All 12 units at a highly popular Milton Keynes industrial estate are now let following the latest deal announced by joint agents Brown & Lee LLP and Lambert Smith Hampton.
The letting of Unit 1 TORC:MK in Milton Keynes, a high quality warehouse unit of 14,896 sq ft, has been completed on behalf of landlords UBS Triton Property Fund.
The unit has been let to a major international corporate business at rent of £6.25 per sq ft, which represents a new high for rental levels on a multi-let industrial estate in the town since the economic downturn began.
TORC:MK is an attractive development of 12 high quality industrial/warehouse units. Unit 1 is situated at the gateway to the scheme and comprises a semi detached, prominent, high quality unit which benefits from fully fitted first floor offices; a minimum 7.5m eaves height and plentiful allocated parking. Nearby occupiers include Kuehne and Nagel, DHL, DFDS, Schuco, Domino’s Pizza and Polygram.
Diccon Brearley, of Brown & Lee, said: “Securing this letting to such a good covenant in the present market conditions is a major coup for the estate and shows that the lettings market is still very attractive for the right product in the right location.”
Luke Tillison, of Lambert Smith Hampton, said: “Due to the dwindling stock levels of Grade A space in Milton Keynes, the past 12 months have shown rental levels stabilising and, in some instances, growth has been experienced as we have seen with Torc:MK.”
John Murnaghan, asset manager for UBS Triton Property Fund, said: “We are pleased that the estate is now fully let, ahead of our purchase assumptions, with this letting showing the renewed strength of the prime multi let industrial market in Milton Keynes.”
