Category

Development

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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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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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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Jarman Square, Hemel Hempstead

By | Development, Partnership opportunities, Projects
Tenants include The Restaurant Group (Chiquito, Frankie and Benny’s and Coast to Coast, Nando’s, Subway, Greene King (Hungry Horse) and The Gym Group. The development also comprises an ice rink and an Empire Cinema which has recently been upgraded to provide an iMax offer. PURCHASE The property was purchased by Ediston on behalf of Tesco Pension Fund for £8.5m in February 2014. ACHIEVEMENTS Acquired the former Leisure World property from Capital and Regional off market for £8.5m. Secured 9 pre-lets, including 3 to The Restaurant Group. Others include the Gym Group, Greene King, Subway, Nando’s, Planet Ice and Empire Cinemas. Completed the complex refurbishment, reconfiguration and extension of the first phase in January 2015, and the Ice Rink refurbishment in
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Phoenix, Station Hill, Reading

By | Development, Projects
The property was comprehensively refurbished to Grade A specification in 2013. The refurbishment included double height reception and a new mechanical and electrical services throughout. The building has a BREEAM rating of ‘Very Good’. PURCHASE The property was acquired by Ediston in October 2014 for £19.5m reflecting a net initial yield of 6.58%. ACHIEVEMENTS Secured Babcock Corporate Services Limited on the fourth floor at £29.00 per sq. ft. per annum, a record rent for the property. Sold for £20.5 million, in August 2017.
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