A company operating in Manchester known as Regional REIT has today revealed that it has finally succeeded in letting all of its space to independent bodies. Its popular asset in 9 Portland Street in the city of Manchester is now fully occupied, and representatives of Regional REIT are very pleased to know that the value of the rental space has increased by 44 per cent since the last time. This is particularly good news for the real estate company since it has been investing a lot of reparations towards making it the popular venue that it is today, having committed £1.1 million towards improving the state of the place.
Now valued at £10 million, the building has clearly shown that it has provided Regional REIT with the results that it requires in order to prosper and progress into the property and development world of the 21st Century. This equally demonstrates for another thing that the demand for property in areas like Manchester are consistently high, and the 9 Portland Road building governed by Regional REIT has actually soared in value of capital by about £5.15 million, an impressive feat for the company to have achieved. The other main thing worth shouting to the rooftops about is the fact that the renovations of £1.1 million have actually paid off and resulted in the company having a greater profit from the building than if it had merely left it in its previous state. The fact that on average the renting space of the area is based at £13.75 per square foot and that the rented space is of a total amount of 54, 959 square feet indicates that it is an extremely lucrative environment that will no doubt serve the company well in the future.
Also, the fact that Regional REIT agreed to rent the space for themselves with Mott McDonald indicates that they have a variety of other opportunities that they will have, such as a chance to review the rent after 3 years will allow them to change or alter their plans with greater flexibility depending on how the company performs as a whole with the various other assets that it has in mind.