Sandyford Properties has enjoyed a record quarter for new lettings and lease renewals across its portfolio.
The Stoke-on-Trent-based UK multi-let industrial property firm secured 36 new lettings during the first quarter of 2024, resulting in a rental uplift of 44 per cent on previous passing rents.
One of the new lets is at Deeside Industrial Park, near Chester, where three vacant units, totalling 70,000 sq ft, have been let just six months after being purchased by Sandyford Properties.
Managing Director Paul Brindley said: “Securing such a fantastic range of lettings and lease renewals across the Sandyford portfolio is a huge achievement for us as we continue to execute our ambitious expansion plans.
“These rental uplifts and letting figures are reflective of the strong occupier demand for adaptable industrial space in prime positions across the North West and we are looking forward to growing the business further to meet such high demand.”
The units at Deeside Industrial Park have been let on a 15-year lease to specialist commercial vehicle engineering company Astra Vehicle Technologies, which plans to scale up production of Iveco gas-powered trucks that can provide a 90 per cent reduction in carbon dioxide emissions.
Paul added: “The swift completion of this lease reflects the success of Sandyford’s value-add investment strategy for Deeside and the strength of our asset management team.”
Last October, Daily Focus reported that Sandyford Properties had secured a £20 million debt facility with Barclays to support its plans to more than double its portfolio in the Midlands and the North West over the next five years.
Acquisitions since then have included two more industrial estates, including one in Fenton, in Stoke-on-Trent.
The company currently manages 1.6 million sq ft of primarily industrial space.
