Ediston has acquired Springkerse Retail Park on behalf of Ediston Property Investment Company for £21.85 million in an ‘off market’ transaction. The purchase price reflects an initial yield of 9.54%.
Springkerse Retail Park is located in Stirling, 26 miles from Glasgow and 35 miles from Edinburgh. The Stirling Council area has a population of just under 100,000 people, which is forecast to grow at an above average rate and draws on a primary retail catchment of 228,000. The asset is the dominant retail park in Stirling and extends to 162,593 sq. ft. across 12 units. It is let to 10 tenants and produces a passing rent of £2.23 million per annum. The Park is anchored by B&Q, with other tenants
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Ediston are delighted to have won the British Council for Offices (Scotland) Award for Best project up to 1,500 sq m for the fit out of our office at 1 St Andrew Square, Edinburgh.
The final product defines Ediston’s culture and was the result of a collaborative design journey between Rodi McLean and Paula Conway of Form Design and the Ediston client team of Neal, Hayley, Neelum, Danny and Andy. Congratulations to the full team including Form Design Consultants, MPACT Group, CBA, KJ Tait and Source Furniture.
We can’t wait to get back together in the office as soon as we are able and to have a proper celebration with all those involved!!
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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.
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Crown Street is a brownfield site bounded by Cathcart Road, Caledonia Road and Lawmoor Street and Ediston are currently developing a new Retail Park on the southern part of the site, next door to the new residential development.
The residential development will comprise five blocks of apartments with high quality external materials and finishes, in a contemporary architectural style. A mix of 1,2 and 3 bedroom apartments will be provided all with internal living spaces to reflect a modern lifestyle with large open plan areas offering superb views of the city from generous window openings and balcony spaces,
particularly from upper levels. The development will also incorporate large areas
of amenity space and high quality landscaping, gardens and planting throughout.
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The store opened in August 2019 and Gordon Rafferty, Lidl GB’s regional head of property said “we would like to thank all those who have played a huge part in bringing this new Lidl store to East Kilbride. It is great for us to be able to create more jobs and investment opportunities in the area and we can’t wait to start serving our multi-award winning products to the local community”.
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Construction works at Ediston and Clydebuilt’s Crown Street Retail Park continue to move at pace. The contractor, Heron Brothers is wasting no time in progressing the envelope of the units and the concrete floor pours have been going well, with summer temperatures helping the drying / curing process. The target is now to get the buildings wind and watertight by the end of July allowing internal works to follow-on. Planned completion is still on target for Q1 2020.
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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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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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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.
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Mark Coughlan has recently joined the residential team in the role of Commercial Director. Mark brings valuable commercial experience to the Ediston residential team having previously worked with the likes of Miller Homes and Robertson Homes, and immediately prior to joining Ediston Mark was employed as Commercial Director with Avant Homes.
This is a key appointment in the continued growth of the residential team, assisting Ediston to deliver our current project pipeline ranging from family housing to city centre apartment developments.
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