27 Apr 2012
LIPP announces 40% void reduction
27th April 2012 – Over the winter quarters M7 has reduced the vacancy in LIPP by almost 40%. The decrease takes the portfolio vacancy rate from 18.91% at the end of September 2011 to 11.67% 6 months later, representing an increase in occupied floor space of 108,392 sq ft. Over the period, the contracted rent across the portfolio rose by 5.8% to £6.271 million pa.
In addition, Units 1-3 Central Avenue, Cradley Heath, Birmingham have been sold to occupier-associated companies and the vacant Unit N4 Wimsey Way, Alfreton has been sold to a local developer. Together these units total 69,252 sq ft.
M7 partner Matthew Cheyne, responsible for the LIPP’s Asset Management commented “LIPP’s void reduction during such a weak phase in the economy demonstrates that demand does exist and can be converted into lettings provided landlords price accommodation appropriately.”