American bridal retailer to open flagship store in business district

AN AMERICAN bridal retailer will open a flagship store in Birmingham city centre after

David’s Bridal has signed a 10-year lease on 15,000 sq ft at St Philips Point, on Temple Row.

The US brand will pay £225,000 a year for the ground floor of the building, which is also home to RSM, Weightmans and Axa Insurance. In total, there are 86,650 sq ft of offices on 10 floors, with two floors currently vacant.

Ediston Property Investment Company bought St Philips Point in 2014 for £22.4m.

Calum Bruce, director of investment at Ediston Properties, said: “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”.

The lease 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.