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2 November 2000
Countryside Properties PLC ("Countryside"), the South-East based residential and commercial property developer, announces multiple lettings on industrial developments in London and Reading.
At Crayford in South East London, three separate units have been pre-let by Countryside on the first phase of its new development at Acorn Industrial Park. W T Shipping and Audi dealer, Whitehouse Group, have taken 25 year leases on 26,124 sq ft and 16,500 sq ft respectively at a rent of £6.75 per sq ft, and Envelope Sales Plc has taken a new 15 year lease on 11,128 sq ft at a rent of £6.95 per sq ft. These three lettings equate to a total annual rental of £365,000. The scheme has been forward sold to and funded by Schroder Exempt Property Unit Trust. Acorn Industrial Park is one of the few schemes in South East London that offers a wide range of new, high quality, self contained small to medium-sized industrial warehouse units.
Countryside has also let all 4 units, comprising a total 54,891 sq ft, at its new £6 million Trancentral industrial/warehouse project in Reading. The scheme has been forward sold to Cadbury Schweppes Pension Trust Limited who also provided development finance. Integra, Torch Telecom and Thus Plc have taken separate leases of 25 years each (with Torch Telecom taking two leases) with a combined total annual rental of £482,000. The rentals achieved range from £8.50 to £9.25 per square foot, setting a new benchmark for industrial rents in Reading.
Graham Cherry, Chief Executive of Countryside, commented:
"We are delighted, as are our partners, with these industrial lettings in Reading and London. We believe that our focus on prime sites for office and industrial development in the South East is proving highly successful with excellent rental levels having been achieved. Spurred on by these successes we're developing further units at the Acorn Industrial Park and we will shortly be commencing work in Wokingham on another industrial warehouse scheme."
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Information correct as at 02/11/2000