Projects

Asset ManagementProjects
28th November 2018

51 West George Street, Glasgow

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.
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Asset ManagementProjects
27th November 2018

Pacific House, 70 Wellington Street, Glasgow

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.
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Asset ManagementProjects
26th November 2018

Auldhouse Retail Park, Glasgow

PURCHASE Purchased in May 2017 by Ediston with Europa Capital for £20.35m, reflecting a net initial yield of 7.00%. ACHIEVEMENTS New letting agreed with Costa Coffee for a new-build unit of 1,800 sq ft. Immediate improvement of car parking and landscape management to improve visibility and car park circulation. Proposed new-build unit of 11,000 sq ft under offer to Iceland, trading as The Food Warehouse. The retail park is currently fully occupied. Ongoing discussions with a number of occupiers in respect of re-gearing leases, increasing rents and securing longer term income streams. Planning strategy to deliver consent for the proposed new units and to consolidate existing planning consents across the Park as a whole.
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Asset ManagementProjects
25th November 2018

Pasteur Retail Park, Great Yarmouth

The property is a modern purpose built retail park totalling 121,938 sq ft fully let to national retailers including; B&Q, Tapi Carpets, Home Bargains, Pets at Home and Argos.  The property benefits from a long weighted average unexpired lease term and low passing rents providing a secure investment and also allowing excellent trading condition for tenants. PURCHASE Purchased in March 2014 by Ediston Real Estate on behalf of the EOP II JV S.A.R.L. joint venture vehicle. ACHIEVEMENTS Secured a letting to Tapi Carpets within 1 month of purchse on the single vacant unit providing a now fully let park; Secured planning consent for a downsize of the B&Q unit to provide up to 3 units in the sourthern section of…
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Asset ManagementProjects
24th November 2018

B&Q, Tennent Street, Coatbridge

PURCHASE Purchased in June 2015 by Ediston on behalf of the Ediston Property Investment Company for £16.80 million, reflecting a net initial yield of 7.50%.
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Asset ManagementDevelopmentInvestmentProjects
23rd November 2018

Pallion Retail Park, Sunderland

The park was acquired from a UK institution and offers active management opportunities, including asset management and development angles. PURCHASE The property was acquired in January 2014 for £18.9m reflecting a net yield of 7.29%. ACHIEVEMENTS Obtained planning consent for the reconfiguration and extension of the retail terrace, and five kiosks to be constructed on the car park. The new planning consent now gives this element of the park open class A1 use. Agreements concluded to downsize an existing tenant who will enter into a new 15 year lease, and let the remaining sub-divided space to a new tenant. Development works completed to sub-divide existing 50,000 sq. ft. unit, refurbish external facades with new cladding and glazed shopfronts, and construct new…
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Asset ManagementProjects
22nd November 2018

Citygate, Newcastle

PURCHASE The asset was acquired by Ediston in January 2016 for £18.95 million, reflecting a net initial yield of 6.57%. The property was bought for the Ediston Property Investment Company plc. ACHIEVEMENTS Restructured the leases held by EY. EY occupied 41,935 sq. ft. across five floors on five leases which were due to expire in March 2022. Ediston signed an agreement with EY to vary all their leases to give an expirey date of 31 December 2027. As part of the deal, the passing rent across these five floors increased by 20%. EY completed refurbishment of their space.
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InvestmentProjects
21st November 2018

Midland Bridge House, Bath

Immediately opposite the property, at Pinesgate, Ediston are promoting the development of a 113,000 sq. ft. net Grade A office building, and an International College Campus. Planning consent was secured in Spring 2016. PURCHASE The property was acquired by Ediston in June 2015 for £4.39m reflecting a yield of 7.0% on expiry of a rent free period.
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InvestmentProjects
20th November 2018

Clwyd Retail Park, Rhyl

Detailed planning consent has been granted to construct a new unit of 8,000 sq. ft. which will increase the area by circa 10%. Letting this unit will introduce a new tenant to the park, strengthening and diversifying the current line up and under pinning the asset as the dominant retail park in the catchment. Discussions are ongoing with a number of potential tenants and the works are expected to be on site in early 2017. PURCHASE The asset was acquired in November 2014 for £15.1m reflecting a net yield of 6.85%. ACHIEVEMENTS Achieved planning consent for an 8,000 sq. ft. extension of the retail park.
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