Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has agreed a 10 year lease on Unit 11 at Premier Park, Manchester with NRI Europe, the European distribution company of NRI Clockspring based in the USA, the largest composite pipeline repair and maintenance company in the world.
Rental on the 8,713 sq ft unit is £7.92 per sq ft, representing an annual rental income of £69,000, the highest psf rent achieved on the Park to date. The unit, which was built in 2008, has been part of Lothbury’s portfolio since 2014 and was previously let to Selecta UK.
Perry Linch, Head of Asset Management at Lothbury Investment Management Limited, said: “Premier Park in Manchester is a high quality, multi-let industrial estate, which remains in considerable demand from potential tenants. It currently enjoys 100% occupancy and is one of the top performers in the Lothbury Property Trust portfolio. NRI Europe has an excellent covenant and we are very pleased they have chosen to locate here. The record rental figure achieved highlights the continuing interest in 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 BBC, Whirlpool UK Appliances, TFS Buying and Iceland Foods.
Both parties were unrepresented.
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Lothbury Investment Management Limited is the manager of the Lothbury Property Trust ("LPT") and the Lothbury Global Feeder LP ("LGF") (together, the “Funds”). LPT is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. LGF was established as a limited partnership in Jersey under the Limited Partnerships (Jersey) Law 1994 through the filing of a declaration of limited partnership. The Funds are alternative investment funds (“AIFs”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIFs. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the purposes of managing unauthorised AIFs (and for various other activities). The Funds are also unregulated collective investment schemes for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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