In March, Glenny LLP’s Lease Advisory team completed six industrial property rent reviews on behalf of three retained clients at Lockwood Industrial Estate in Tottenham. By negotiation with the tenants and their advisors, Glenny has doubled the rents on these investments.
Will Mitchell, Associate at Glenny, says: “Over the course of the last five years, the increase in demand for urban logistics and industrial property in Tottenham has seen rents grow from a low base level to in excess of £15.00 per sq ft. There is now a limited supply of 5,000 sq ft to 12,500 sq ft which has created an inflationary pressure on rents in the area.
“Working alongside our Commercial Agency division, the Lease Advisory team has access to direct market evidence, allowing us to analyse the detail of key transactions which support market increases. In these cases, we have worked closely with the tenants and their surveyors to ensure the income from these investments is safeguarded whilst achieving rents in line with the market.”