PURCHASE
The property was acquired by Ediston for the Ediston Property Investment Company in June 2017 for £26.6 million, a 6.74% net initial yield.
ACHIEVEMENTS
Constructed a drive-thru coffee unit and let it to Costa Coffee
Completed letting deals with Cancer Research and GO Outdoors, securing £280,000 of rental income
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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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PURCHASE
The property was acquired by Ediston in June 2015 for £4.39m reflecting a yield of 7.0% on expiry of a rent free period.
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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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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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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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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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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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PURCHASE
On behalf of the Clydebuilt Limited Partnership, Ediston acquired Birkenshaw Trading Estate, Uddingston in June 2017 for a price of £3.235m reflecting a net initial yield of 7.70%.
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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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