Projects

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 purchase 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…

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%. ACHIEVEMENTS Secured terms for pod units to be built in the car park subject to planning and B&Q’s approval.

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.

Tenants at the park include national retailers such as Homebase, Pets at Home, Halfords and B&M. PURCHASE Purchased in June 2015 by Ediston on behalf of the Ediston Property Investment Company for £11.9m, reflecting a net initial yield of 5.74%, this price reflected a two year rent, rates and service charge guarantee for two vacant units, which are now let. ACHIEVEMENTS The two vacant units were let to B&M Retail Limited, following the execution of a pro-active asset management initiative which involved negotiating two lease surrenders, a tenant relocation, a lease, an agreement for lease and a construction contract. B&M signed a 10 year lease over 17,610 sq.ft.