Andrew Scott Robertson, South West London’s leading industrial agents, announces that, acting on behalf of a major fund, it has completed the letting of three units totalling 6,755 sq. ft. at Parkfield Industrial Estate, Battersea, SW11
setting a new headline rent of £30.00 per sq. ft. This rental level is believed to be the highest rent ever achieved for a standard open market industrial unit letting in the United Kingdom.
Parkfield Industrial Estate is located in the heart of South West London, close to Clapham Junction railway station. The estate extends to a total of 69,000 sq. ft. contained within 20 units. Andrew Scott Robertson have acted as letting agent on this estate since August 2016, when rents were in the order of £11.00-15.00 per sq. ft. 4 units were destroyed by fire in 2016 and practical completion of the rebuild was achieved in May 2018. The previous leases on these units expired within the construction period.
A leading international auction house, has completed a new 10 year lease at a rent of £63,090 per annum on 2,100 sq. ft., equating to a £30 per sq. ft. rent. A provider of flexible commercial kitchen space, has also completed a 25 year lease, with 10 years term certain, at a rent of £30 per sq. ft. on 4,600 sq. ft. with just three months’ rent free.
Stewart Rolfe, Director of Commercial Property at Andrew Scott Robertson commented: ‘”The strong performance of the South West London Industrial Market is further exemplified by these lettings where high quality units in close proximity to the City and West End remain a priority for occupiers. The current demand for such units together with the reduction in supply due to conversion to residential have led to a substantial increase in rental levels over the last 12-24 months and, specifically a 63% increase in rental values on this estate.
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