Heathrow Big Box Industrial and Distribution Fund, the recently formed limited partnership between Brixton plc and Prudential Life Assurance, has signed two new lettings at one of its two holdings, Axis Park, Langley.
Circle Express is taking the 2,925sq m Unit C on a 20-year lease with a tenant only break option at the end of the fifteenth year. The company will pay a rental of £345,994 per annum (£11.00 per sq ft) after a rent-free period of five months and six days.
Seko Worldwide (UK) has also signed to take the 3,114sq m Unit 6 on a 15-year lease with a tenant only break option at the end of the tenth year. It will pay a rental of £380,804 per annum (£11.38 per sq ft) after a rent-free period of six months.
The units were subject to a maximum two-year rental guarantee of £11 per sq ft provided by Brixton when Heathrow Big Box was created in June. This was given in anticipation of achieving the lettings with Unit C already under offer at that time.
The 62,775sq m Axis Park is now fully let, and the transactions set a new rental level for the estate where the current average rent passing before these deals was £10.24 per sq ft. Heathrow Big Box now has a vacancy rate of only 1%.