29th April 2018

Ediston /Europa JV presell Plymouth Gateway Retail Park to Royal London

Ediston, in conjunction with Europa Capital, has pre-sold Plymouth Gateway Retail Park to Royal London Mutual Insurance Society at a price for the completed development of £22.7 million.

The 55,000 sq. ft. development, which is under construction, is fully pre let to Wren Kitchens, Sofology, Tapi Carpets, Mothercare, KFC and Costa and is due to complete in August 2018.  The developer received strong tenant interest in the development, in what is a supply restricted market, achieving rents of between £22 and £25 sq ft.

Andy McKinlay for Ediston commented:  “Despite what appear challenging times in the retail occupier environment we have experienced good tenant demand for all of the retail warehouse parks within the wider Ediston group.  Plymouth is a prime example of this, where tenants are  confident that signing an Agreement for Lease will result in the unit being available for them to occupy given our track record of delivering over 700,000 sq. ft. of new space over the past few years.   The property should PC around the end of August 2018 with tenants fitting out to open for trade as quickly as possible. Achieving a fully pre-let position just after our start on site and pre selling to Royal London represents another good result of our Europa joint venture.

Ediston owns or manages over 2 million sq. ft. of retail warehouse parks in the UK and is about to commence development of another 120,000 sq. ft. at Crown Street in Glasgow with five other parks totalling 385,000 sq. ft. in the pipeline.  Our appetite for well-located development opportunities in conurbations where we know good tenant demand exists remains strong.