Tritax Big Box REIT plc has completed on contracts with Currys plc on two leases at Tritax Park Newark. Together, the leases secure GBP 9.5 million of annual rental income (before rent reviews) for Tritax Big Box REIT plc for 20 years over a combined total footprint of 1.2 million sq ft. Tritax Big Box REIT plc has secured a new 20 year lease with Currys plc on its 0.4 million sq ft recently completed speculatively developed building.
The letting delivers a development yield on cost in line with the Company's guidance of 6-8%. Tritax Big Box REIT plc has agreed a 10 year lease extension on its existing facility let to Currys plc. This increases the remaining lease term to 20 years, aligning it with the lease length for their new building.
Tritax Big Box and Simons Developments are also bringing forward plans for up to 970,000 sq ft of design and build opportunities at Tritax Park Newark, as well as a 40-acre country park to provide green space for local employees and the general public. Situated in a prime East Midlands location just 0.5 miles from the A46/A1 intersection and with proximity to Immingham Port, alongside regional airport and railport transportation, Tritax Park Newark offers seamless connectivity both across the UK and Ireland.
