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.
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.
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.
PURCHASE Purchased by Ediston in November 2017 for Clydebuilt LP for £11.35 million reflecting an net initial yield of 7.68%. ACHIEVEMENTS • The building was fully let 6 months after purchase, following the letting of the 3,852 sq ft 4th Floor (front) suite to Levy & McRae at a rent of £71,700 pa.
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.
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 purchase 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…
PURCHASE Purchased in June 2015 by Ediston on behalf of the Ediston Property Investment Company for £16.80 million, reflecting a net initial yield of 7.50%. ACHIEVEMENTS Secured terms for pod units to be built in the car park subject to planning and B&Q’s approval.
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