Business
Asset management update
Asset management update.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 3027S\n Schroder Real Estate Inv Trst Ld\n 15 November 2021\n \n \n \n \n For release 15 November 2021\n \n \n \n \n \n Schroder Real Estate Investment Trust Limited\n \n \n (\"SREIT\"/ the \"Company\" / \"Group\")\n \n \n \n \n \n Asset management update\n \n \n Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, provides an update on asset management activity covering the period since the last update on 20 September 2021.\n \n \n The Company has exchanged or completed 13 new lettings, renewals and reviews which will generate £300,000 per annum of rental income and increase contracted rental income by £185,000 per annum. Alongside this, the Company is set to deliver 80,000 sq ft of operationally Net Zero Carbon (\"NZC\") industrial, storage and distribution space at Stanley Green Trading Estate after receipt of a resolution to grant planning permission. The development is expected to be the first to achieve this status in the North West. \n \n \n \n \n \n The key activity is summarised below:\n \n \n Cheadle, Stanley Green Trading Estate (Industrial)\n \n \n The Company is set to commence the development of an 80,000 sq ft, NZC scheme in early 2022 on the 3.4 acre site adjoining the trading estate, which was acquired in December 2020, after Stockport Metropolitan Borough Council's planning committee unanimously resolved to grant planning permission. The Company will proceed with the speculative development of 11 warehouse and trade units at a tendered total cost of approximately £8 million, with a target completion date of Q4 2022. The combined estimated rental value ('ERV') of the units is expected to be approximately £950,000 per annum, with pre-lets to be targeted during the construction phase.\n \n \n In line with the Company's commitment to incorporating high sustainability standards and building certifications across all new development activity, the scheme will be delivered to BREEAM Excellent, EPC A+ and NZC specification. Where viable, the Company will use a range of local contractors and locally sourced materials and engage with the local authority in employment initiatives when delivering the scheme.\n \n \n Norwich, Union Park (Industrial)\n \n \n At Union Park, a five year lease renewal has been completed w...