3 Apr 2018
M7 Real Estate agrees record rent at Protea Way Industrial Estate, Letchworth Garden City
London, 3 April 2018 – M7 Real Estate, the pan-European investor and asset manager, announces that, acting on behalf of investors, it has completed a leasing transaction of 5,749 sq ft at Protea Way Industrial Estate, Letchworth Garden City.
The 41,530 sq ft estate is home to a wide range of established national businesses. Plumb Centre, a subsidiary of Wolseley UK Ltd, which specialises in plumbing supplies to the trade and domestic markets, has renewed its lease on the estate for a five year term at a rent equating to £6.74 per sq ft. Plumb Centre has been undergoing a rationalisation programme but an extended commitment to the estate for five years at a record rent demonstrates the acute shortage of quality warehouse supply along this stretch of the A1M corridor.
James Chasen, Asset Manager at M7 Real Estate commented, “Protea Way Industrial Estate has remained one of the key commercial employment zones within Letchworth Garden City. The lack of available space in the immediate vicinity has seen rental growth increase here by 22.5% over the past 18 months.”