Despite the negative sentiment which surrounds the retail sector, Ediston continues to do deals in the retail warehouse sector. In June, acting on behalf of our listed REIT, the Ediston Property Investment Company (EPIC), we completed a lease extension with B&Q plc at Clwyd Retail Park in Rhyl. B&Q is the anchor tenant on the park and occupies a unit of 41,520 sq. ft. The DIY retailer has underscored its commitment to the location by signing a lease extension which will expire in June 2029. B&Q will continue to pay £508,644 per annum and will receive a 13-month rent free period to facilitate the deal.
This success follows transactions completed earlier in the year for EPIC at its retail warehouse parks in Barnsley, Hull, Prestatyn and Sunderland. All these lettings and lease renewals have secured c. £1.26m of income per annum across c. 89,500 sq. ft. of retail warehouse accommodation. We have been able to do this as EPIC has assets in locations where tenants trade well and rents are affordable; the average rent for EPIC’s retail warehouse units is £15.50 per sq. ft., which provides a good base for lease negotiations.