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USAF Secures New 10-Year Lease at Lakenheath

LONDON-Ashtenne Holdings has agreed terms with the US Air Force for a new 10 year lease on 570 houses occupied by USAF personnel at Lakenheath Airbase in Suffolk, at an initial rent of pounds 4 million ($6.4 million) per annum.

By Graham Parker | Updated on August 04, 2003

LONDON-The United States Air Force has agreed a new ten-year lease with Ashtenne Holdings on 570 houses at the Lakenheath airbase in Suffolk Under the new lease the rent will rise from £4 million ($6.4 million) to £4.5 million ($7.3 million) within the first five years. During the following five years the rent will be increased in increments to £5.2 million ($8.4 million) per annum in years nine and ten.

The estate provides accommodation for personnel supporting the two USAF air bases at Mildenhall and Lakenheath. Ashtenne bought the Lakenheath Estate in 2001, as part of the Ascot portfolio. Then, 640 houses were then let to the USAF at a net rent of £3.2 million ($5.2 million) per annum. In the first five months of 2003 Ashtenne sold 70 houses previously occupied by USAF for £7.5 million ($12 million).

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