Meggitt Plc, Gelders Hall Road, Shepshed (Regear)

Following Rotherhill’s purchase and leaseback of Meggitt Plc’s facility on Gelders Hall Road in February 2022, a regear of the original lease has been agreed upon.

The initial leaseback for a period of 3.25 years has been superseded by a new lease extending Meggitt’s Gelders Hall Road occupation for up to 11.5 years, with a 6.5-year term certain. Included within the regear is the ability for the Landlord to release a c1.4 acre development parcel from the lease at 6 months’ notice.

Rotherhill intends to pursue planning permission for the development of a c30,000 sq ft new build industrial building, with marketing to commence in September 2023.

Ed Jeffrey from Rotherhill comments: “It has been excellent working with Meggitt Plc and we are delighted they have confirmed their long-term commitment to this location.

“We have achieved a rental uplift improving the return on the project whilst also releasing development land in less than 18 months. This is ahead of schedule and very satisfying for our Joint Venture Partner and ourselves.

“We are hopeful the development plot will receive good interest, particularly from local occupiers, with the wider Loughborough area being particularly constrained by new supply. The land is the last undeveloped plot on Gelders Hall Road Industrial Estate and offers excellent accessibility to the M1 with Junction 23 less than 5 minutes and 1.5 miles drive.”