Industrials is Stenprop’s UK multi-let industrial operating platform. Visit site

Stenptrop has seen continued leasing success and significant rental growth Multi-let industrial (MLI) portfolio lettings. At 30 September 2019, MLI comprised 45%1 of Stenprop's portfolio and the LTV was 42%1. When unrestricted cash is added to this measure the overall LTV was 39%2.


"We have also had a good quarter of individual MLI acquisitions after an unusually quiet start in the first quarter of the financial year. There was marginally less competition in the market over the period, largely as a result of the UK's political instability.”
Paul Arenson, CEO.



  • 22 new lettings and 9 lease renewals generating £648,142 of contractual income over 104,633 sq ft.
  • Average rental uplift on the previous passing rent was 21% on new lettings (Q2 2019: 24%) and 19% on lease renewals (Q2 2019: 16%).
  • Average rental incentive given across all new lettings and renewals was 2.5 months on a 5.08-year average term
  • Average rent on the MLI portfolio is now £5.14 /sq ft (Q2 2019: £5.08/sq ft), reflecting a 1.2% increase in passing rent from the previous quarter.
  • Current passing rent is 7.8% below the average estimated rental value of the portfolio of £5.57/sq ft (Q2 2019: £5.50/sq ft)
  • Vacancy rate stands at 6.1% (excluding the space currently under refurbishment at Coningsby Park, Peterborough), up from 5.5% as at the end of Q2 2019.


Significant transactions:

  • Letting 27,000 sq ft at Compass Industrial Park in Liverpool on a five-year term with three months' rent free
  • Letting of 21,000 sq ft at Eurolink 31 in Wakefield for a 10-year term with three months' rent free


MLI acquisitions:

  • Eight MLI estates for an aggregate purchase price of £23.9 million, reflecting an average capital value of £75/sq ft:
    - Comprising 317,923 sq ft with an average occupancy rate of 92% and 89 tenants
    - Providing an additional £1.6 million of rental income, averaging £5.54/sq ft
  • Freehold interest in a 3,000 sq ft unit on our existing Holbrook Enterprise Park, Sheffield


Non-MLI Portfolio 

  • Six lettings, totalling 34,421 sq ft, which will provide total annual rent of £380,655
  • Average term on the new lettings was 5.2 years
  • Vacancy rate stands at 1.0%, down from 1.2% as the end of Q2 2019


The financial information on which this trading update is based has not been reviewed or reported on by the Company's external auditors. These figures are based on our 31 March 2019 valuations adjusted for subsequent acquisitions and disposals and changes in foreign exchange rates.Calculated as gross borrowing less unrestricted cash, divided by gross asset value based on our 31 March 2019 valuations adjusted for subsequent acquisitions and disposals and changes in foreign exchange rates.