Evri agree ten year lease for Plymouth warehouse
Exeter based logistics firm, Warehouse REIT, has agreed a ten year lease on a 66,000 sq ft warehouse in Plymouth with parcel delivery firm, Evri.
Formerly known as hermes, Evri signed a ten year lease worth £460,000 in rent per annum.
According to Warehouse REIT this represents a return of 36 per cent more than previous tenants paid. It also represents significant return on the firms capital investment of £1.7 million on the site. The upgrades included work to the roof, lighting system, installation of EV charging points, and improvements to the interior and exterior decor of the building.
Situated one mile from centre Plymouth, the location is close to the A38 which links Cornwall to the west and the Midlands to the east. The site will be central to Evri's southern distribution operations.
Warehouse REIT manage a portfolio of 91 estates across the UK. The deal saw the firms share price rise to 113.60p up 1.25% (24/10/22)
Craig Keogh of Savills (Building Consultancy) and Tim Western, JLL acted as letting agents on the Plymouth deal.
Investment Adviser to Warehouse REIT, Paul Makin, Investment Director of Tilstone, said: "With strong ongoing demand for modern warehouse space in well-connected urban locations across the UK, we continue to capture the portfolio's significant reversionary potential.
"At the Company's Plymouth asset, our highly experienced team has delivered a modern specification warehouse in what is a severely supply constrained local market, enhancing its occupier appeal and enabling us to drive a significant rental and capital value uplift."
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