Ediston Secures full occupation of Pacific House, Glasgow

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Ediston Real Estate, on behalf of its Clydebuilt LP (a joint venture vehicle with Strathclyde Pension Fund), has let the final suite of Pacific House to Levy McRae, thus securing a fully let investment less than 6 months after acquisition.   Further to this, and acknowledging the importance of this location to their business, Levy McRae have re-geared their existing 6th floor lease to remove the 2021 break option providing for an 8 year term certain.  This letting reflects the purchase business plan, creating a fully let investment, and confirming the strengthening Glasgow office market.

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Ediston targeting a Q3 start for its Crown Street Retail Park, Glasgow

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The site, which is bounded on one side by the M74 and sits in an area of Glasgow which has seen significant housing development over the past 5 years, extends to 11 acres.  The development will provide 125,000 sq. ft. of retail warehouse accommodation and is 65,000 sq. ft. pre-let. Pre-let agreements have concluded with Aldi (18,000 sq. ft.), B & M (23,000 sq. ft. and 7,000 sq. ft. garden centre).  Iceland Food Warehouse has also signed up for 15,000 sq. ft. as have Costa and Burger King for drive through restaurants (1,800 sq. ft. and 3,000 sq. ft. respectively). Building works are expected to commence in Q3 of this year with the Park set for tenant handover in summer…

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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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