Category

Projects

Citygate II, Newcastle

By | Asset Management, Projects
PURCHASE The asset was acquired by Ediston in January 2016 for £18.95 million, reflecting a net initial yield of 6.57%. The property was bought for the Ediston Property Investment Company plc. ACHIEVEMENTS Restructured the leases held by EY. EY occupied 41,935 sq. ft. across five floors on five leases which were due to expire in March 2022. Ediston signed an agreement with EY to vary all their leases to give an expirey date of 31 December 2027. As part of the deal, the passing rent across these five floors increased by 20%. EY completed refurbishment of their space.
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Clwyd Retail Park, Rhyl

By | Investment, Projects
Detailed planning consent was obtained for the construction of a new 8,000 sq. ft. unit.  Construction was started on a speculative basis as we were confident of identifying a tenant prior to completion.  Shortly after building work commenced, Iceland agreed to sign a 10-year lease, which completed in May 2018. PURCHASE The asset was acquired in November 2014 for £15.1m reflecting a net yield of 6.85%. ACHIEVEMENTS Achieved planning consent for an 8,000 sq. ft. unit and let it to Iceland on a 10-year lease.
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Plas Coch Retail Park, Wrexham

By | Investment, Projects
The park is let to DW Sports, DSG (Curry’s/PC World format), Sports Direct, TK Maxx, Boots, Pets at Home and City Centre Restaurants (Frankie & Benny’s). The park adjoins a large Sainsbury’s food store, Aldi, Homebase and Argos. PURCHASE The park was acquired by Ediston in December 2015 for £22.45m, reflecting a net initial yield of 7.35%. ACHIEVEMENTS Pre-let to TK Maxx prior to purchase which opened in May 2016. Obtained planning consent for a drive-thru coffee unit and secured Costa Coffee as tenant.  Construction commenced in January 2019 and completion is expected in the summer of 2019.
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Abbey Retail Park, Daventry

By | Asset Management, Projects
Tenants at the park include national retailers such as Homebase, Pets at Home, Halfords and B&M. PURCHASE Purchased in June 2015 by Ediston on behalf of the Ediston Property Investment Company for £11.9m, reflecting a net initial yield of 5.74%, this price reflected a two year rent, rates and service charge guarantee for two vacant units, which are now let. ACHIEVEMENTS The two vacant units were let to B&M Retail Limited, following the execution of a pro-active asset management initiative which involved negotiating two lease surrenders, a tenant relocation, a lease, an agreement for lease and a construction contract. B&M signed a 10 year lease over 17,610 sq.ft.
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Wigmore Place, Wigmore Lane, Luton

By | Development, Projects
There are 2 occupiers, who occupy the majority of the accommodation, Tui and First Port. PURCHASE Purchased by Ediston for Kames Capital in May 2014 at a price of £15.60 million, reflecting a net initial yield of 9.96% and a reversionary yield of 10.81%. ACHIEVEMENTS Completed a major refurbishment of the lifts, common areas and central plant across the complex. On the back of the completion of the common works, restructuring of the Tui leases to extend their occupation within Wigmore House and Marlborough Houses and within Eaton House following refurbishment of the 1st and 2nd Floors.
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Robroyston Retail Park, Glasgow

By | Investment, Partnership opportunities, Projects
At the point of purchase, the property had 2 vacant units and development land for an additional 17,500 sq. ft. of retail space. A new planning application secured consent for a further extension to the retail terrace, comprising a gym and retail unit. Further to which we let the existing vacant unit to Watt Brothers for a department store and prelet the new gym to Pure Gym and new retail unit to Poundworld. The coffee pod was let to Costa. Various other asset management opportunities are currently being explored. PURCHASE The property was acquired for £14.35m and has a current value in the order of £20m. ACHIEVEMENTS Acquisition of asset below market value. Planning Consent granted for the relaxation for
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Merchant Square, Merchant City, Glasgow

By | Investment, Projects
Adjacent to the main Merchant Square, and part of the property demise, is a three storey Georgian style building, converted to office use and accessed from Albion Street. The ground floor of this comprises a pub / restaurant unit, which extends into Merchant Square. PURCHASE On behalf of the Clydebuilt Limited Partnership, Ediston acquired Merchant Square in January 2015 for a price of £7.0m reflecting a net initial yield of 8.9%. ACHIEVEMENTS Re-let vacant unit to restaurant operator to provide a fully let property. Created a unit in the basement, which has not been previously occupied, and currently under offer to leisure operator. Commercialising the courtyard space and increasing visibility and marketing of the property to the wider public.
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