11th Feb 2019 13:08
LONDON (Alliance News) - Real estate investment trust Ediston Property Investment Co PLC on Monday said it has completed two more lease transactions for Pallion Retail Park in Sunderland, England.
"Despite the headwinds in the retail market, we continue to secure both new and existing tenants for our retail warehouse portfolio," said Ediston Properties Ltd Director of Investment Calum Bruce.
"These two transactions have secured GBP274,000 per annum for the company and show that it is possible to move rents forward on good quality retail warehouse park assets," Bruce added. Ediston Properties is the trust's investment manager.
Outdoor clothing and equipment retailer GO Outdoors Ltd has signed an agreement for lease on 11,345 square feet unit 2. A condition of the agreement was that repairs were to be carried out on the property.
These repairs having been undertaken, a new ten-year lease has been signed. The lease has a five-year break clause and Ediston said the rent passing of GBP187,192 a year is 20% more than the previous tenant's rent.
Ediston also completed a lease renewal with Wallpaper Warehouse Ltd, which sells wallpaper, wall murals, and other household items. The ten-year lease is for unit 4, which has a size of 6,000 square feet, and includes a five-year tenant break option. The rent per annum is 7% more than the previous rent when it expired.
Shares in Ediston were flat at 101.00 pence on Monday.
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