Commercial property consultancy Kirkby Diamond has completed a rent review on behalf of one of Europe’s leading real estate investment managers, leading to a 24% increase in rent at a logistics warehouse in Northamptonshire.
Kirkby Diamond’s lease advisory team was instructed to advise ESR Europe on a rent review on a 45,000 sq ft warehouse unit at the Brackmills Industrial Estate in Northampton, utilising the market connections within the firm’s Industrial and Logistics team, headed by Eamon Kennedy.
Mark Hannam, partner and head of lease advisory and asset management at Kirkby Diamond, said: “We were very pleased to act for ESR Europe on this rent review, dealing with an asset within the prime industrial location in Northampton.
“Utilising our extensive experience and local market knowledge, we successfully completed the rent review, achieving a 24% increase in rent which is a truly excellent result for our client and illustrates the rental growth opportunities within the town.
“As part of the review, we also helped futureproof ESR Europe’s investment by working with both landlord and tenant to help arrange for works to be undertaken to improve the EPC credentials. This instruction clearly demonstrates Kirkby Diamond’s ability to add and protect value for our local, regional, national and international clients.”
Jordan Stockle, associate in asset management at ESR Europe, said: “This represents a deal mutually beneficial to both tenant and landlord. Improving the asset through ESG initiatives protects both the tenant’s occupancy and operational performance, but also the landlord’s investment.”
ESR Europe is the European platform of the largest property asset manager in the APAC region, driven by the ‘New Economy’ sector and the 3rd largest listed property investment manager in the world. With over 30 years’ experience in the UK and continental Europe, ESR Europe manages a number of discretionary vehicles as well as exclusive mandates and joint ventures in all major property sectors, including debt. Since its inception, ESR Europe has been particularly active in the industrial and logistics sector, where it has long-standing operational expertise. Since 2023, ESR Europe has also been active in the management of public funds on behalf of Regional REIT, a property investment company listed on the London Stock Exchange
