Projects

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Investment Partnership opportunities Projects

17th November 2018

Robroyston Retail Park, Glasgow

At the point of purchase, the property had 2 vacant units and development land for an additional 17,500 sq. ft. of retail space. A new planning application secured consent for a further extension to the retail terrace, comprising a gym and retail unit. Further to which we let the existing vacant unit to Watt Brothers for a department store and prelet the new gym to Pure Gym and new retail unit to Poundworld. The coffee pod was let to Costa. Various other asset management opportunities are currently being explored. PURCHASE The property was acquired for £14.35m and has a current value in the order of £20m. ACHIEVEMENTS Acquisition of asset below market value. Planning Consent granted for the relaxation for

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Projects

16th November 2018

Birkenshaw Trading Estate, Uddingston

PURCHASE On behalf of the Clydebuilt Limited Partnership, Ediston acquired Birkenshaw Trading Estate, Uddingston in June 2017 for a price of £3.235m reflecting a net initial yield of 7.70%.

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Investment Projects

15th November 2018

Merchant Square, Merchant City, Glasgow

Adjacent to the main Merchant Square, and part of the property demise, is a three storey Georgian style building, converted to office use and accessed from Albion Street. The ground floor of this comprises a pub / restaurant unit, which extends into Merchant Square. PURCHASE On behalf of the Clydebuilt Limited Partnership, Ediston acquired Merchant Square in January 2015 for a price of £7.0m reflecting a net initial yield of 8.9%. ACHIEVEMENTS Re-let vacant unit to restaurant operator to provide a fully let property. Created a unit in the basement, which has not been previously occupied, and currently under offer to leisure operator. Commercialising the courtyard space and increasing visibility and marketing of the property to the wider public.

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Investment Projects

14th November 2018

18-26 Candleriggs, Merchant City, Glasgow

PURCHASE On behalf of the Clydebuilt Limited Partnership, Ediston acquired Merchant Square in January 2015 for a price of £2.4m reflecting a net initial yield of 8.8%. ACHIEVEMENTS Re geared one tenant to increase current passing rent and provide for a stepped rental to the next review. Varied one operator’s lease to provide for a fixed uplift at the August 2016 rent review to increase income to the fund and establish a stronger tone on the parade.

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Investment Projects

13th November 2018

94 – 146 Byres Road, Glasgow

There will be further asset management opportunities within the block as existing leases approach expiry. PURCHASE On behalf of the Clydebuilt Limited Partnership, Ediston acquired the retail parade at 94 -144 Byres Road in April 2015 for £7.2m, reflecting a net initial yield of 7.54%. In June 2015, the remaining unit within the parade, 146 Byres Road, was acquired for £1.0m, reflecting a net initial yield of 7.05%. The total price paid for 94-146 Byres Road was £8.2m, reflecting a net initial yield of 7.47%, after deducting LBTT. ACHIEVEMENTS Two assignments have been agreed to considerably stronger covenants, which adds value to the parade.

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Asset Management Investment Projects

12th November 2018

Pinesgate, Bath

Europa capital and Ediston sold the two 1980s off buildings in Bath to UK family property group Carlton (North Wales) for £26.5million. Both properties were sold with a current letting to insurance provider Redde until 2025 at £1,583,929 per year. Ediston had promoted proposals for the comprehensive redevelopment of the site in conjunction with the wider regeneration programme being promoted by Bath and North East Somerset Council. PURCHASE Ediston acquired the property in February 2010 for £19m reflecting a net initial yield on purchase of 6.96%. SALE Ediston sold the two properties in 2018 to Carlton (North Wales) for £26.5million. ACHIEVEMENTS The property delivers good secure income for 9 years with RPI uplifts at rent review offering very good stable

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Asset Management Projects

11th November 2018

Cutlers Gate, Sheffield

PURCHASE The property was acquired by Ediston in October 2014, for £13.5m, reflecting a net initial yield of 7.34%. ACHIEVEMENTS Agreed with Capita to extend their lease from 11 years unexpired to give a 25 year term certain. Agreed with Capita to incorporate annual index linked (RPI) rental increases. Negotiated a guarantee from parent company Capita plc. This secures a long term income stream against a 5A1 covenant. Sold for £20.2 million, a 5.00% net initial yield, in June 2017.

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Development Partnership opportunities Projects

10th November 2018

Jarman Square, Hemel Hempstead

Tenants include The Restaurant Group (Chiquito, Frankie and Benny’s and Coast to Coast, Nando’s, Subway, Greene King (Hungry Horse) and The Gym Group. The development also comprises an ice rink and an Empire Cinema which has recently been upgraded to provide an iMax offer. PURCHASE The property was purchased by Ediston on behalf of Tesco Pension Fund for £8.5m in February 2014. ACHIEVEMENTS Acquired the former Leisure World property from Capital and Regional off market for £8.5m. Secured 9 pre-lets, including 3 to The Restaurant Group. Others include the Gym Group, Greene King, Subway, Nando’s, Planet Ice and Empire Cinemas. Completed the complex refurbishment, reconfiguration and extension of the first phase in January 2015, and the Ice Rink refurbishment in…

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Development Projects

9th November 2018

Phoenix, Station Hill, Reading

The property was comprehensively refurbished to Grade A specification in 2013. The refurbishment included double height reception and a new mechanical and electrical services throughout. The building has a BREEAM rating of ‘Very Good’. PURCHASE The property was acquired by Ediston in October 2014 for £19.5m reflecting a net initial yield of 6.58%. ACHIEVEMENTS Secured Babcock Corporate Services Limited on the fourth floor at £29.00 per sq. ft. per annum, a record rent for the property. Sold for £20.5 million, in August 2017.

Robroyston Retail Park, Glasgow

Birkenshaw Trading Estate, Uddingston

Merchant Square, Merchant City, Glasgow

18-26 Candleriggs, Merchant City, Glasgow

94 – 146 Byres Road, Glasgow

Pinesgate, Bath

Cutlers Gate, Sheffield

Jarman Square, Hemel Hempstead

Phoenix, Station Hill, Reading

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