In June 2023 Clay Street acquired, off market, this Sale and Leaseback on behalf of Citivale in a JV with a private equity firm. Ideal Standard sold and took a new 15 year lease on the 136,800 sq ft unit at an annual rent of £889,180.50 (reflecting £6.50psf). The rent is to be reviewed on a 5 yearly upward only basis to the higher of Open Market Value or RPI, subject to a collar and cap of 2.00% and 4.00% compounded annually.
