Ediston Property Investment Company and AXA Insurance UK sign lease restructure and new letting at St Philips Point, Birmingham

Birmingham, England, 2016-Jun-22 — /EPR Retail News/ — Ediston Property Investment Company plc has completed a lease restructure and new letting at St Philips Point, Birmingham.

AXA Insurance UK plc has restructured its existing leases over the fourth to sixth floors totalling 22,268 sq. ft. and has increased its presence in the property by taking a new lease on the previously vacant seventh floor of 5,399 sq. ft.  It now occupies around 32% of the office accommodation at a total rent of £664,008 per annum.  Each lease is for a ten year term with a five year tenant only break option.

This transaction follows the recent successful letting of the lower ground floor to David’s Bridal, results in the building being approximately 95% let with only 5,328 sq. ft. available, and improves the income stream and capital value of the asset.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Manager, said: ”This letting continues the successful asset management of the building following the completion of the refurbishment.  The transaction reaffirms AXA’s commitment to St Philips Point and underscores the quality of the product on offer.”

Contact:

Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599

Source: Ediston Real Estate

 

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