LondonMetric adds £13.2m of rental income
LondonMetric Property has secured £5.5m per annum of rent since 30 September 2024, increasing its total annual rent from occupational activity this financial year by £13.2m.
This additional rent has been secured through 122 lettings, regears, and rent reviews.
Of these, 28 lettings have been signed with a weighted average unexpired lease term of 23 years, adding £3.3m of annual rent.
Key transactions included:
- M&S convenience lettings in Weymouth and Lancashire, adding £1.5m of annual rent;
- A regear at Warwick Castle, adding £0.8 million of rent per annum, as part of the funding of a new 62-bedroom hotel;
- Development lettings of three new drive-through/to pods to Popeyes, Burger King and Starbucks, adding £0.3 million of rent per annum; and
- Letting to British Garden Centres of three Dobbies garden centres following a restructuring by the retailer. The former LXi assets have seen the rent fall by £1.4 million per annum, but now benefit from turnover rent provisions.
The group also secured lettings and regears on a number of logistics warehouses.
LondonMetric said it has also signed 94 rent reviews, securing £2.2 million per annum of additional rent, representing a 16% uplift on a five-yearly equivalent basis.
Andrew Jones, chief executive of LondonMetric, said: “Our recent activity reflects the ongoing attractiveness of owning high quality assets in winning sectors where occupational demand is strong. These transactions support our capital allocation decisions and are allowing us to maintain our very high occupancy rate, while keeping us on target to deliver c.£26 million of additional rent over the 18 month period to March 2026.”