Next extend their lease at Widnes Shopping Park

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Despite the current uncertainty in our markets arising from the coronavirus, Ediston continue to try to stay close to our tenants, engage in dialogue and do deals to keep things moving. On behalf of Ediston Property Investment Company, we are delighted to have just completed a 5 year lease extension with Next on their 10,000 sq ft store at Widnes Shopping Park. This is consistent with our key focus to protect, generate and secure income across all our funds.
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CEO speaks with React news on property market amidst Covid-19 lockdown and what might be in store

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Ediston may be known across the UK as a giant of the retail park sector but through ongoing partnerships with investment partners such as Orion Capital, it has also positioned itself as one of the leading mixed-use developers in the country. Ediston recently unveiled its latest plans – including offices, hotel and residential elements – for one of Edinburgh’s key development sites. The New Town North site, which was acquired with Orion Capital Managers, forms part of Ediston’s £515m development pipeline. The manager also has around £800m of assets under management. In February, Ediston and BauMont Real Estate Capital acquired Hermiston Gait retail park near Edinburgh for £65m. It is the largest retail park deal in the UK this year.
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BauMont Real Estate Capital acquires a dominant retail park in Edinburgh with partner Ediston Real Estate

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The dominant retail park is located to the west of the city centre and occupies a highly prominent position at Junction 1 of the M8 and Edinburgh’s City By-Pass/A1. The property totals 306,000 sq. ft. of retail warehouse accommodation across 13 units and benefits from predominantly Open Class 1 consent. The park is anchored by Tesco and B&Q with other national retailers including TK Maxx, Decathlon, Wren Kitchens and Costa. Natalie Harrison, U.K. Investment Director at BauMont, said: “The park benefits from many appealing attributes including the relative defensiveness of the majority of tenants to internet shopping, significant residential development in the area planned over the next ten years and opportunities to improve the tenant line up with the letting
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Back of the net for Ediston!!

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The Ediston team and their guests were delighted to attend the Scottish Championship clash at East End Park, between Dunfermline Athletic and Dundee United, courtesy of Neal Jamieson’s successful bid for Patrick Burns’ excellent SPIFOX auction prize. A superb day out, topped by a 2 nil home win for the predominantly “Pars” guest list and a special mention to our very own Graham Lind who was presented with the signed match ball for somehow being awarded “fan of the match”!!
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Currys commits to North Wales retail parks

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At Clwyd Retail Park in Rhyl, Currys has signed a five-year lease extension on its 10,020 sq. ft. unit. The lease was due to end in March 2020 but will now expire in 2025. This lease extension follows recent lease restructures completed on the park with Pets at Home and B&Q plc. In addition, at Plas Coch Retail Park in Wrexham, Currys has agreed to restructure its lease to give a 10-year term certain. The lease on the 22,182 sq. ft. unit was due to expire in June 2022 but Currys has signed a lease which will keep it on the park until 2029. These transactions underscore the tenant’s commitment to the retail parks and prove that there is still
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Break notice served on Arcadia at Widnes Shopping Park

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Following Arcadia’s CVA last year, Ediston, on behalf of the Ediston Property Investment Company plc has exercised its option to break the lease to Arcadia. Ediston considered that the rent set under the CVA was below market, so took the opportunity to exercise the break clause. The 13,202 sq. ft. unit will be split in two, and 6,792 sq. ft. has been pre-let to JD Sports and there is good tenant interest in the remaining 6,006 sq. ft. unit.
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Coatbridge development to commence

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Ediston, on behalf of the Ediston Property Investment Company plc has started construction on the development of two drive thru units at Coatbridge, Glasgow. The units, which extend to 1,800 and 2,750 sq. ft., have been pre-let to Costa Coffee and Burger King. Costa has signed a 15-year lease with a 10-year break option, whilst Burger King has signed a 20-year lease. On completion the units will provide a combined rental income of £160,000 per annum and deliver a return on the additional capital employed of c. 8.0% per annum.
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Haddington planning consent secured

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The development is 97% pre-let to Aldi, The Food Warehouse, Costa Coffee, Home Bargains and Euro Garages. One unit of 1,500 sq. ft. remains available to let, in which there is positive tenant interest. Once fully let and constructed, the asset will have an average unexpired lease term in excess of 15 years and will generate an annual rent of £875,000. Based on tendered build costs, the project should generate a return on cost of capital employed of around 8.0% per annum. The fact the development is significantly pre-let to national retailers proves there is still demand for well-located retail parks let off affordable rents.
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Trio of EPIC lease transactions

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In a turbulent retail market, which is evolving in response to the changing needs of retailers, Ediston continues to do deals, completing one new letting and two lease extensions.  These deals take the number of deals completed in EPIC’s retail warehouse portfolio during the past 12 months to 21. At Clwyd Retail Park in Rhyl, anchor tenant B&Q committed to the park by signing a new 10-year lease, which will expire in 2029.  B&Q will continue to pay £508,644 per annum (£12.25 per sq. ft.). The second lease extension was at Barnsley East Retail Park.  Dunelm, who occupies 25,370 sq. ft. has also signed a new 10-year lease, at the passing rent of £213,600 per annum (£8.42 per sq. ft.).
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