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We visited six of Elite UK REIT's assets across London, Kent, and Cardiff that comprised 4 jobcentres (Broadway House Ealing, Peckham Jobcentre, Oates House Stratford, Nutwood House Canterbury), one asset leased to Secretary of State for Communities & Local Government (Priory Court Dover), and another vacant asset that is currently being repositioned into a purpose-built student accommodation (Cambria House Cardiff).
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Introduction
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Elite UK REIT recently signed new leases with DWP on Feb26, which secured CPI-linked rents (floored at 1%, capped at 5% per annum) that will commence on Apr28. The re-gear will also provide DWP the option to renew:
- a further five years, for new leases of five years or more from 1 April 2028; and
- a further 3 years, for new leases of 3 years or less from 1 April 2028
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DWP operates Jobcentre Plus, a government-funded employment agency and social security office, which aims to help people of working age find employment in the UK. Jobcentre Plus provides training opportunities and resources to enable job-searchers to find work, through
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- Jobpoints (touch-screen computer terminals at the office that can be used to apply for jobs, particularly for jobseekers without internet access at home)
- Jobseeker Direct (telephone service) and
- Jobcentre Plus website
. DWP also administers claims for benefits such as Income Support, Incapacity Benefit, Universal Credit (UC), Jobseeker’s Allowance, and Employment Support Allowance.
DWP Estate
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