Last updated on May 7th, 2025 at 07:44 am
There is so much activity occurring daily in our multi-let industrial portfolio that we thought it would be helpful to provide a quarterly update on trading to act as a barometer of sentiment.
Q1 2025 update
We have had a productive first quarter in hitting some of our key goals for the year:
- continuing to increase passing rents by converting reversionary rents into actual rents
- reducing our vacancy rate
- disposing of non-core assets
As a result, we have generated the following metrics:
- 19 lettings
- average rental uplift of 35% following some unit refurbishments and repositioning
- our new tenants, as usual, come from a diverse range of sectors – industrial and non-industrial – and include Kix, a provider of football-based leisure games, and the new Stoke-on-Trent branch of the fast-growing Transformation Hub gym chain
- vacancy rate at 4.2% – the best in the last 18 months
- sale of an office building, Whittle Court
Our new office
The move into our new office in Hanley, led by our head of operations and development, Jason Allen, has gone really well. The office gives us a working space with the space to expand as well as an excellent working environment.
We are also looking forward to hosting the inaugural Sandyford cricket day for those agents and advisers who have helped us in the past year.
Market outlook
More generally, with the current global uncertainty and fluctuating stockmarkets, it is pleasing to see a relatively stable investment market coupled with an active occupier market in the north west. Economically, we expect the Bank of England to make at least two further cuts in interest rates this year and UK GDP growth to be relatively flat this year.
