DTZ INVESTORS COMPLETES LEASE RENEWAL AT RECENTLY ACQUIRED HATCH INDUSTRIAL ESTATE
DTZ Investors has completed a lease renewal with Wet and Forget Limited who occupy Unit 3 at Hatch Industrial Estate in Basingstoke. The renewal sees Wet and Forget commit to a further five years on the estate, having been in occupation on the estate since 2015. The commitment shown by Wet and Forget demonstrates the resilience of the estate in the midst of challenging market conditions due to COVID-19 and clearly demonstrates its strong underlying fundamentals and rental growth prospects.
This lease renewal is a great result for the asset and proves a significant reversion across the estate, despite the adverse market conditions. The lease renewal significantly exceeds the business plan assumptions at acquisition and provides the Client with an enhanced income return.
Hatch Industrial Estate is a prime multi-let industrial estate constructed in 2007 and totals 96,989 sq ft across nine units. The property is multi-let to seven tenants and is arranged in two blocks. The estate is situated three miles to the east of Basingstoke on Greywell Road, which provides access to the A30.
BDT acted on behalf of DTZ Investors.
For more information, contact Tom Royston.