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Friday, May 31, 2024
PropertyLEASE RENEWAL AT LOTHBURY’S PREMIER PARK, MANCHESTER

LEASE RENEWAL AT LOTHBURY’S PREMIER PARK, MANCHESTER

Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has completed a lease renewal at Premier Park in Manchester. Built in 2008, Premier Park is a fully enclosed estate within Trafford Park, made up of 20 self-contained units.

Specialist tea wholesaler and retailer, The Brew Tea Company, has been located in Unit 8 at Premier Park since 2014. The company has agreed a five-year extension to their lease at £8.25 per sq ft, equating to £50,259 per annum.

The 6,092 sq ft industrial unit comprises 8m eaves, ground floor office space and level access loading door.

Alastair Dewar, asset manager at Lothbury Investment Management Limited, said: “Premier Park Manchester is a high quality, multi-let industrial estate. The park is one of the top 25 performers in the Lothbury Property Trust portfolio and currently enjoys 100% occupancy, reflecting the popularity of the location. The Brew Tea Company has a good covenant and we are very happy that they have chosen to renew their lease and remain on the park. The good rental figure achieved underlines the strong and continuing demand for good quality accommodation at this high profile industrial estate.”

The estate is located one mile to the east of Junctions 9 and 10 of the M60 motorway which links to the national motorway network. Premier Park is also in close proximity to Media City and Manchester City Centre.

Other tenants at Premier Park include the BBC, Whirlpool UK Appliances, TFS Buying and Iceland Foods.

Premier Park has been part of the Lothbury portfolio since 2014.

Both Lothbury and Brew Tea Company were unrepresented.

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