Kingstown Trade Park, Carlisle

Client Requirements

Our client owned a long leasehold, multi-let industrial (MLI) investment and sought to maximise income return and ensure best value could be captured upon future sale.

Their objectives were to:

• Strengthen income security and improve rental tone

• Enhance lease profile and reduce risk

• Future-proof the asset through targeted capital investment

• Position the property to achieve a premium exit price

• Deliver a smooth, de-risked disposal process

Having advised on the asset for over 20 years, we understood both the property and the client’s long-term strategic goals.

Our Solution

We implemented and delivered a long-term proactive Asset Management strategy designed to systematically enhance value over time.

Key initiatives included:

1. Lease & Income Optimisation

• Extension and modernisation of the ground lease to enhance investment appeal

• Proactive rent reviews and lease renewals

• Strategic new lettings to strengthen covenant quality

• Increasing the rental tone across the estate

• Extending the average unexpired lease term

2. Targeted Capital Investment

• Improvements to building fabric

• Investment to enhance environmental performance and “green credentials”

• Refurbishment of vacant units to provide modern, energy-efficient accommodation

• Delivery of well-specified space aligned with current occupier requirements

3. Strengthening Tenant Mix

• Securing a greater number of national trade counter brands

• Enhancing covenant strength and long-term income security

By maintaining consistent, hands-on asset management over two decades, we ensured the property was always positioned ahead of the market, not reacting to it.

The Results

The long-term strategy culminated in a highly successful disposal in the summer of 2025.

The outcome:

• Sale achieved considerably ahead of the asking price

• Significant uplift in rental tone

• Longer, stronger average unexpired lease term

• Improved covenant profile

• Enhanced ESG positioning

• Smooth transaction process with no unforeseen last-minute issues

As the asset had been proactively managed for many years, due diligence was straightforward and the transaction progressed efficiently, avoiding delays or value erosion.

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