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LONDON-Do-it-yourself giant B&Q has taken a 10-year lease without a break on 159,000 sf of warehouse space at Brixton’s 590,000-sf Ventura Park site in Radlett, Hertfordshire. Following an initial six-month rent-free period, the properties, one of which has been refurbished, are to be leased for a total annual rental of £1.033 million ($1.77 million), subject to a rent review after five years.

The deal, equating to £6.50 ($11.14) per sf, was put together by Brixton following the expiry of a previous tenant’s lease in March 2003. The tenant of the other unit, Tibbett & Britten, has exercised a break with effect from this month allowing its client, B&Q, to take a direct lease on the whole unit. T&B will continue to run B&Q’s logistics from the warehouse.

The letting allows Brixton to realise a premium just shy of 20% against the rent paid by its previous tenants. Meanwhile, a further 88,608 sf of space remains unlet at Ventura Park and is in the hands of letting agents Aitchison Rafferty and Holley Blake.

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