Acting on behalf of private property clients, Wadham and Isherwood have let 3 units at Rio Works, Send, Woking. Rio Works is a small high quality industrial/business unit estate comprising of 5 units.
Three of these units have become available recently and following refurbishment have been well let in the last six months.
Unit D (2100 sq.ft.) was let in May 2016 to Evergreen on the basis of a 3-year lease at a rental £19500 per annum exclusive. (Approximately £9.28 per sq.ft), Unit B (2100 sq.ft.) was let in October 2016 to Smarts Automotive Specialists on the basis of a new six-year lease at £25,000 per annum exclusive. (£11.90 per sq.ft.) and Unit A (2800 sq.ft.) was let in December 2016 to Linda Meredith Ltd on a basis of a new 5-year lease at a rent of £35,000 per annum exclusive approximately (£12.50 per sq.ft.)
Units B & D comprise relatively conventional industrial units with a small mezzanine areas, both refurbished and redecorated to a good standard whilst unit A was refurbished to provide bespoke accommodation for the tenant incorporating a high-quality mezzanine office floor across the entire unit.
Commenting on the deals, Peter da Silva said
“Working closely with the owner, listening to the tenants’ requirements and refurbishing the units to a high quality provided the key to success which has enable the entire estate to be turned around from a difficult position in January 2016 to become a fully income producing well let estate by the end of the year. The estate provides a unique opportunity for certain businesses to enjoy an attractive rural location with excellent communications and demand has been such, that it has enabled the premises to be well let with rents showing a steady improvement as the year progressed.”