Ediston may be known across the UK as a giant of the retail park sector but through ongoing partnerships with investment partners such as Orion Capital, it has also positioned itself as one of the leading mixed-use developers in the country.
Ediston recently unveiled its latest plans – including offices, hotel and residential elements – for one of Edinburgh’s key development sites. The New Town North site, which was acquired with Orion Capital Managers, forms part of Ediston’s £515m development pipeline. The manager also has around £800m of assets under management.
In February, Ediston and BauMont Real Estate Capital acquired Hermiston Gait retail park near Edinburgh for £65m. It is the largest retail park deal in the UK this year.
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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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The dominant retail park is located to the west of the city centre and occupies a highly prominent position at Junction 1 of the M8 and Edinburgh’s City By-Pass/A1. The property totals 306,000 sq. ft. of retail warehouse accommodation across 13 units and benefits from predominantly Open Class 1 consent. The park is anchored by Tesco and B&Q with other national retailers including TK Maxx, Decathlon, Wren Kitchens and Costa.
Natalie Harrison, U.K. Investment Director at BauMont, said: “The park benefits from many appealing attributes including the relative defensiveness of the majority of tenants to internet shopping, significant residential development in the area planned over the next ten years and opportunities to improve the tenant line up with the letting
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