Editson Property signs two new tenants in Hull – Ediston Property Investment (EPIC), the UK focused REIT, has announced that it has successfully let three vacant units to two new tenants at Kingston Retail Park in Hull.
Iceland Foods and Sue Ryder the new tenants
- Iceland Foods Limited has signed a ten-year lease, without break, on units 5b and 5c which have a total area of 13,672 square feet. Iceland will trade the store as a ‘Food Warehouse’
- Sue Ryder has signed a ten-year lease with a five-year tenant break option on unit 5a, which extends to 5,196 square feet. If Sue Ryder were to exercise its break clause, it would be required to pay the company a penalty equivalent to six-months rent. Both tenants have been granted a short rent-free period of three months
- The transactions will secure £262,736 of income per annum beyond the expiry of the rental guarantee period. As a result of these lettings and the others which the company has recently announced, the EPRA vacancy rate has reduced from 6.3% as at 31 December 2018, to 3.1%.
Calum Bruce, director of investment at EPIC, said: “Whilst fully accepting the challenging conditions for retail generally, the leasing transactions announced by the Company thus far in 2019 in Sunderland, Barnsley, Prestatyn and now Hull show that well located retail parks, let off sensible rental levels, continue to be attractive to retailers with propositions relevant to the needs of their customers.”
About Ediston Property
EPIC is a UK 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.
EPIC: Editson Property signs two new tenants in Hull