First handovers at Devongrange

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Ediston Homes have completed and handed over the first new homes to customers at our Devongrange development in Sauchie. This marks an important milestone as the first homes to be completed from Ediston’s brand new range of contemporary house designs incorporating high quality specification, functional family layouts and stylish finishing touches. The Marketing Suite at Devongrange is open seven days a week and can be visited between 10.30am and 5pm – drop by and see what we have to offer.

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New Commercial Director in the residential team

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Mark Coughlan has recently joined the residential team in the role of Commercial Director. Mark brings valuable commercial experience to the Ediston residential team having previously worked with the likes of Miller Homes and Robertson Homes, and immediately prior to joining Ediston Mark was employed as Commercial Director with Avant Homes. This is a key appointment in the continued growth of the residential team, assisting Ediston to deliver our current project pipeline ranging from family housing to city centre apartment developments.

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New letting in Barnsley East Retail Park

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Ediston, on behalf of its listed REIT, the Ediston Property Investment Company plc, has signed a lease on unit B, Barnsley East Retail Park, with B&M Retail Limited (‘B&M’).  The new letting has increased B&M’s occupation on the park by 40%. B&M occupy the adjoining unit A which extends to c. 25,000 sq. ft. on a lease expiring in September 2027.  Unit B, which extends to c. 10,000 sq. ft., was previously occupied by Carpetright, who completed a Company Voluntary Arrangement (CVA) in 2018.  Under the terms of the CVA Ediston was able to secure vacant possession of the unit to facilitate the new letting. B&M has signed a lease on unit B and will trade from both units as…

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Lease activity secures increases in passing rents for Pallion Retail Park

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GO Outdoors signed an Agreement for Lease (AFL) on unit 2, which comprises 11,345 sq. ft., in June 2018.  The AFL was conditional on Ediston carrying out various repairs to the property.  These repairs were required following Ediston securing early possession of the unit from B&M following its relocation to larger premises on the park. The works have now been undertaken and a new 10-year lease with a five-year break clause has been completed.  The rent passing of £187,192 per annum is 20% higher than the rent paid by the previous tenant. This letting follows the lease renewal to The Wallpaper Warehouse which completed in December 2018.  The Wallpaper Warehouse has remained in unit four, which extends to c. 6,000…

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Ediston’s views on the retail warehouse market as reported by Max King of Money Week

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The Ediston Property Investment Company offers value to those seeking income. The casualty list of retailers and restaurant chains grows ever longer, casting a deep shadow over the retail property market. Blame is apportioned between internet shopping, business rates, overexpansion, rising costs, faltering demand and, inevitably, Brexit. But Calum Bruce, a director of Ediston Real Estate, adds some other factors. Many of the property leases now causing pain were signed before the financial crisis, with upwards-only rent reviews at a time when ample credit encouraged both overexpansion and excess consumer spending, he points out. As a result “60% of the market is over-rented; retailers have simply overpaid”. Those who are struggling have failed to adapt to changing markets. Others worry…

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Two new lettings at Pallion Retail Park, Sunderland

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The Company has signed an agreement for lease (AFL) with GO Outdoors who will occupy unit 2, which extends to c. 12,000 sq. ft. The AFL is conditional on the Company receiving vacant possession of the unit which is currently leased to B&M. B&M has recently upsized to a larger unit on the retail park and will vacate unit 2 by the end of September 2018. GO Outdoors will take a 10 year lease with a tenant only break option at the end of the fifth year. The annual rent will be £198,000, an increase of 27% over the current passing rent. Cancer Research has leased unit C which extends to 4,100 sq. ft. Unit C was vacant when the…

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Birmingham, St Philips Point Lease Restructure

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Weightmans occupy 37,395 sq. ft. across three floors, on three leases which expire in July 2019. The current annual rent is £606,452. The Company has signed an agreement to restructure the terms of Weightmans’ occupation of the property, effective from 1 August 2018. Under the agreement Weightmans will take a new ten year lease with a five year break option, on each of the upper ground and third floors, which extend to a total of 23,187 sq. ft. They will pay a rent of £507,430 per annum, a 45.7% increase on the rent currently being paid on these floors, and will receive an incentive of six months’ rent free. Under the agreement, the tenant will surrender the lease on the…

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Ediston Secures full occupation of Pacific House, Glasgow

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Ediston Real Estate, on behalf of its Clydebuilt LP (a joint venture vehicle with Strathclyde Pension Fund), has let the final suite of Pacific House to Levy McRae, thus securing a fully let investment less than 6 months after acquisition.   Further to this, and acknowledging the importance of this location to their business, Levy McRae have re-geared their existing 6th floor lease to remove the 2021 break option providing for an 8 year term certain.  This letting reflects the purchase business plan, creating a fully let investment, and confirming the strengthening Glasgow office market.

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Ediston targeting a Q3 start for its Crown Street Retail Park, Glasgow

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The site, which is bounded on one side by the M74 and sits in an area of Glasgow which has seen significant housing development over the past 5 years, extends to 11 acres.  The development will provide 125,000 sq. ft. of retail warehouse accommodation and is 65,000 sq. ft. pre-let. Pre-let agreements have concluded with Aldi (18,000 sq. ft.), B & M (23,000 sq. ft. and 7,000 sq. ft. garden centre).  Iceland Food Warehouse has also signed up for 15,000 sq. ft. as have Costa and Burger King for drive through restaurants (1,800 sq. ft. and 3,000 sq. ft. respectively). Building works are expected to commence in Q3 of this year with the Park set for tenant handover in summer…

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