M7 achieves 42% increase in rent in M7’s largest UK letting to date by annual rent
M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has let a c.62,000 sq ft industrial unit at Royal Portbury Dock in Bristol to Imperial Car Supermarket Ltd (“ICL”), the national used car supermarket, on behalf of a global institutional investor. This represents M7’s largest letting to date by annual rent.
Imperial Car Supermarket Ltd has agreed to a 15 year lease with no breaks and rent reviews every five years, which is expected to generate £650,000 of annual rental income. The agreed rent is a 42% increase on the previous rent agreed with BCA which vacated late last year. The recently refurbished unit, along with the 7.2 acres of net useable land on the site, will provide ICL with a much larger and improved showroom.
The asset is situated approximately nine miles west of Bristol city centre in an area popular with the automotive industry due to its immediate proximity to the M5.
James Chasen, Asset Manager at M7, said: “As our largest UK letting by rent to date, this is a significant milestone for M7 and testament to the strong occupational market for this type of product. The seven acres of additional storage land that this asset offers makes it a unique proposition in a market where supply is already scarce. The letting is in line with our strategy and we have capitalised on the location’s attraction to the car industry, providing a unit well suited to the needs of the occupier. This has also enabled us to secure a long lease underpinning an attractive income return for our client.”
M7 was advised by Alder King whilst Lambert Smith Hampton advised Imperial Car Supermarket Ltd.