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 first phase of offices, Broadway One, comprised 125,000 sq. ft. (net) which is now occupied by Tesco Bank and the hotel was sold to citizenM Hotels as their first UK venture.
FINANCIALS
Construction cost:
£23m
Total development costs:
circa £40m
Sale price:
£51m
KEY ACHIEVEMENTS
Improved value through securing planning permission for a commercial development.
Delivered the first citzenM in the UK.
Commenced speculative development of Broadway One – 125,000 sq. ft. (net) – in July 2007.
Broadway One completed on time and within budget in May 2009.
Fully let on a 20-year lease to Tesco Bank in August 2009.
Achieved a rental rate above ERV expectations.
Sold to KanAm ahead of exit yield expectations in December 2009.
A
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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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