Argos and Oak Furniture Land renew leases with LondonMetric
LondonMetric Property has exchanged contracts with Argos to extend the lease at its 656,000 sq ft Bedford distribution warehouse by a further 12 years.
The new lease runs without a break for 15 years at £4.1 million per annum, subject to five yearly inflation linked uplifts.
Oak Furniture Land has also exchanged contracts to extend its 302,000 sq ft distribution warehouse in Swindon by 55,000 sq ft. Construction will start in May and cost £4 million.
Oak Furniture Land’s lease runs for a further nine years, generating a rent of £1.9 million per annum subject to five yearly inflation linked uplifts.
“We continue to work closely with our occupiers to ensure that our real estate meets their future trading requirements and remains fit for purpose. These transactions demonstrate the strength of occupier contentment at our properties and their confidence in the outlook for their businesses,” said LondonMetric asset director Mark Stirling.