News
CBRE IM hands South London cinema £6.5m price tag
20th March 2025CBRE Investment Management (CBRE IM) has placed a cinema in Streatham, South London on the market with an asking price of £6.5m, representing a 7% net initial yield. Located on Streatham High Road, the cinema comprises eight screens with 1,364 seats arranged within a 47,143 sq ft building. The property is let to Odeon Cinemas on a 25-year lease expiring in June 2038, offering a term of 13.3 years. The operator also has an option to renew the lease for another 10 years at expiry. The cinema produces a passing rent of £483,392 per annum, which is subject to annual RPI-linked rent reviews collared and capped at 1% and 5% respectively. The next rent review is due on 1st July which CBRE IM expects will see an increase in rent of 3.25% to £499,102 per annum. The property also has an asset management opportunity to contribute to an Odeon ‘LUXE’ upgrade in return for a lease restructure. The Streatham area of Lambeth is benefitting from a growing population and a high population density, comprising diverse demographics. Odeon is the dominant cinema operator in the area, facing competition from more boutique operators such as Picturehouse in West Norwood and and Everyman […]
Deals
Newmark advises luxury brand on two new openings
20th March 2025Newmark has advised British luxury lifestyle brand Fairfax & Favor on securing two new stores as part of its ongoing expansion. The new stores – which are both situated in former bank buildings – are located in Southwold, Suffolk and Shaftesbury, Dorset. Newmark has worked with Fairfax & Favor since 2020, acting as the brand’s sole retail property consultant. Their partnership has seen the retailer secure locations in Helmsley, Stamford, Stow, and Marlow. Fairfax & Favor is looking to expand further, with more openings planned as part of its long-term strategy. Angus Harper, associate director at Newmark, said: “We are delighted to support Fairfax & Favor in securing two new locations. Whilst most expansion strategies start in major cities, we focused on staying true to Fairfax & Favor’s rural DNA by acquiring sites in characterful market towns. Many of Fairfax & Favor’s customers will travel significant distances so it is important that these destinations are of a quality that are worth the journey. Each Fairfax & Favor store sits within a beautiful historic building within a quintessentially British town. “The brand’s unique approach to expansion has proven highly successful, and we look forward to further work together as the brand continues to […]
Requirements
FMX secures eight London sites for M&S food halls
20th March 2025FMX Urban Property Advisers has secured eight new sites in London on behalf of Marks & Spencer for its food hall concept. Over the last six months, the advisory group has secured sites for M&S in: FMX said: “With a number of other deals close to exchange this quarter, and several others in legals, we are continuously looking for the next tranche of openings. Whether these are leasehold, freehold, development opportunities, land parcels, high street, retail park, or standalone opportunities – we will consider them all!” M&S said towards the end of last year that it wanted to “go faster” with regards to store acquisitions. FMX encouraged any parties with locations suitable for new M&S food hall locations to speak to its team members David Justice, Henry Foreman, and Howard Quigley.
Insights
Fashion Week, a lesson for our high streets
3rd March 2025By Juliana Bentel, graduate surveyor at Lunson Mitchenall. I recently had the opportunity to attend Paris Fashion Week 2025, and with London Fashion Week 2025 now coming to a close, I’ve been reflecting on the insights the high street can gain from these major moments in the couture calendar. It is no secret that bricks-and-mortar retail has suffered since the pandemic, but there has been one saving grace for our high streets and shopping centres that online shopping cannot replicate – immersive and dynamic shopping experiences. Fashion Week exemplifies the importance of experiential retail and engaging with customers, offering more than just products on a shelf. These immersive and dynamic ways of presenting new collections are already influencing retail spaces and trends, and the high street would do well to pay close attention. Throughout Paris Fashion Week, I attended a range of shows, with each designer presenting their new collections in immersive and unexpected ways. From deconstructed ‘avant-garde’ to theatrical performances and storytelling, each designer tapped into the cultural identity of their consumer to shape both their runway presentations and retail strategies. Japanese designer Maison Mihara Yasuhiro’s show was a great example of this. Yasuhiro’s shows transformed the audience to […]
News
Shaftesbury Capital to sell 25% Covent Garden stake to Norges Bank
20th March 2025Shaftesbury Capital has agreed to sell a 25% stake of its Covent Garden estate to Norges Bank Investment Management (NBIM) as part of a strategic partnership. Under the terms of the agreement, Shaftesbury Capital will retain management control as well as a controlling 75% interest in the estate. The transaction values the Covent Garden portfolio at £2.7bn and is expected to generate gross cash proceeds of approximately £570m for Shaftesbury Capital. Located in the heart of the West End of London, Shaftesbury Capital’s Covent Garden estate is centred around the Piazza, the Market Building, and surrounding streets, including Seven Dials. It is a mixed-use portfolio of assets, with 74% of the property value represented by retail and food and beverage and 26% by office and residential. The portfolio has a net initial yield of 3.6%, annualised gross income of £104m, and an estimated rental value of £134m as at 31 December 2024. The portfolio comprises some 220 buildings and over 850 units, across 1.4 million sq ft. Shaftesbury Capital said the proceeds from the transaction may be used for a variety of options, including acquisition opportunities in both Covent Garden and across the wider group, investment into its existing portfolio, […]
