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Ediston lets lower ground floor at Birmingham mall

24 May 2016 09:35

Ediston Property Investment Company has exchanged contracts to let the entire lower ground floor accommodation at St Philips Point, Birmingham, to the US retailer David's Bridal.

The destination retailer will open a flagship store of 15,000 sq. ft., which will transform the shopping mall, which was predominantly vacant when the asset was acquired.

David's Bridal is taking a 10-year lease at a rent of GBP225,000 per annum. The lease will be on full repairing and insuring (FRI) terms and will benefit from upwards-only rent reviews, based on annual RPI compounded and applied in year five, with an annual collar and cap of 1% and 3% respectively.

St Philips Point, acquired by the company in 2014 for £22.4 million, reflecting a net initial yield of 7.2%, provides a total of 86,650 sq. ft. of offices on 10 floors and 15,000 sq. ft. of retail accommodation on the lower ground floor.

At 9:35am: (LON:EPIC) Ediston Property Investment Company Plc share price was +0.38p at 105p

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