24th November 2020
Exeter’s largest available warehouse let to Royal Devon & Exeter NHS Trust
Property consultants Alder King and JLL have brokered one of Devon’s largest commercial property deals of 2020, letting Kestrel GTX on Sowton Industrial Estate in Exeter.
The 45,318 sq ft property has been let on a new 15 year lease to The Royal Devon & Exeter NHS Trust which plans to principally use the property for PPE and medical record storage.
The lease is subject to a 10 year break and the annual rent is £290,000 pa, which will be reviewed every 5 years to CPIH, annually compounded with a 1% annual collar and 3% annual cap.
The interior and exterior of the property was extensively refurbished last year to create a very high quality warehouse and ancillary office accommodation.
Noel Stevens, partner at Alder King, said: “This letting to the NHS Trust shows the value added to the building following its refurbishment and repositioning in the market. It is also one of the largest letting in the Devon market so far this year and illustrates the continued demand for good quality industrial stock.”
James Rooth of Staunton Property added: “We are very pleased to be able to provide such a valued occupier with great space that suits its long term occupational needs. The property fundamentals are great, which gave us the confidence to invest heavily in its comprehensive refurbishment. This letting is testament to the building and the high quality finish our contractors, Creative Construction, provided.”
The building is located on Kestrel Way, one of the main routes through Sowton Industrial Estate, and adjacent to the M5 motorway, offering easy access to Junctions 29 and 30.