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.).
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Ediston, on behalf of its listed REIT, the Ediston Property Investment Company plc, has signed a lease on unit B, Barnsley East Retail Park, with B&M Retail Limited (‘B&M’). The new letting has increased B&M’s occupation on the park by 40%.
B&M occupy the adjoining unit A which extends to c. 25,000 sq. ft. on a lease expiring in September 2027. Unit B, which extends to c. 10,000 sq. ft., was previously occupied by Carpetright, who completed a Company Voluntary Arrangement (CVA) in 2018. Under the terms of the CVA Ediston was able to secure vacant possession of the unit to facilitate the new letting.
B&M has signed a lease on unit B and will trade from both units as
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GO Outdoors signed an Agreement for Lease (AFL) on unit 2, which comprises 11,345 sq. ft., in June 2018. The AFL was conditional on Ediston carrying out various repairs to the property. These repairs were required following Ediston securing early possession of the unit from B&M following its relocation to larger premises on the park.
The works have now been undertaken and a new 10-year lease with a five-year break clause has been completed. The rent passing of £187,192 per annum is 20% higher than the rent paid by the previous tenant.
This letting follows the lease renewal to The Wallpaper Warehouse which completed in December 2018. The Wallpaper Warehouse has remained in unit four, which extends to c. 6,000
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There is reversionary potential across the park and also development opportunities to accommodate tenant demand.
PURCHASE
Prestatyn Shopping Park was acquired by EPIC REIT from Stadium Group as part of a 4-property portfolio in December 2017, for a portfolio price reflecting approximately £144 million.
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The park was purchased with vacancy and existing tenant demand and development opportunities to meet this demand further increasing value at the property.
PURCHASE
Kingston Retail Park was acquired by EPIC REIT from Stadium Group as part of a 4-property portfolio in December 2017, for a portfolio price reflecting approximately £144 million.
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The Ediston Property Investment Company offers value to those seeking income.
The casualty list of retailers and restaurant chains grows ever longer, casting a deep shadow over the retail property market. Blame is apportioned between internet shopping, business rates, overexpansion, rising costs, faltering demand and, inevitably, Brexit. But Calum Bruce, a director of Ediston Real Estate, adds some other factors.
Many of the property leases now causing pain were signed before the financial crisis, with upwards-only rent reviews at a time when ample credit encouraged both overexpansion and excess consumer spending, he points out. As a result “60% of the market is over-rented; retailers have simply overpaid”. Those who are struggling have failed to adapt to changing markets.
Others worry
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