ROMNEY HUTS
ROMNEY HUTS SUMMARY
Total Units
89 (272,340 sq ft)
Vacant Units
8 (21,694 sq ft)
Vacancy Rate
8% (low)
Occupiers
68
Total Contracted Income
£796,186 per annum
Average Passing Rent
£3.18 per sq ft
Estimated Rental Value (ERV)
£1,099,023 per annum
ERV per sq ft
£3.95 per sq ft for >3,000 sq ft units
£4.50 per sq ft for <3,000 sq ft units
Reversionary Percentage
38%
WAULT
WAULT to Expiry 1.2 years
ASSET MANAGEMENT OPPORTUNITIES
- Jordan Road Surfacing is the largest occupier on the site, performing well and seeking to expand by renting additional space across the estate.
- There are opportunities to refurbish the vacant units (99, 101, 107B, 114A/B, 116B, 119, and 196) for re-letting at market rent.
- 62 of the units have regear opportunities within the next 12 months therefore providing an opportunity to capture significant reversion.
- Re-letting the units on FRI leases instead of the existing licences provides the opportunity to improve the income profile and reduce costs on the estate.
