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…
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.
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.
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.
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
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.
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…