Evri has snapped up Warehouse REIT’s 66,000ft2 warehouse in Central Plymouth which will act as its main distribution centre in the region.
The parcel company has signed a new 10-year lease with no break clause, at an annual rent of £460,000, reflecting an uplift of 36% on the previous passing rent.
The facility has undergone a £1.7 million refurbishment that included the replacement of the building’s roof, the installation of new LED lighting throughout, new EV charging points, as well as extensive internal and external redecoration. The building’s EPC rating was significantly improved from a D to a high B.
The warehouse benefits from its close proximity to the A38, a major arterial route connecting Cornwall in the southwest and Mansfield in the East Midlands and is just one mile from Plymouth city centre.
Letting agents were JLL and Savills.
Warehouse REIT also secured a new letting at its 140,000ft2 urban warehouse in Coventry which was taken by a leading automotive component manufacturer with 26% uplift on the previous passing rent. Both transactions demonstrate the ongoing strength of the UK warehouse occupier market, which continues to be characterised by historically low vacancy levels.