Our Occupiers
When our occupiers' businesses thrive, so our business also thrives. We aim to be the property partner of choice
We recognise that when our occupiers’ businesses thrive, so our business also thrives. We treat our occupiers as customers and put them at the center of our decision making. Our occupier-led approach provides us with market knowledge to better understand future trends and make the right asset decisions. Our high occupancy rate and customer satisfaction scores demonstrate the strength and depth of these relationships. Extending existing relationships and developing new contacts are key focus for us.
“Our occupiers relationships are crucial to the success of LondonMetric. We work closely with them to understand their requirements and support them with their real estate needs”
Mark Stirling, Asset Director
Develop long term & trusted relationships
Our strong occupier relationships reflect our differentiated proposition where we:
- are approachable and actively engage with our occupiers
- strive to listen and fully understand their requirements
- create solutions that are mutually beneficial and help build long term relationships
- make quick decisions and act swiftly
- deliver on our promises
"LondonMetric’s professional approach helped us to achieve a building specification to suit our exacting standards and completion of the facility on time and on budget. This enabled a seamless transition to occupation."
"LondonMetric has a track record of supporting us. They understand our needs and seek solutions that work for both of us and them. Their open and honest approach is refreshing."
"LondonMetric are very proactive, looking to support our business. They are reactive to our needs and commercial in thinking, which sets them apart."
Occupier score in 2024
9.0/10
For whether our occupiers would recommend us as a landlord
We undertake regular customer satisfaction surveys. In our 2024 survey, we received responses from occupiers representing 49% of our income and scored an average of:
- 8.5/10 for satisfaction with our properties; and
- 9.0/10 for whether our occupiers would recommend us as a landlord
We have a diverse occupier base
We have a wide range of customers ranging from retailers, third party logistics providers, convenience food, business services suppliers as well as healthcare, theme park and hotel operators.
Top Occupiers
| Occupier | Net contracted rent (%) |
|---|---|
| Ramsay Health Care | 11.0% |
| Merlin Attraction | 9.0% |
| Travelodge Hotels | 6.4% |
| Primark | 1.8% |
| Tesco | 1.7% |
| Great Bear Distribution | 1.6% |
| Amazon | 1.4% |
| SMG Europe | 1.4% |
| Q-Park | 1.4% |
| Co-op | 1.3% |
Delivering for occupiers using our expertise
Our distribution, retail and development expertise along with our property contacts allow us to offer our occupiers trusted advice and solutions. We look to add value through a number of ways, in particular by helping them to find suitable property, investing in their buildings to improve efficiencies and accommodation standards, providing lease arrangements that suit their needs.
See case studies below for examples of how we have engaged with our occupiers
Distribution
LondonMetric developed a 1,062,000 sq ft distribution warehouse which it pre-let to Primark on a 25 year lease. It is Primark’s UK flagship warehouse, ideally located along the A14 between Felixtowe port and the M1. There are 3 mezzanine levels which increases the total capacity of the warehouse to 1.9m sq ft.
The BREEAM Very Good development took 11 months and completed in 2015 at a cost of £78m and a yield on cost of 6.9%. It was built on a former ironworks and involved 500,000m3 of earthworks, ensuring that no material was taken off site. 436kw of solar PV is installed.
Primark took occupation in 2016 and the building now operates at near full capacity. The building generates rental income of c£5.6m pa with fixed annual rental uplifts.
LondonMetric acquired the 410,000 sq ft of distribution warehousing let to Eddie Stobart in 2015 for £56.5m at a NIY of 5.1%. It is exceptionally well located on the A13, 10 miles from central London and 8 miles from the M25.
After two years of working up a partial redevelopment with the occupier, we built a180,000 sq ft warehouse and a 147 space lorry park to replace two old buildings and a small yard.
The BREEAM Very Good warehouse scheme was completed in 2018 after 12 months of development at a cost of £17m and a marginal yield on cost of 5.7%. The lease was extended by 10 years to 26 years across the 454,000 sq ft estate with rent increasing by c30% to £4.1m pa.
The redevelopment created a modern, fit for purpose facility that significantly improves operational efficiencies and environmental credentials of the estate, including a 250 KW Solar PV installation, electric car charge points, LED lighting upgrade to the lorry park and an on site lorry cleaning servicing and fuel island which saves 3,900 lorry movements pa.
LondonMetric was selected as Bedford Council’s preferred partner in 2013 for a 40 acre distribution development. In 2017, we unconditionally purchased the site with planning consent.
We have formed a strong relationship with the local authority to ensure that we meet their objectives of attracting local investment, creating local jobs and providing a balanced approach to growth for Bedford in a responsible way.
In June 2018, we commenced speculative construction of three urban logistics warehouses totalling 188,000 sq ft. Following lengthy and detailed occupier discussions, two of the units were let before construction completed and our team’s expertise enabled quick occupier access, having satisfied their precise requirements.
Development of the remaining two larger warehouses totalling c.500,000 sq ft is planned upon occupier commitment which, upon completion, is expected to create 1,000 permanent jobs across a range of disciplines and a logistics site unique in character and design.
Convenience-led retail
LondonMetric acquired a 13 acre convenience food led development site in Weymouth in 2018.
Under Phase 1 of the development, it pre-let a 19,000 sq ft convenience store to Aldi on a 20 year lease with RPI linked rent reviews. Construction of the Aldi completes in 2020 and will be BREEAM Very Good certified.
Full development of the site is subject to planning but could see up to eight new units built. There is strong interest from occupiers including a builders merchants, discount retailers and restaurant/coffee operators.
Sustainability
LondonMetric acquired Dixons Carphone’s main UK distribution warehouse for £68.5m in 2014. The 726,000 sq ft asset was built for Dixons in 2006 and is situated in Newark.
Following extensive engagement with the occupier, LondonMetric funded and installed a 1,000KW Solar PV scheme at the warehouse in 2017. The installation was the largest landlord installed distribution roof top PV system at the time, covering 66,000 sq ft. The installation generates £85,000 pa of additional income for LondonMetric.
Dixons’ annual grid energy consumption at the warehouse is estimated to have reduced by c.15% which represents 500 tonnes of carbon dioxide emissions each year. Purchasing energy generated by the solar scheme from LondonMetric also protects Dixons from volatility in energy prices and provides operational cost savings.