CAPE TOWN – Stenprop, the UK multi-let industrial (MLI) property company, continues to deliver growth from its portfolio, with new rents consistently ahead of previous passing rents, chief executive Paul Arenson said on Tuesday.
He said in a trading update for April 1 to June 30 that tenant demand had also continued to be strong, with supply constrained.
On its (MLI) portfolio lettings, Arenson said they had completed 29 new lettings and 17 lease renewals in the period, at average rental uplifts of 24 and 16 percent above the previous passing rent, respectively.
The average rent on the MLI portfolio was £5.08 (R92) per square foot. This was 7.7 percent below the average estimated rental value of the portfolio of £5.50 per square foot.
The vacancy rate stood at 5.5 percent, excluding space under refurbishment.