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.
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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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At the point of purchase, the property had 2 vacant units and development land for an additional 17,500 sq. ft. of retail space.
A new planning application secured consent for a further extension to the retail terrace, comprising a gym and retail unit. Further to which we let the existing vacant unit to Watt Brothers for a department store and prelet the new gym to Pure Gym and new retail unit to Poundworld. The coffee pod was let to Costa. Various other asset management opportunities are currently being explored.
PURCHASE
The property was acquired for £14.35m and has a current value in the order of £20m.
ACHIEVEMENTS
Acquisition of asset below market value.
Planning Consent granted for the relaxation for
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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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A 9-acre site west of the City Centre with previous planning permission for over 550 residential units which was unviable. The original funder, RBS, took back control of the land from the defaulting customer.
The site was developed in Q2 2015 and handed over to tenants in Q1 2016. The property on completion was let to M&S, Home Bargains, Aldi, Poundworld, Costa, Greggs and Indigo Sun.
The development was forward funded by BP Pension Fund and the adjacent residential development is currently onsite being developed by our new venture Ediston Homes Limited.
PURCHASE
The property was developed in Partnership with West Register Realisations (RBS) and forward sold at an initial yield of 5.75% to BP Pension Fund.
ACHIEVEMENTS
Embarked on
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