30th January 2020

Haddington planning consent secured

Ediston, on behalf of the Ediston Property Investment Company plc has secured planning consent for a retail park development in Haddington, the County town of East Lothian. The consent comprises of a 48,000 sq. ft. retail terrace and a petrol filling station.

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.