London, 26 March 2018 - M7 Real Estate, the pan-European investor and asset manager, announces that, acting on behalf of a major institutional fund, it has completed two lettings totalling 11,070 sq ft at Falcon Business Centre, Mitcham. The estate is now 100% occupied.
Falcon Business Centre is located in the heart of the Willow Lane industrial area in Mitcham. The estate extends to a total of 26,220 sq ft. contained within eight units. M7 were appointed asset manager in September 2017 with the void rate standing at 42% (11,070 sq ft in three units).
Unit 9 (3,400 sq ft) was let in October 2017 to Great Tyres UK, an online vehicle tyre retailer, on a 10 year term at a headline rent of £11.00 per sq ft.
This was then superseded in January 2018 with the letting of units 1 and 2 (7,670 sq ft) to cocktail manufacturer Twenty First Amendment, who took a ten year term at a rent equating to £13.00 per sq ft, a new headline rent for the estate.
Daniel Roberts, Asset Manager at M7 Real Estate commented, “Through intensive asset management we are delighted that we have been able to achieve 100% occupancy within three months of appointment and set a record headline rent for the estate. The uplift in rents achieved show that demand remains strong in the greater London area and with stock dwindling, rents are likely to remain at high levels.”