News

Merchant Square, the former market in the heart of the Merchant City district, and four other bar and restaurant units on nearby Candleriggs, have been snapped up for a combined price of £9,500,000. The other premises are Khublai Khan’s, Guy’s, Merchant Pride and Wild Cabaret. The properties will form part of the Clydebuilt Fund, which is owned by the Strathclyde Pension Fund and managed by leading property developer Ediston Real Estate. The assets were acquired from Merchant City Properties. Dating back to the 1800s Merchant Square is housed in part of Glasgow’s Old Fruitmarket, and since being revamped in 1999 the indoor venue has become one of the most stylish destinations in the city for eating, drinking and entertainment. Plans

The Company has granted a reversionary lease which extends the unexpired term from 10 years to 25 years. The annual rent passing will remain at c.£1.05m but the five yearly upward only rent review provisions will be replaced by annual uplifts in line with the Retail Price Index (RPI) throughout the term. The RPI increase will be capped at 3.00% per annum and collared at 0.00% per annum. The lease will remain in the name of Capita Business Services Limited but the Company has secured a new guarantee from its parent company Capita plc for the duration of the term. The transaction increases the weighted average unexpired lease term (WAULT) to lease breaks from 4.88 years to 7.63 years over

On the day, 17th December 2014, over 1,400 people helped contribute to the £3m raised by Spifox to date in what was Scotland’s largest business charity lunch. Proceeds go to Scottish children charities and Teens +, Action for Children and Barnardo’s will be this year’s beneficiaries. Our very own, Danny O’Neill, is now the proud new owner of a limited edition Jack Vettriano painting, contributing to the £187,000 raised on the day.

4-6 Copthall Avenue, a multi-let office and retail investment, situated in a prime location in the City of London, was sold to a private client of Knight Frank. The property, comprises 10,695 sq. ft. of office space on the first to fifth floors multi-let to three tenants, a ground floor retail unit let to Costa Limited and a basement level let to Six Physio Limited. The Partnership comprehensively refurbished the asset to a very high specification, which included an extended entrance, modern reception area and contemporary office suites. Calum Bruce, Investment Director at Ediston commented “The sale brings to an end another successful transaction between Ediston and Europa Capital. We are very pleased with the outcome and we are looking

DFS have entered in to a new 15 year lease at a rental of £150,000 per annum on the 10,000 sq. ft. unit.

The investment is the final piece of a 25 year regeneration plan for Inverclyde which has seen the remodelling of the town centre, the realignment of the A8 road, the development of hundreds of homes, a Tesco Extra food store and the recent development of a B & Q Warehouse, Costa Drive-Thru and Marston’s Public House/Restaurant. The property comprises the B & Q and Costa Coffee building and the adjacent land on which there is detailed planning consent for a further 200,000 sq. ft. of retail warehouse accommodation. Detailed discussions are under way with a number of retailers for the new space. When completed the whole project would result in an investment in excess of £30m with delivery of much

The building contract has been placed with Luddon Construction Ltd and will take approximately 22 weeks to complete.

The deal is the largest letting to take place in the centre of Reading this year. Xafinity is the second company to take space in the building, following the letting to Samsung, and has agreed a new 10 year lease for the entire second and third floors at an average rental of £25.50 per sq. ft.

We anticipate receiving a decision by mid-November 2014. The architect is Feilden Clegg Bradley Studios.

The unit comprises 14,000 sq. ft. and will be let on a new 15 year lease from practical completion of the development due in November 2014.