Ediston Property Investment Company (EPIC) has announced that it has completed two lease transactions for Pallion Retail Park, Sunderland. The two tenants are Go Outdoors and The Wallpaper Warehouse.
Go Outdoors takes on Unit 2 at Pallion Retail Park
GO Outdoors signed an agreement for lease on unit 2, which comprises 11,345 square feet, in June 2018. The agreement for lease was conditional on the EPIC carrying out various repairs to the property. These repairs were required following EPIC securing early possession of the unit from B&M following its relocation to larger premises on the park. EPIC reports that the works have now been undertaken and a new 10-year lease, with a five-year break clause, has been completed. The passing rent is £187,192 per annum, which is 20% higher than the rent paid by the previous tenant.
The Wallpaper Warehouse renews lease on Unit 4 at Pallion Retail Park
EPIC reports that it has also completed a lease renewal with The Wallpaper Warehouse on the 6,000 square foot unit 4. The lease is for 10 years, with a five-year tenant break option. The new rent per annum is 7% higher than the rent at expiry.
Calum Bruce says it is possible to move rents forward
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 per annum for the Company and show that it is possible to move rents forward on good quality retail warehouse park assets.”
About Ediston Property
Ediston Property Investment Company is a UK real estate investment trust (REIT). It invests in a portfolio of UK real estate assets with the aim of providing 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. The company has been listed on the London Stock Exchange since October 2014. It has a premium main market listing and trades under the ticker: EPIC. Portfolio management services are undertaken by Ediston Properties Limited, which currently manages property assets across the UK for institutional investors.