Proposals include 117 new homes, 144 Build to Rent units, affordable housing, 85,000sq ft office and a hotel. The proposals were subject to major public engagement with the local community and stakeholders. A Detailed Planning Application for the development proposals was submitted on 31st August 2020. Demolition of the existing buildings is anticipated Q2 2021, with construction commencement forecast for Q3 2021, with a 3-year build-out period. Latest published research shows the New Town Quarter development is poised to bring significant economic benefit, and once completed is forecast to create more than 700 full-time jobs whilst generating an annual GVA economic uplift of £34.4 million to the local and wider Edinburgh economy.
The asset benefits from an open class 1 retail consent and there are a number of vacancies which provide for asset management opportunities as well as lease re-gears and asset management initiatives to undertake. PURCHASE The purchase in February 2020 was our first acquisition with our new Joint Venture partner BauMont Real Estate Capital from Aberdeen Standard Investments for a price in the region of £65 million.
The first phase of offices, Broadway One, comprised 125,000 sq. ft. (net) which is now occupied by Tesco Bank and the hotel was sold to citizenM Hotels as their first UK venture. FINANCIALS Construction cost: £23m Total development costs: circa £40m Sale price: £51m KEY ACHIEVEMENTS Improved value through securing planning permission for a commercial development. Delivered the first citzenM in the UK. Commenced speculative development of Broadway One – 125,000 sq. ft. (net) – in July 2007. Broadway One completed on time and within budget in May 2009. Fully let on a 20-year lease to Tesco Bank in August 2009. Achieved a rental rate above ERV expectations. Sold to KanAm ahead of exit yield expectations in December 2009. A
PURCHASE Purchased in December 2015 by Ediston with Europa Capital for £38.9m, reflecting a net initial yield of 8.05%. ACHIEVEMENTS Purchased neighbouring Building 3000 to complete campus. Full design for refurbishment worked up and tendered with works started on site. Regear completed with Avaya UK to take over 28,000 sq. ft. Direct letting to RBS Plc completed for over 16,000 sq. ft. Asset over 35% pre-let prior to commencement of refurbishment. Building 3000 now fully let. WEBSITE Please visit http://cathedralsquareguildford.com for further details.
https://stphilipspoint.co.uk/ PURCHASE The property was acquired by Ediston for £22.35m in October 2014, reflecting a net initial yield of 7.15%. ACHIEVEMENTS Completed a comprehensive refurbishment of the entrance, reception, common parts, central plant and lifts. Secured new 10 year leases with AXA over the 4th, 5th and 6th floors and a new lease of the 7th and 8th floors. Secured a new lease of the 9th floor to UK Land Developments. Completed lease with American bridal retailer, David’s Bridal, for the entire Cannon Street retail space. Restructured the Weightmans leases on Ground and 3rd floors.
PURCHASE Purchased in April 2014 by Legal and General, in conjunction with the adjoining Priory Court office investment. ACHIEVEMENTS Secured 16,500 sq ft pre-let of the 3rd Floor to Ministry of Justice, prior to construction commencement. Commenced £19 million construction contract with Willmott Dixon in August 2016 and achieved practical completion in September 2017. Secured a 32,000 sq ft letting on part Ground, 1st and 2nd Floors to Regus in December 2017.
PURCHASE Purchased by Ediston in April 2018 for Clydebuilt LP for £10.35 million reflecting a net initial yield of 6.31%. ACHIEVEMENTS The surrounding location, whilst already prime, is improving further with the redevelopment of Queen Street Station and the proposed Meininger Hotel due to be developed by Legal & General immediately next door at 21 West George Street on the site of the former Dale House. With the Clydesdale Bank pending move to Bothwell Exchange there is the potential larger development opportunity incorporating the New Look store and adjoining Redevco holdings.
PURCHASE Purchased by Ediston in November 2017 for Clydebuilt LP for £11.35 million reflecting an net initial yield of 7.68%. ACHIEVEMENTS • The building was fully let 6 months after purchase, following the letting of the 3,852 sq ft 4th Floor (front) suite to Levy & McRae at a rent of £71,700 pa.
The property benefits from two retail car parks and a basement car park under the office building providing up to 300 car park spaces in total. The site area totals approximately 5.75 acres. PURCHASE On behalf of the Clydebuilt Limited Partnership, Ediston acquired Shawlands Shopping Centre in February 2016 for a price of £6.8m reflecting a net initial yield of 10.47%. ACHIEVEMENTS Undertaken several short term lets and lease regears to stabilise income until wider redevelopment can be considered. Completed a feasibility study with the design team to assess redevelopment and other “value add” options.