Ediston Property Inv Comp PLC Commencement of Haddington Retail Park development (1916A)
September 28 2020 - 2:00AM
UK Regulatory
TIDMEPIC
RNS Number : 1916A
Ediston Property Inv Comp PLC
28 September 2020
28 September 2020
Ediston Property Investment Company plc ('the Company')
(LEI: 213800JRL87EGX9TUI28)
Commencement of the Haddington Retail Park development
Construction has started on the Company's 48,000 sq. ft. retail
park and petrol filling station in Haddington, East Lothian.
Haddington is a growing commuter town located 18 miles to the east
of Edinburgh.
The site, which is adjacent to several new housing developments,
is 97% pre-let to national retailers Aldi, Home Bargains, The Food
Warehouse, Costa Coffee and Euro Garages. One unit of 1,500 sq. ft.
is available to lease, but it is anticipated that this will be let
prior to completion. The development is expected to achieve
practical completion in June 2021.
As a result of this project, the Company's retail warehouse
weighting will increase from c. 60% to 64% and the regional
weighting to Scottish assets will increase from c. 11% to 14%, both
well within the Company's investment restrictions.
Once completed and fully occupied, the retail park will provide
the Company with a rental income of GBP875,000 per annum and will
have a weighted average unexpired lease term of 14.4 years,
assuming the vacant unit is let for a term of five-years.
Costs to completion will be c. GBP7.5m. This will be funded
through a combination of the Company's existing debt facilities and
cash resources, with the cash outlay identified in the Company's
current cash budgeting. The development should generate an income
return on cost of capital employed of c. 8.00% per annum.
Calum Bruce, Investment Manager, commented:
"We are delighted to commence development of this convenience
led retail park, a sub-sector of the retail market which has proved
to be resilient during the COVID-19 pandemic. This asset
complements our development program which is expected to deliver
GBP1.1m of additional income in the next 12 months which will
increase the net income available for distribution to
shareholders."
End
Enquiries
Will Barnett * Investec Bank plc 0207 597 5873
Calum Bruce * Ediston Properties Limited 0131 225 5599
Ruth Wright * JTC 0203 893 1011
Ben Robinson * Kaso Legg Communications 0203 995 6672
Stephanie
Ross * Kaso Legg Communications 0203 995 6676
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