Stenprop has completed 16 new lettings of its industrial space during the coronavirus lockdown due to the “urgent requirements” of some occupiers – and has also given the NHS a list of available units that can be used for storing equipment.
The industrial investor said in a market update on the Covid-19 crisis that it was still receiving letting enquiries and had completed new leases since its staff started to work from home in mid-March, accounting for £474,000 in new rent.
“Despite the current difficulties, we continue to receive letting enquiries for our UK MLI portfolio through our online digital marketing platform, albeit at a much-reduced level,” Stenprop said.
“However, the enquiries we do receive are typically focused and urgent requirements with a higher rate of conversion into lettings.”
The company added that several of the new lettings had been made “entirely digitally”.
Stenprop said: “Our experience in having already completed 18 leases using this digital platform prior to 16 March, combined with our digital-first leasing strategy across our industrials platform, highlights that the initiatives we have been implementing are proving effective and are likely to lead to higher levels of demand in the long term.”
The company said it had given the NHS a list of all available units “should it need space to store or distribute equipment”, and had given a unit rent-free to a food bank charity in Cardiff to supply NHS staff in the city with meals.
Stenprop has not made any redundancies or furloughs during the pandemic.
It has received 73% of rent across quarterly and monthly payments and is “engaging actively with our tenants on an individual basis, particularly those who are experiencing cash flow difficulties as a result of the lockdown measures across Europe”.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
