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Ediston

Broadway, Renfield Street, Glasgow

By | Development, Partnership opportunities, Projects | No Comments
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
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Cathedral Square, Guildford

By | Asset Management, Projects
PURCHASE Purchased in December 2015 by Ediston with Europa Capital for £38.9m, reflecting a net initial yield of 8.05%. ACHIEVEMENTS Purchased neighbouring Building 3000 to complete campus. Full design for refurbishment worked up and tendered with works started on site. Regear completed with Avaya UK to take over 28,000 sq. ft. Direct letting to RBS Plc completed for over 16,000 sq. ft. Asset over 35% pre-let prior to commencement of refurbishment. Building 3000 now fully let. WEBSITE Please visit http://cathedralsquareguildford.com for further details.
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St. Philips Point, Birmingham

By | Asset Management, Projects
https://stphilipspoint.co.uk/ PURCHASE The property was acquired by Ediston for £22.35m in October 2014, reflecting a net initial yield of 7.15%. ACHIEVEMENTS Completed a comprehensive refurbishment of the entrance, reception, common parts, central plant and lifts. Secured new 10 year leases with AXA over the 4th, 5th and 6th floors and a new lease of the 7th and 8th floors. Secured a new lease of the 9th floor to UK Land Developments. Completed lease with American bridal retailer, David’s Bridal, for the entire Cannon Street retail space. Restructured the Weightmans leases on Ground and 3rd floors.
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The Lewis Building, Bull Street, Birmingham

By | Development, Partnership opportunities, Projects
PURCHASE Purchased in April 2014 by Legal and General, in conjunction with the adjoining Priory Court office investment. ACHIEVEMENTS Secured 16,500 sq ft pre-let of the 3rd Floor to Ministry of Justice, prior to construction commencement. Commenced £19 million construction contract with Willmott Dixon in August 2016 and achieved practical completion in September 2017. Secured a 32,000 sq ft letting on part Ground, 1st and 2nd Floors to Regus in December 2017.
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Shawlands Shopping Centre, Shawlands, Glasgow

By | Asset Management, Development, Investment, Projects
The property benefits from two retail car parks and a basement car park under the office building providing up to 300 car park spaces in total. The site area totals approximately 5.75 acres. PURCHASE On behalf of the Clydebuilt Limited Partnership, Ediston acquired Shawlands Shopping Centre in February 2016 for a price of £6.8m reflecting a net initial yield of 10.47%. ACHIEVEMENTS Undertaken several short term lets and lease regears to stabilise income until wider redevelopment can be considered. Completed a feasibility study with the design team to assess redevelopment and other “value add” options.
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Gallagher Shopping Park, Port Glasgow, Strathclyde

By | Development, Projects
The investment comprises an existing B&Q Warehouse and Costa Drive-Thru and 16 acres of development land with consent for up to 200,000 sq. ft. of open class 1 retail accommodation. It is situated adjacent to a 130,000 sq. ft. Tesco Extra. PURCHASE Ediston acquired the asset in August 2015 for £15m. ACHIEVEMENTS This is one of the largest speculative retail warehouse developments undertaken in Scotland in the last 8 years. The site now has town centre allocation. This is a major regeneration project and a testament to the ethos of the Clydebuilt LP fund to create regeneration, jobs and opportunity through the development of stalled or failing projects. All construction works completed on programme and on budget. Further leases completed
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Crown Street Retail Park, Glasgow

By | Development, Projects
PURCHASE Purchased in April 2017 by Ediston with Clydebuilt LLP on an unconditional basis. ACHIEVEMENTS Planning has been submitted for a residential development incorporating 350 units and also a new retail park accommodating Class 1 and Class 3 uses and extending to 120,500 sq ft. Pre-lets agreed with Aldi, Iceland, B&M, Costa and Burger King. Development expected to commence on site in May 2018.
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Plymouth Gateway Retail Park, Marshmills, Plymouth

By | Development, Projects
The property was acquired off market with the benefit of an existing planning consent for retail and leisure development. PURCHASE The site was purchased for £6.1m in February 2016. ACHIEVEMENTS Agreements for Lease have exchanged on all units to Wren, Sofology, Tapi, Mothercare, KFC and Costa. Planning has been amended to intensify the coverage onsite. The development will commence in October 2017.
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Heathfield Retail Park, Ayr

By | Asset Management, Investment, Projects | No Comments
It was bought for its large land coverage and development, and asset management potential. Since acquisition, the retail park has been comprehensively refurbished to include new frontages, carpark resurfacing and common parts. We have created over 45,000 sq. ft. of new retail and leisure accommodation which has been prelet to M&S, Tapi, Maplin, Costa and Greggs as well as new lettings through asset management initiatives to DFS, Oak Furniture Land and Poundworld. PURCHASE Acquired in 2011 for £31.8m, projected end value £54m. ACHIEVEMENTS Acquired investment at a competitive price in 2011. Secured Food Retail consent for 35,000 sq. ft. on surplus land. Redeveloped and redesigned the main car park to incorporate additional Retail Units which were let to Maplin, Costa
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Auldhouse Retail Park, Glasgow

By | Asset Management, Projects
PURCHASE Purchased in May 2017 by Ediston with Europa Capital for £20.35m, reflecting a net initial yield of 7.00%. ACHIEVEMENTS New letting agreed with Costa Coffee for a new-build unit of 1,800 sq ft. Immediate improvement of car parking and landscape management to improve visibility and car park circulation. Proposed new-build unit of 11,000 sq ft under offer to Iceland, trading as The Food Warehouse. The retail park is currently fully occupied. Ongoing discussions with a number of occupiers in respect of re-gearing leases, increasing rents and securing longer term income streams. Planning strategy to deliver consent for the proposed new units and to consolidate existing planning consents across the Park as a whole.
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