The 60,000 sq. ft. retail park was fully let just after Practical Completion and resulted in an economic boost for the town centre. Significant retail spend which had been diverted to Inverness was retained in the town, also providing a boost to other retail and restaurant outlets.
FINANCIALS
| Total development costs: | circa £7.5m (inclusive of land, construction and letting) |
| Sale price: | £13.1m |
KEY ACHIEVEMENTS
- Ediston acquired the site to speculatively develop the retail park.
- At purchase, however, simultaneously pre-let 50% of the retail space, raised full funding and pre-sold the project in 2005.
- Let all vacant space at higher than ERV and to a strong line-up of tenants on long leases including Homebase, New Look, Superdrug, Carpetright and Pets at Home.
- In 2006, before Practical Completion, the company bought out the pre-sale agreement and resold the property 10 days later achieving a further profit uplift of £2m.
- The property was subsequently sold to Institutional Investors.
