Ediston, Author at Ediston Property Investment Company

Nov 25 2021

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Strategy in action – Disposal of Midland Bridge House, Bath

By Ediston | News

The Company has sold its office building, Midland Bridge House, Bath, for £5.925m. The net initial yield is 5.7%, which is in line with the 30 September 2021 valuation. The property extends to c. 18,500 sq. ft. and is let to Royds Withy King until March 2029. The sale is in line with the Company’s new strategy to sell its office portfolio and to reinvest the proceeds in retail warehouses. Calum Bruce, Investment Manager, commented: “This is the first office sale since we announced our new strategy in Q3. Progress is being made with our other office sales and we are actively looking at reinvestment opportunities. We want to acquire retail warehouse assets which are more suited to our intensive

Aug 27 2021

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Strategy in action – Acquisition of Springkerse Retail Park, Stirling

By Ediston | News

In line with the recently announced strategy update, the Company has acquired Springkerse Retail Park, Stirling, for £21.85 million, in an ‘off market’ transaction. The price reflects an initial yield of 9.54%. Stirling is in central Scotland, 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

Jun 14 2021

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Parklife!

By Ediston | News

Mar 04 2021

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Prestatyn Shopping Park – sale of Tesco Superstore

By Ediston | News

The Company has sold the Tesco Superstore, which forms part of Prestatyn Shopping Park, to Supermarket Income REIT. The sale price was £26.5m, which is in line with the property’s valuation as at 31 December 2020 and above the acquisition cost. The sale completed on 3 March 2021. The Company will retain the remainder of the retail park, which extends to c. 91,500 sq. ft. across 14 units. The retail park is let to 13 tenants, with M&S as an anchor, and has asset management angles to exploit. Calum Bruce, Investment Manager, commented: “The sale of this asset is in line with our investment strategy and provides us with the opportunity to recycle capital from lower yielding assets into properties

Feb 24 2021

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B&M upsizes at Pallion Retail Park, Sunderland

By Ediston | News

The letting activity in the retail warehouse portfolio continues, with B&M upsizing from a unit of 20,000 sq. ft. into a vacant unit of 30,000 sq. ft. B&M will pay an annual rent of £400,000 and the lease will expire in 2032. This is the third time the Company has been able to accommodate B&M’s expansion on its retail parks having completed similar deals at Barnsley and Hull in previous years. During 2020, the Company completed 17 asset management transactions which secured £2.6m of income per annum. 94% of these deals were in the retail warehouse sector. This proves that there is still tenant demand for well-located retail warehouse parks let off affordable rents.

Feb 24 2021

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Lease restructure at St Philips Point, Birmingham

By Ediston | News

The Company has completed a lease restructure with existing tenant AXA Insurance UK plc. The previous leases each had a tenant break option in June 2021. AXA has committed to 27,990 sq. ft. of space across three floors, including a new lease on the vacant refurbished first floor which extends to 14,208 sq. ft. AXA reduced the amount of floorspace it leases by 5,005 sq. ft. and will occupy three floors instead of five. One floor has a break option in June 2022, one has a break option in December 2023, and the largest floor is leased for a term certain of five years. The Company worked in collaboration with the tenant to identify an occupational solution which offered flexibility

Nov 05 2020

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Haddington Development Update

By Ediston | News

The development of the 48,000 sq. ft. convenience-led retail park and petrol filling station in Haddington is progressing well, and is forecast to reach practical completion in June 2021. The retail park is pre-let to Aldi, Home Bargains, The Food Warehouse, Costa Coffee and Euro Garages.

Nov 05 2020

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Construction of Costa Coffee pod at Barnsley completes

By Ediston | News

Following the completion of the development at Coatbridge, the Company announces that it has successfully finished the construction of a pod unit for Costa Coffee at Barnsley East Retail Park. The 1,800 sq. ft. unit was pre-let to Costa Coffee who has signed a 15-year lease without break. This development secures another £72,500 of new income per annum and shows that demand remains for well-located retail warehouse parks.

Nov 05 2020

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Coatbridge Costa Coffee and Burger King reach Practical Completion

By Ediston | News

The development of the two pod units at Coatbridge, Glasgow, has reached Practical Completion. The units, which extend to 1,800 and 2,750 sq. ft., were 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 with a 15-year break option. The two units provide the Company with an additional £160,000 of rental income per annum.

Sep 28 2020

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Commencement of retail warehouse development at Haddington

By Ediston | News

Construction has started on the 48,000 sq. ft. retail park and petrol filling station in Haddington, East Lothian. The site, which is adjacent to several new housing developments, is 97% pre-let to national retailers Aldi, Home Bargains, The Food Warehouse, Costa Coffee and Euro Garages. One unit of 1,500 sq. ft. is available to lease, and it is anticipated that this will be let prior to the projected development completion date of June 2021. Once completed and fully occupied, the retail park will provide the Company with additional rental income of £875,000 per annum and will have a weighted average unexpired lease term of 14.4 years, assuming the vacant unit is let for a term of five-years. Costs to completion

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