Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has settled a rent review on the lease of a 38,912 sq ft industrial unit in Turnhouse Road in Edinburgh ahead of expectation.
The freehold property is let to FedEx, owner of TNT Express, and has been in the Lothbury portfolio since 2010.
Jamie Gordon, asset manager at Lothbury Investment Management, said: “We are very pleased to have settled the latest rent review on this unit. The passing rent increased from £485,675 to £550,000 per annum, which was ahead of expectations. This followed the acceptance of the tenants’ Calderbank counteroffer to settle the June 2021 rent review.”
The unit is located close to Edinburgh Airport and has easy access to the M8 motorway and A720 City of Edinburgh bypass.
“This is a good result for the Fund as it continues to invest in urban logistics and ‘last mile’ delivery properties with immediate access to the motorway network, and which serve wide catchment areas and large conurbations,” added Jamie.
Knight Frank represented Lothbury; FedEx was represented by Mark Allen.
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