane, Asset Manager at M7, commented: “We have achieved our asset management strategy within 12 months of acquisition with zero cap ex spend, increasing the occupancy from to 75% to 100% through working closely with the current tenant to provide them with the additional office space they required.
“The site includes 3.5 acres of development land which will form phase 2 of our plans to extract all elements of added value we have identified.”