Looking for Ediston Real Estate?
Following Arcadia’s CVA last year, the Company has exercised its option to break the lease to Arcadia. The Investment Manager 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. With good tenant interest in the remaining 6,006 sq. ft. unit, the Investment Manager is confident of letting it up soon.
Read More
In December, planning consent was received for the Company’s retail warehouse development at Haddington, East Lothian. The Company now has a planning consent for a 48,000 sq. ft. retail warehouse park and a petrol filling station.
The asset 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 tenant interest. Once fully let and constructed, the asset will have a WAULT 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
Read More
Construction has started on the development of two pod 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
The Company has completed two lease renewals with DSG Retail Limited, t/a Currys, securing £464,094 of income per annum.
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
Read More
The Company has completed three significant lease transactions which have secured £857,244 of income per annum, and reduced the vacancy rate by 15%.
In a turbulent retail market, which is evolving in response to the changing needs of retailers, the Company 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,
Read More