Two new deals have been concluded to let industrial properties to new tenants on a popular Coventry industrial estate.
Joint agents Holt Commercial and Bromwich Hardy have secured new tenants for two vacant units at the Central City Industrial Estate on Red Lane during the lockdown period.
Deals have been concluded on a 1,509 sq ft unit at £10.27 per square foot and on a 2,384 sq ft unit at £9.44 per square foot, representing record rents on the estate.
Chris Hobday, Associate at Holt Commercial, said “It is great news to have secured such strong rents on these two units after a short, sustained marketing period which took place while the country has been in lockdown.
“This follows a steady but consistent increase in rents on the estate over the past couple of years and helps prove that proactive estate management and quality refurbishment reaps rewards when attracting and keeping tenants.”
Charles Lochrane, who represents the owner of Central City Industrial Estate, said: “This is a testament to everybody’s efforts on this estate. We have been very impressed at the way some of our tenants have adapted their businesses to suit the extraordinary challenges of the lockdown. It is the flexibility and resilience of the SME sector that justifies our focus on supporting these companies on our estates.
“During the Covid-19 crisis we have given assistance to tenants when they have asked for it and, as a result, we have lost none of them and have achieved 100 per cent rent recovery for both March and June quarters.
“The fact we have secured new tenants in diversified business sectors is even better news for everyone.”
Central City Industrial Estate is well-located, just half-a-mile from Coventry city centre and is well connected to the region’s road network via the A444.