LONDON (Alliance News) - Ediston Property Investment Co PLC on Tuesday said it has let the entire lower ground floor of its St Philips Point property in Birmingham to US retailer David's Bridal.
Ediston said David's Bridal, which specialises in bride gowns, prom dresses and formalwear, will open a flagship store of 15,000 square feet on the property, taking a ten-year lease at a rent of GBP225,000 per annum. The lease will be on full repairing and insuring terms and will benefit from upwards-only rent reviews, with an annual collar and cap of 1.0% and 3.0% respectively.
Ediston said St Philips Point, which it purchased in 2014 for GBP22.4 million, was predominantly vacant when acquired, and provides a total of 86,650 square feet of offices on ten floors and 15,000 square feet of retail accommodation on the lower ground floor.
"This letting is a good example of the Ediston style of asset management: unlocking value from redundant space, transforming the retail offer, while creating an attractive income stream for the company, with guaranteed rental growth," said Calum Bruce, director of investment at Ediston's investment manager, Ediston Properties Ltd.
Shares in Ediston were up 2.0% at 106.73 pence on Tuesday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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