Tag

EPIC Archives - Ediston

Currys commits to North Wales retail parks

By | News
At Clwyd Retail Park in Rhyl, Currys has signed a five-year lease extension on its 10,020 sq. ft. unit. The lease was due to end in March 2020 but will now expire in 2025. This lease extension follows recent lease restructures completed on the park with Pets at Home and B&Q plc. In addition, at Plas Coch Retail Park in Wrexham, Currys has agreed to restructure its lease to give a 10-year term certain. The lease on the 22,182 sq. ft. unit was due to expire in June 2022 but Currys has signed a lease which will keep it on the park until 2029. These transactions underscore the tenant’s commitment to the retail parks and prove that there is still
Read More

Break notice served on Arcadia at Widnes Shopping Park

By | News
Following Arcadia’s CVA last year, Ediston, on behalf of the Ediston Property Investment Company plc has exercised its option to break the lease to Arcadia. Ediston considered that the rent set under the CVA was below market, so took the opportunity to exercise the break clause. The 13,202 sq. ft. unit will be split in two, and 6,792 sq. ft. has been pre-let to JD Sports and there is good tenant interest in the remaining 6,006 sq. ft. unit.
Read More

Coatbridge development to commence

By | News
Ediston, on behalf of the Ediston Property Investment Company plc has started construction on the development of two drive thru units at Coatbridge, Glasgow. The units, which extend to 1,800 and 2,750 sq. ft., have been pre-let to Costa Coffee and Burger King. Costa has signed a 15-year lease with a 10-year break option, whilst Burger King has signed a 20-year lease. On completion the units will provide a combined rental income of £160,000 per annum and deliver a return on the additional capital employed of c. 8.0% per annum.
Read More

Haddington planning consent secured

By | News
The development is 97% pre-let to Aldi, The Food Warehouse, Costa Coffee, Home Bargains and Euro Garages. One unit of 1,500 sq. ft. remains available to let, in which there is positive tenant interest. Once fully let and constructed, the asset will have an average unexpired lease term in excess of 15 years and will generate an annual rent of £875,000. Based on tendered build costs, the project should generate a return on cost of capital employed of around 8.0% per annum. The fact the development is significantly pre-let to national retailers proves there is still demand for well-located retail parks let off affordable rents.
Read More

Trio of EPIC lease transactions

By | News
In a turbulent retail market, which is evolving in response to the changing needs of retailers, Ediston continues to do deals, completing one new letting and two lease extensions.  These deals take the number of deals completed in EPIC’s retail warehouse portfolio during the past 12 months to 21. At Clwyd Retail Park in Rhyl, anchor tenant B&Q committed to the park by signing a new 10-year lease, which will expire in 2029.  B&Q will continue to pay £508,644 per annum (£12.25 per sq. ft.). The second lease extension was at Barnsley East Retail Park.  Dunelm, who occupies 25,370 sq. ft. has also signed a new 10-year lease, at the passing rent of £213,600 per annum (£8.42 per sq. ft.).
Read More

Knotty Ash Sale

By | News
Ediston on behalf of the Ediston Property Investment Company (EPIC) has completed the sale of Knotty Ash, Liverpool, a leisure unit let to Mecca Bingo Limited until September 2022. The sale price was £2,915,000 which is in line with the 30 June 2019 valuation. Due to confidentiality Ediston is unable to disclose who the purchaser is. Finlay Miller, Investment Manager at Ediston Properties Limited, said “The lot size is well below the average lot size of EPIC. We believe the sale proceeds can be reinvested in a way which is value accretive for EPIC’s investors, either by carrying out asset management on existing properties or acquiring a new property in line with the preferred lot size and investment strategy of
Read More

B&Q commits to Rhyl until September 2029

By | News
Despite the negative sentiment which surrounds the retail sector, Ediston continues to do deals in the retail warehouse sector. In June, acting on behalf of our listed REIT, the Ediston Property Investment Company (EPIC), we completed a lease extension with B&Q plc at Clwyd Retail Park in Rhyl. B&Q is the anchor tenant on the park and occupies a unit of 41,520 sq. ft. The DIY retailer has underscored its commitment to the location by signing a lease extension which will expire in June 2029. B&Q will continue to pay £508,644 per annum and will receive a 13-month rent free period to facilitate the deal. This success follows transactions completed earlier in the year for EPIC at its retail warehouse
Read More

New Point of interest at St Philips

By | News
Ediston Property Investment Company completed the £1m refurbishment of the 14,208 sq ft First Floor of St Philip’s Point in central Birmingham, delivering a stylish combination of tall white ceilings and exposed services and a unique ceiling spine of metal baffles above the primary circulation route. The floor brings a new differential to the Birmingham office market and will be formally launched on 21st May 2019. The space was designed by CDA and KJ Tait, Edinburgh, project managed locally by Savills and the works completed by City Office Interiors. Click the link below to see how we are getting The Point across through the team at Core Marketing. https://www.core-marketing.co.uk/work/st-philips-point/   
Read More

Two New Tenants at Kingston Retail Park, Hull

By | News
Ediston has now completed the lettings of units 5a, 5b and 5c which extend to a total of 18,868 sq. ft. Iceland Foods Limited has signed a new 10 year lease, on units 5b and 5c which have a total area of 13,672 sq. ft. Iceland will trade the store as a ‘Food Warehouse’. Sue Ryder has signed a 10 year lease with a 5 year tenant break option on unit 5a, which extends to 5,196 sq. ft. Both tenants were granted a short rent-free period of only three months. The retail park was acquired in December 2017. Units 5a, 5b and 5c were vacant, but benefited from a rental guarantee from the previous owner, which was due to expire
Read More

This is Money, Investing Show: Is commercial property an unloved UK investment that’s ripe for returns?

By | News
Britain’s commercial property market can be as much of a soap opera as its residential one. In recent years it has swung from its post-financial crisis woes, to being firmly on the up, before buckling under the burden of Brexit and fears for the retail sector. The latest trouble for the sector comes in the world of shopping centres and high streets, where retailers are attempted to negotiate their way out of expensive rents – and in some cases going bust. Yet, despite the worries, property can remain a profitable place to invest and deliver solid income as part of a portfolio. Navigating their way through that, investment trusts such as Ediston Property Investment Company, can chunky dividends – 5.5
Read More