US retailer David’s Bridal to rent the entire lower ground floor at St Philips Point, Birmingham

Edinburgh, Scotland, 2016-Jun-14 — /EPR Retail News/ — Ediston Property Investment Company plc has exchanged contracts to let the entire lower ground floor accommodation at St Philips Point, Birmingham, to the US retailer David’s Bridal.

The destination retailer will open a flagship store of 15,000 sq. ft., which will transform the shopping mall, which was predominantly vacant when the asset was acquired.  David’s Bridal is taking a 10-year lease at a rent of £225,000 per annum.  The lease will be on full repairing and insuring (FRI) terms and will benefit from upwards-only rent reviews, based on annual RPI compounded and applied in year five, with an annual collar and cap of 1% and 3% respectively.

St Philips Point, acquired by the Company in 2014 for £22.4 million, reflecting a net initial yield of 7.2%, provides a total of 86,650 sq. ft. of offices on 10 floors and 15,000 sq. ft. of retail accommodation on the lower ground floor.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Manager, said: ”This letting is a good example of the Ediston style of asset management: unlocking value from redundant space, transforming the retail offer, while creating an attractive income stream for the Company, with guaranteed rental growth”.

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St Philips Point, Birmingham

St Philips Point, Birmingham

Ediston Property Investment Company plc acquires Citygate office building in Newcastle for £18.95 million

Edinburgh, Scotland, 2016-Feb-08 — /EPR Retail News/ — Ediston Property Investment Company plc has acquired Citygate, a modern office building in Newcastle, for £18.95 million (net of acquisition costs) from Hanro Limited.

The purchase reflects a net initial yield of 6.57% and will be funded from a combination of cash resources and an increase of £12.42m in the existing debt facility with Aviva Commercial Finance Limited at an all-in rate of 2.95%. The loan-to-value ratio of the Company’s property portfolio following this acquisition will be 29.01%.

Citygate provides 63,524 sq ft of modern office accommodation with 70 car parking spaces. It is let to three tenants EY, UNW, and N+D (London) Ltd, guaranteed by Grainger plc, and has a weighted average unexpired lease term (WAULT) in excess of 6 years. Around 89% of the income benefits from upward-only rent reviews in 2017, with the remaining 11% being reviewed in 2018.

As a result of this acquisition, the 13th since the Company launched in October 2014, the Company is almost fully invested.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Adviser, said: “It is our aim to enhance the portfolio by purchasing regional office buildings which offer solid income streams as well as reversionary potential in the short term. Citygate fits the brief. It is well placed to capitalise on the rental growth forecast to materialise in the city, owing to the favourable supply-demand balance”.

SOURCE: Ediston Real Estate

 

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Ediston Property Investment Company plc acquires Citygate office building in Newcastle for £18.95 million

Ediston Property Investment Company plc acquires Citygate office building in Newcastle for £18.95 million