AAH Pharmaceuticals have agreed a seven year reversionary lease with effect from 30th November 2021 with Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, for their 88,086 sq ft warehouse unit on Faringdon Avenue, Harold Wood, Romford.
The unit has been part of Lothbury’s portfolio since November 2011 when AAH took occupation.
AAH is the leading distributor of pharmaceutical and healthcare products serving pharmacies, hospitals and dispensing doctors nationwide. The unit, which comprises a single let distribution warehouse, is let at £7.15per sq ft and generates a rent of £630,000 per annum.
Perry Linch, Head of Asset Management at Lothbury Investment Management, said: “AAH Pharmaceuticals are long-term tenants and have an excellent covenant. We are very pleased that they have agreed a reversionary lease on this substantial unit. The rent achieved was in line with our expectations for the unit which is located in a prime distribution location that enjoys direct access to the A12 Eastern Avenue and A127 Southend Arterial Road.”
Both Lothbury and AAH Pharmaceuticals were unrepresented.
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