Thistle Property's Deerdykes View Fully Occupied
23 January 2009
Ryden has recently concluded two lettings at Deerdykes View, Westfield, Cumbernauld. The deals see the 10 unit holding, extending 24,758 sq ft, achieve fully let status within 12 months of their client, Thistle Property Group, buying the asset.
Strategic Management Limited, a building maintenance and repairs company, has taken 4,300 sq ft, whilst Scots Bearings Limited, Scotland's largest independent bearing and power transmission distributor, has leased 2,000 sq ft. Both deals achieved rentals in excess of £5.20 per sq ft on FRI leases. The new tenants join AG Barr and Cake Décor.
These latest deals and the supporting restructuring of existing leases which followed have increased the rent roll by 29% and raised the average rent from £4.41 to £5.68 per sq ft at Deerdykes View.
Alan Gilkison, Partner at Ryden commented: “Letting interest has been extremely positive and reflects the quality of space on offer as well as the shortage of small business units. Competition for the final units enabled us to increase the rental levels and several existing leases are also now showing significant reversion.”
Gregor Harvie, Surveyor at Ryden added: “Both of the deals at Deerdykes View involved companies who were expanding their operations and despite the current economic climate each is confident that the additional space will allow significant business growth.”
Strategic Management Limited and Scots Bearings Limited were both self-represented.
