Regional REIT secures Swindon and Stoke-on-Trent office tenants

Regional REIT has fully let its Bennett House offices in Stoke-on-Trent and Delta 1200 building at Swindon’s Delta Business Park with two leasing deals. NHS Property Services has signed a five-year lease for 7,511 sq ft at the 46,183 sq ft Bennett House, with a break option in March 2027. It has agreed a rent of £95,000 (£12.65 per sq ft), with the letting 9.8% ahead of ERV. At the 20,178 sq ft Delta 1200, a life sciences occupier has agreed to take 9,776 sq ft for 10 years with the option to break in February 2029. It will pay rent of £185,744 (£19.15 per sq ft), 8.6% ahead of ERV. The properties now generate an aggregate rental income of £800,000 per annum.  Bennett House was refurbished in 2019 and let to the Ministry of Housing, Communities and Local Government, which took 32,514 sq ft, and the Valuation Office Agency, which occupies 6,620 sq ft. The property has an EPC B rating. The fully-let status of the Delta 1200 building comes after refurbishment of the ground floor and installation of a VRF system, which prompted existing tenant TM Group to re-gear its lease for a further 10 years with a break at year five, at a rent of £187,236 (£18 per sq ft). Following the refurbishment, the EPC for the property improved from B to A. Stephen Inglis, chief executive at asset manager London & Scottish Property Investment Management, said: “Our ongoing active programme of improving our assets has helped us secure new high-quality tenants and in turn bolstered the overall properties occupancy and rental income. These lettings are testament to an improving regional office market and demonstrates demand for our high quality assets.” View market comparables for Stoke on Trent >> View market comparables for Swindon >>