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hayley

Ediston’s views on the retail warehouse market as reported by Max King of Money Week

By | News

The Ediston Property Investment Company offers value to those seeking income. The casualty list of retailers and restaurant chains grows ever longer, casting a deep shadow over the retail property market. Blame is apportioned between internet shopping, business rates, overexpansion, rising costs, faltering demand and, inevitably, Brexit. But Calum Bruce, a director of Ediston Real Estate, adds some other factors. Many of the property leases now causing pain were signed before the financial crisis, with upwards-only rent reviews at a time when ample credit encouraged both overexpansion and excess consumer spending, he points out. As a result “60% of the market is over-rented; retailers have simply overpaid”. Those who are struggling have failed to adapt to changing markets. Others worry…

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51 West George Street, Glasgow

By | Asset Management, Projects

PURCHASE Purchased by Ediston in April 2018 for Clydebuilt LP for £10.35 million reflecting a net initial yield of 6.31%. ACHIEVEMENTS The surrounding location, whilst already prime, is improving further with the redevelopment of Queen Street Station and the proposed Meininger Hotel due to be developed by Legal & General immediately next door at 21 West George Street on the site of the former Dale House. With the Clydesdale Bank pending move to Bothwell Exchange there is the potential larger development opportunity incorporating the New Look store and adjoining Redevco holdings.

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Pasteur Retail Park, Great Yarmouth

By | Asset Management, Projects

The property is a modern purpose built retail park totalling 121,938 sq ft fully let to national retailers including; B&Q, Tapi Carpets, Home Bargains, Pets at Home and Argos.  The property benefits from a long weighted average unexpired lease term and low passing rents providing a secure investment and also allowing excellent trading condition for tenants. PURCHASE Purchased in March 2014 by Ediston Real Estate on behalf of the EOP II JV S.A.R.L. joint venture vehicle. ACHIEVEMENTS Secured a letting to Tapi Carpets within 1 month of purchse on the single vacant unit providing a now fully let park; Secured planning consent for a downsize of the B&Q unit to provide up to 3 units in the sourthern section of…

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Citygate, 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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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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