M7 Real Estate (“M7”), the pan-European investor and asset manager has completed, on behalf of a major institutional fund, a new letting to Toolstation Ltd over 4,679 sq ft at Wardpark, Cumbernauld (“Wardpark”).
Wardpark comprises an extensive industrial estate extending to over 800,000 sq ft and is one of the largest single industrial assets under management by M7 in the United Kingdom.
The letting to Toolstation was agreed on the basis of M7 splitting and refurbishing an existing 7,700 sq ft unit with Toolstation letting 4,768 sq ft. The lease was agreed on a 10 year term with a tenant-only break option upon fifth anniversary at a rent of £5.50 psf. The achieved rent sets a new tone for this area of the estate, continuing the market trend of increasing rents as a result of high demand and low supply across the central belt of Scotland.
Upon completion of the refurbishment works the remaining circa 3,000 sq ft will be particularly attractive, situated between Toolstation and Howdens Joinery and directly opposite Screwfix. In addition to this transaction there is significant activity on the estate with approximately 30,000 sq ft under offer further transactions being negotiated.
Andrew Brass, Asset Manager at M7, commented: “Securing Toolstation to Wardpark is an excellent result. The deal not only adds a new occupier to the estate but will enhance the contract rent by achieving higher rates psf on the new split units which in turn justifies future growth for the remainder of the estate.”
M7 was advised by Savills and JLL.