Sunderland, Pallion Retail Park - Lease activity
11 February 2019
Ediston Property Investment Company plc
Sunderland, Pallion Retail Park - Lease activity secures increases in passing rents
Ediston Property Investment Company plc (LSE: EPIC) ('the Company') announces that it has successfully completed two further lease transactions at Pallion Retail Park, Sunderland.
GO Outdoors signed an Agreement for Lease (AFL) on unit 2, which comprises 11,345 sq. ft., in June 2018. The AFL was conditional on the Company carrying out various repairs to the property. These repairs were required following the Company securing early possession of the unit from B&M following its relocation to larger premises on the park. The works have now been undertaken and a new 10-year lease with a five-year break clause has been completed. The rent passing of £187,192 per annum is 20% higher than the rent paid by the previous tenant.
The Company has also completed a lease renewal with The Wallpaper Warehouse on the 6,000 sq. ft. unit 4. The tenant has signed a 10-year lease with a five-year tenant break option. The new rent per annum is 7% higher than the rent at expiry.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "Despite the headwinds in the retail market, we continue to secure both new and existing tenants for our retail warehouse portfolio. These two transactions have secured £274,000 p.a. for the Company and show that it is possible to move rents forward on good quality retail warehouse park assets."
For further information:
Ediston Properties Limited (Investment Manager) 0131 225 5599
Calum Bruce
Canaccord Genuity Limited 020 7523 8000
Will Barnett
Neil Brierley
Dominic Waters
David Yovichic
Kaso Legg Communications
Ben Robinson 0203 137 7821
Stephanie Ross 0203 137 7784
Maitland Group (Company Secretary) 0131 550 3763
Donald Cameron
Notes to editors:
Ediston Property Investment Company plc is a UK real estate investment trust (REIT) with a premium listing on the Main Market of the London Stock Exchange. The Company invests in UK commercial real estate assets to achieve its objective of providing its shareholders with an attractive level of income together with the potential for capital and income growth. It invests principally in three commercial property sectors: office, retail (including retail warehouses) and industrial, without regard to a traditional property market relative return benchmark. The Company launched in October 2014 and as of 31 December 2018 it owned 17 properties with a value of £332m.
Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.
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