17 Apr 2013
LIPP – M7 Announce Activity of 2013
17th April 2013 – M7 has started 2013 with a bang with the completion of a number of sales, lettings and lease renewals across the Light Industrial Property Portfolio, M7’s first joint venture with Europa Capital Partners.
10 new lettings have been completed totalling 44,509 sq ft of industrial space – increasing total rental income by £143,394 per annum. This has included three new lettings at Hale Trading Estate, Tipton and the letting of a 10,138 sq ft unit at Aberaman Park Industrial Estate, Aberdare.
These new lettings have been complemented by 9 lease renewals, securing occupation of a further 25,043 Sq ft, retaining £146,273 per annum of income and increasing LIPP’s WALT to 2.46 years.
M7 has also achieved sales totalling £6.1 million during the same period – a combination of individual sales to owner occupiers and estate investment sales, including the sale of Gaerwen Industrial Estate, Anglesey to a local investor for £2.55 million.
M7 Partner Matthew Cheyne commented: “We are delighted with this start to 2013. The results reflect M7’s strategy of keeping in very close contact with our occupiers, building detailed knowledge of the markets in which we invest and is testament to the hard work and expertise of the whole M7 team.”