Capita’s lease advisory team, acting on behalf of AXA Real Estate Investment Managers, has completed a re-gear of the Comms Express leases at Grafton Place on the Dukes Park Industrial Estate in Chelmsford.
The leases, comprising five units, bring in a total annual income of £101,000 for Comms Express, a specialist supplier of complete network supplies and solutions for businesses.
The units were under co-terminus leases due to expire 27 September 2020 but with tenant break options and rent reviews effective 28 September 2015. It was agreed to remove these breaks in an overall package which was ahead of client’s expectations, given that the income was secured until September 2020.
Following the re-gear, Comms Express has also agreed terms to take a further unit. When this completes, this will increase their rent on the estate to £119,000 per annum.
Over the last two years, despite the recession and through active asset management, the rental tone on the estate has increased circa 12.5%. This estate demonstrates how our lease advisory, property management and building consultancy departments can all work well together to exceed clientâ€™s expectations.
Divisional director, Capita
Capita Real Estate and Infrastructure works with public and private sector organisations to design, build and optimise their real estate and infrastructure assets. From thought to finish, we apply our combined expertise to achieve more from the entire built environment.
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