Hermes lets Unit 3 at Elstree Distribution Park
19 March 2008
The 15,136 ft² facility has been leased on a 15 year term
Hermes Property Unit Trust, managed by Hermes Real Estate, has let unit 3, Elstree Distribution Centre, Borehamwood, to Dutailier Ltd (Europe), part of the Quebec based furniture manufacturing business, at a headline rent of £8.50 ft².
The 15,136 ft² (1,406 m²) facility has been leased on a 15 year term from 2nd January 2008 at an initial rent of £128,650 pa subject to five yearly review. A nine month rent holiday was granted.
The lease contains mutual options to break the lease at the end of the fifth and tenth years. The tenant must give a minimum notice of six months with a three month rent penalty if exercised at year five. The landlord must give twelve months notice which can only be exercised if a comprehensive redevelopment of the site is to be undertaken.
King Sturge and Freeth Melhuish acted for Hermes whilst the tenant was unrepresented.
