A NEW record rent has been achieved at York's Raylor Centre industrial estate as demand in the area continues to rise.

The deal, secured by national commercial property consultancy Lambert Smith Hampton (LSH), has seen an existing tenant, which specialists in self-storage, agree a 50 per cent increase on its previous rent for a 20,000sq ft industrial unit on the site.

Matthew Scrimshaw, director of Lease Advisory at LSH’s Leeds office, said: "Rental growth at the Raylor Centre in the last 18 months has been particularly strong but this is not surprising.

"Demand in the local market for this type of property is far outstripping supply and The Raylor Centre is unique in that it is so well located, close to the city centre.

"The landlord had many options for this site, from redeveloping it into smaller units to developing its own self-storage operation.

"However, we’re delighted that our experienced team have been able to support The Raylor Centre in renegotiating this lease, meaning that what is already a longstanding relationship with the incumbent tenant will continue for another 20 years."

The Raylor Centre has been part of the business community in York for more than 30 years. It is home to more than 2000 people working for a range of companies in the 100 offices and industrial units on the eight-acre site.

The self-storage firm has operated from the Centre site since its beginnings in the mid 1990's and will now remain at the premises until August 2036.

LSH’s lease advisory team acted on behalf of The Raylor Centre in their capacity as landlord.