We are pleased to announce a successful leasing outcome at 45 Munibung Road, Cardiff, with Bevchain joining as the new tenant. Working alongside Colliers Newcastle and Link, the property was leased following a targeted marketing campaign that positioned it competitively within the industrial market.

Strategic Positioning and Proactive Tenant Management

Industrial assets of this scale typically face structural downtime between occupancies, driven by mismatch in tenant lease expiries and operational requirements.  In recognising this, our focus was to create maximum flexibility in the leasing program.  Working closely with incumbent tenant, Lion Beer & Spirits, and drawing on our established relationship, we negotiated a Deed of Agreement that well in advance of lease expiry that:

• Secured makegood obligations with clarity and certainty
• Granted the Lessor early rights to market the premises beyond standard lease provisions
• Enabled early surrender if a replacement tenant was secured

This approach allowed us to bring the asset to market ahead of competitors and broaden the pool of prospective tenants.

Zero Downtime and Improved Financial Outcomes

Lion Beer & Spirits vacated on the final day of the month, and Bevchain occupied the next day—eliminating downtime. The new lease delivers a 10% uplift in net rent, preserving income and avoiding vacancy-related costs.

Value Created for All Stakeholders

The prior lease was surrendered one month early, reducing costs for the outgoing tenant and enabling Bevchain to commence operations before the Christmas period. For investors, this outcome enhances income stability, strengthens the asset’s risk profile, and reinforces its competitive positioning.

A Demonstration of Disciplined Portfolio Management

The result at 45 Munibung Road reflects the broader strategic approach Cerno Real Estate Investors applies across its portfolio – proactive tenant engagement, collaborative execution with agency partners, and an unwavering focus on income resilience and value creation.

This leasing outcome demonstrates how disciplined asset management and active engagement with all parties translate into stronger financial outcomes and long-term investor value.