Ediston achieves major new letting to B&M Retail Limited at Kingston Retail Park, Hull

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B&M has committed to increase their occupation on the retail park by upsizing from their existing 10,271 sq.ft. unit to a larger unit extending to 24,225 sq. ft.   B&M has agreed to lease the unit immediately following the vacation of the property by Toys R Us who entered administration earlier this year. B&M has signed to a new 10 year lease at an annual rent of £302,813 and receiving an incentive of 12 months’ rent free.  To facilitate the letting B&M will surrender the lease on their existing unit, which expires in 2021, providing another asset management opportunity for the Investment Manager.  Ediston announced that had in fact agreed the transaction with B&M some time ago and prior to the…

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Ediston achieve further lettings at Heathfield Retail Park, Ayr

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The tenant carried out a comprehensive redevelopment of the unit, including mezzanine floor and new frontage/signage zones. As part of this redevelopment Ediston has also secured consent for the sub-division of unit 7/8 to form a new 10,000 sq. ft. unit 7, which has been let to Wren Kitchens for their only store in Ayrshire and Unit 8 is under offer to a national gymnasium operator. Wren Kitchens and the gymnasium will open in autumn 2018. Several other exciting asset management plans are under way and further new retailers will be arriving at Heathfield later this year. Alastair Dickie commented: “DSG is the 12th letting we have completed at this park in the last 3.5 years and the Wren and…

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

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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…

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Clydebuilt Limited Partnership Purchases Key Glasgow Office

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The immediate area is subject to significant re-development with Queen Street Station undergoing a £120 million refurbishment and the adjacent building about to be transformed into a modern hotel.  The Buchanan Street pitch on the ground floor is absolute prime and the investment provides the Partnership with multiple options for asset management and a wider opportunity to be part of a market leading re-development project.

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New Letting to Iceland at Clwyd Retail Park, Rhyl

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Iceland has agreed to lease unit 7, which extends to 8,000 sq. ft. and is currently under construction.  The unit is being built on previously undeveloped land which was identified at purchase as a potential asset management opportunity.    Completion is scheduled for May 2018, which is when the lease will commence.  Iceland has agreed to sign a new 10 year lease at an annual rent of £128,000 subject to a standard rent free period.  The income return on the capital expenditure is expected to be in excess of 11%. Calum Bruce, Director of Investment at Ediston said: “This retail park has had no vacant units over 20 years and the tenants trade well. We were therefore confident to start construction…

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Wrekin Retail Park, Telford

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The property is a modern purpose-built retail park totalling 161,164 sq. ft. let to national retailers including; Homebase, Home Bargains, Asda Home, Pets at Home, Matalan and Costa. Although fully let at purchase, the property provides excellent reconfiguration and re-development opportunities to drive value and to create a more modern retail offer that will thrive in the existing and future retail climate. PURCHASE Purchased in march 2018 by Ediston Real Estate on behalf of the ERE V Nr. 10 S.a.r.l. joint venture vehicle. ACHIEVEMENTS Secured a new tenant within 1 months of receiving a vacant unit back through administration, demonstrating the strength of the retail park.

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Ediston REIT completes major lease regear at Citygate, Newcastle

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EY occupy just over two thirds of Citygate being 41,935 sq. ft. across five floors, on five leases which were due to expire in March 2022.   The tenant has now signed an agreement to vary their leases to move out the expiry date of 31 December 2027 and increase the annual rent passing by 20% resulting in a significant uplift in Capital value of the asset.  The tenant will receive a 22 month rent free period as an incentive during which EY will also be undertaking a refurbishment of their accommodation Citygate II was acquired by Ediston in January 2016 and extends to 63,524 sq. ft. with 70 car parking spaces.  It is multi-let to three tenants, UNW, N+D (London)…

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Pets at Home lease extensions

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Pets at Home occupies 21,900 sq. ft. across these two retail warehouse parks has agreed to sign a five year lease extension on each unit in exchange for a six month rent free period.  The lease in Wrexham will now expire in June 2027, and the lease in Rhyl will expire in March 2025.  The transactions secure over £350,000 of rental income from a tenant with a good covenant, extend the Company’s weighted average unexpired lease term, and underline the commitment of the tenant to these retail parks. Calum Bruce, Director of Investment at Ediston said:  “We are always looking at ways to improve the Company’s income stream and completing these transactions does just that.  Securing our tenant for a…

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Ediston & Europa JV kick-off 2018 and Fund V with a Prime RW Purchase

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Wrekin retail park is fully let to national retailers, but has good tenant demand and there exists plenty of scope for the partnership to increase value further by re-gearing leases, extending income streams, sustaining and increasing rental levels and creating more specific space to meet modern retailing requirements. Danny O’Neill CEO of Ediston commented; “We have a very strong relationship with Europa Capital stretching back to 2011 and one which is based on trust, integrity and a mutual desire to improve and transform, for the better, the property assets we purchase. It’s exhausting work but its what our team and the team at Europa enjoy and I’m pleased that the success we have delivered in the previous joint ventures made…

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Ediston REIT purchases development site in Haddington, East Lothian

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The Royal Burgh of Haddington, which is located 19 miles east of Edinburgh has become an established commuter town due to its proximity to the A1 and Edinburgh.  The town has experienced significant housing growth over the past five years with approximately 1,500 homes either completed or under construction. The site, which occupies a prominent position close to the A1, is allocated for retail and associated development in the Proposed Local Development Plan.  It has a planning permission for a supermarket and petrol filling station.  The intention is to seek a new planning consent to permit a retail warehouse development. There is a general shortage of retail warehouse provision in East Lothian which means there is pent up demand from…

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