Clearbell secures 300,000 sq ft regear in Norfolk
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital, today announces the completion of a lease re-gear on 300,000 sq ft at Brunel Way, in Thetford, Norfolk.
The re-gear, with existing tenant Easy Cleaning Solutions (formerly Jeyes), includes removing the tenant’s June 2022 break option. The lease will now run until June 2027.
Brunel Way comprises 300,000 sq ft of manufacturing space, which Easy Cleaning Solutions has occupied since the 1970s.
Clearbell acquired the asset in August 2015, as part of the Polaris industrial portfolio comprising 11 assets, with plans to increase operating income through leasing vacant units, deploying capex and restructuring leases.
Duncan Jarvis, Asset Management Director at Clearbell Capital, said: “The 3 largest tenants in the Polaris Portfolio have restructured their leases, including Easy Cleaning Solutions; Silent Night Group on over half a million sq ft at their sites in Aspatria and Barnoldswick; and Jack Wills at Sheffield Parkway (390,000 sq ft). These transactions illustrate the majority of incumbent tenants in this Portfolio are wedded to their accommodation, either through their long-term occupation or their low headline rent.
David Pearce, Easy Cleaning Solutions said: “ECS are delighted to extend our commitment to the Brunel Way, Thetford site, one of the largest purpose-built cleaning production factories in Europe.Clearbell have taken the time to understand our business and have worked with us to secure a transaction in the long-term interests of all”.
The Polaris portfolio includes industrial assets, predominantly in the North of England. The portfolio focuses on redeveloping and repositioning industrial assets, to drive tenant occupation.