Scottish property investment firm Ediston has struck two lease extension deals with retailer Pets at Home.
The Edinburgh-based firm has agreed the deals for sites it owns which are occupied by Pets At Home at Clwyd Retail Park, Rhyl, and Plas Coch Retail Park, Wrexham.
The lease in Wrexham will now expire in June 2027, and the lease in Rhyl will expire in March 2025. The transactions will secure over £350,000 of rental income for Ediston.
Calum Bruce, director of investment at Ediston Properties, said: “We are always looking at ways to improve the company’s income stream and completing these transactions does just that.
“Securing our tenant for a longer term could further benefit our property portfolio as it is expected to be beneficial to the capital value of each asset.”
Last month Ediston announced a deal has acquired seven acres of development land in East Lothian.
The firm is planning to seek planning permission for a retail warehouse development at the site on West Road, Haddington.
Ediston said there is a shortage of retail warehouse space in East Lothian, particularly in Haddington, which means there is pent up demand from retailers who want to be based in the town.
The firm is involved in ongoing discussions with these retailers and said it is expecting to pre-lease the majority of the site which will reduce development risk for the company.