On behalf of Ediston and BauMont Capital we are delighted to welcome Home Bargains, who open for trade in their new 15,000 sq ft unit at Hermiston Gait Retail Park, Edinburgh on Saturday 20th March.
To add further weight to the strength of the line up on the Park and the sector, work starts on 29th March on the extension of the former Mothercare unit where Aldi will lease 19,000 sq ft upon completion of the works at the end of July this year.
Joint agents for Ediston and Baumont are Coates and Co and Harvey Spackfield.
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Global insurance provider AXA has completed a new ten-year lease on the newly refurbished 14,208 sq ft first floor at St Philips Point on Temple Row in Birmingham.
Landlord Ediston Property Investment Company has recently invested £1m at St Philips Point, refurbishing the first floor.
In addition to AXA, a tenant of the building for 15 years, law firm Weightmans and accountants RSM occupy the ten storey 102,000 sq ft building.
Savills and Avison Young represented Ediston.
Ben Thacker, a director in the national offices team at Savills, said: “AXA undertook a review of their property requirements last year. A number of alternatives were considered but the business opted to remain at St Philips Point, surrendering part of their space
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On behalf of Ediston Property Investment Company PLC, Ediston is delighted to announce that practical completion has just been achieved on its Costa and Burger King development on the existing B&Q car park at Tennent Street, Coatbridge. Many thanks to Luddon Construction and the rest of the team: CSQ, CBA, Smith Design, Quattro, KJ Tait, Currie & Brown and Zander Planning for delivering a first class job through testing times where collaboration was key when the job paused during lockdown.
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Ediston are delighted to have won the British Council for Offices (Scotland) Award for Best project up to 1,500 sq m for the fit out of our office at 1 St Andrew Square, Edinburgh.
The final product defines Ediston’s culture and was the result of a collaborative design journey between Rodi McLean and Paula Conway of Form Design and the Ediston client team of Neal, Hayley, Neelum, Danny and Andy. Congratulations to the full team including Form Design Consultants, MPACT Group, CBA, KJ Tait and Source Furniture.
We can’t wait to get back together in the office as soon as we are able and to have a proper celebration with all those involved!!
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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 in December 2015 by Ediston with Europa Capital for £38.9m, reflecting a net initial yield of 8.05%.
ACHIEVEMENTS
Purchased neighbouring Building 3000 to complete campus.
Full design for refurbishment worked up and tendered with works started on site.
Regear completed with Avaya UK to take over 28,000 sq. ft.
Direct letting to RBS Plc completed for over 16,000 sq. ft.
Asset over 35% pre-let prior to commencement of refurbishment.
Building 3000 now fully let.
WEBSITE
Please visit http://cathedralsquareguildford.com for further details.
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https://stphilipspoint.co.uk/
PURCHASE
The property was acquired by Ediston for £22.35m in October 2014, reflecting a net initial yield of 7.15%.
ACHIEVEMENTS
Completed a comprehensive refurbishment of the entrance, reception, common parts, central plant and lifts.
Secured new 10 year leases with AXA over the 4th, 5th and 6th floors and a new lease of the 7th and 8th floors.
Secured a new lease of the 9th floor to UK Land Developments.
Completed lease with American bridal retailer, David’s Bridal, for the entire Cannon Street retail space.
Restructured the Weightmans leases on Ground and 3rd floors.
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PURCHASE
Purchased in April 2014 by Legal and General, in conjunction with the adjoining Priory Court office investment.
ACHIEVEMENTS
Secured 16,500 sq ft pre-let of the 3rd Floor to Ministry of Justice, prior to construction commencement.
Commenced £19 million construction contract with Willmott Dixon in August 2016 and achieved practical completion in September 2017.
Secured a 32,000 sq ft letting on part Ground, 1st and 2nd Floors to Regus in December 2017.
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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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The investment comprises an existing B&Q Warehouse and Costa Drive-Thru and 16 acres of development land with consent for up to 200,000 sq. ft. of open class 1 retail accommodation. It is situated adjacent to a 130,000 sq. ft. Tesco Extra.
PURCHASE
Ediston acquired the asset in August 2015 for £15m.
ACHIEVEMENTS
This is one of the largest speculative retail warehouse developments undertaken in Scotland in the last 8 years.
The site now has town centre allocation.
This is a major regeneration project and a testament to the ethos of the Clydebuilt LP fund to create regeneration, jobs and opportunity through the development of stalled or failing projects.
All construction works completed on programme and on budget.
Further leases completed
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