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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1980s Pinesgate office buildings in Bath sold with planning consent for £26.5million

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The Pinesgate site currently comprises detached buildings Pinesgate East and Pinesgate West. Located along the Lower Bristol Road, both properties are currently let to insurance provider Redde until 2025 at £1,583,929 per year. As well as offering eight years of secure income, the investment comes with the opportunity to obtain vacant possession to redevelop the site. Planning consent has already been granted for a new, high-specification, Grade-A office comprising 112,246 sq ft over five floors at Pinesgate West. A new state-of-the-art office is anticipated to be in high demand as there is currently no availability of Grade-A offices within Bath city centre. If developed, Pinesgate West will be the first newly-built office in the city in 26 years. In addition,…

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Ediston REIT increases dividend

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Ediston Real Estate manager of the £340 million asset Ediston REIT announced that the company has increased its dividend by 4.5% to take effect from January 2018.  The monthly paid dividend will increase from 5.50 pence per share to 5.75 pence.  On a share price of 112 pence per share this produces a dividend of 5.1% which is an attractive level of income in a market where such income returns are in demand.   Eiston REIT launched in October 2014 and has delivered consistent dividend returns since launch as well as around 15% NAV growth during the same period.  It also retains a healthy dividend cover which is something it suggests most property companies should have. Calum Bruce, Director of Investment…

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‘Unprecedented’ year for Brum offices sees take-up top 1m sq ft

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The figures, released by the Birmingham Office Market Forum (BOMF), reveal that when added to the 81 deals totalling 650,542 sq ft recorded in the first three quarters of the year, the 2017 year-end total take up amounts to 1,005,072 sq ft in 130 deals. This compares with: •692,729 sq ft in 139 deals for 2016 •970,458 sq ft in 132 deals for 2015 •713,460 sq ft in 148 deals for 2014 •664,147 sq ft in 128 deals for 2013 BOMF said the 2017 outcome is a record take up year, beating the previous high seen in 2015. It added that office take up was boosted by the emergence of HS2 related demand together with the government committing to the…

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