Call Ediston Real Estate on:0131 225 5599

Broadway, Renfield Street, Glasgow

Broadway One, Renfield Street, GlasgowThe redevelopment of the former Scottish Television Studios (which had an existing planning permission for 315 flats) to provide 275,000 sq. ft. of Grade A offices and a 200 bedroom hotel. The first phase of offices, Broadway One, comprised 125,000 sq. ft. (net) which is now occupied by Tesco Bank and the hotel was sold to citizenM Hotels as their first UK venture.

FINANCIALS

Construction cost: £23m
Total development costs: circa £40m
Sale price: £51m

KEY ACHIEVEMENTS

  • Improved value through securing planning permission for a commercial development.
  • Delivered the first citzenM in the UK.
  • Commenced speculative development of Broadway One – 125,000 sq. ft. (net) – in July 2007.
  • Broadway One completed on time and within budget in May 2009.
  • Fully let on a 20-year lease to Tesco Bank in August 2009.
  • Achieved a rental rate above ERV expectations.
  • Sold to KanAm ahead of exit yield expectations in December 2009.
  • A very profitable and successful project which was developed through the market collapse.

www.broadway-glasgow.com

Further information

Call Ediston Real Estate on:

0131 225 5599

Testimonial Gallery

“Ediston’s intensive and entrepreneurial approach to Asset Management is helping to deliver good results and enhancing the returns for the Europa/Ediston Joint Venture assets.  We like their approach to the management of real estate projects.”
Rob Sim, Partner, Head of Northern Europe, Europa Capital LLP
"The Ediston team are very active across the whole of the UK and we have worked together on a number of good opportunities over the last 6 years and are delighted to have been involved in the successes they have achieved"
Stuart Heslop, Regional managing Director, Real Estate Finance, Royal Bank of Scotland
“Ediston is a valued client of Santander. We are delighted to be working with this highly experienced and dynamic team of professionals. The business has gone from strength to strength and consistently delivers strong results, operating to the highest of standards.   We look forward to working with Ediston towards its future success.”
Nick Peet, Divisional Head - Real Estate Finance, Santander Corporate Banking