Acquired in March 2016, this property comprises a 20,000 sq ft terrace of trade counter units situated on Marsh Barton Trading Estate, Exeter’s premier commercial and trade location. The units are let to six tenants, with the tenant profile including the likes of Pirtek, Crown Paints, Karcher, Johnstone’s Decorators and Edmundson Electric.
A comprehensive refurbishment program has been undertaken on the estate, significantly improving its external appearance. Following the completion of the works, we were able to complete the letting of Unit F, to Karcher, for a headline rent of £9.50 psf, which set a new rental tone from the previous average of £5.02 psf.
As well as the refurbishment works, we also regularised a number of the occupational leases across the estate, most of which were periodic tenancies. Completing these rent reviews and lease renewals has significantly extended the average unexpired term across the terrace.