News
Plans to relocate Newcastle Aldi store green lit by councillors
6th December 2024Plans to relocate an Aldi store in Newcastle have been given the go-ahead by councillors. The retailer’s current store in the Westerhope area of the city – one of its smallest in the region – will be relocated to West Denton Retail Park, just 500 metres away. The retailer would be occupying the unit formerly home to Go Outdoors, which will be redeveloped to create a trading area of 15,887 sq ft. Other tenants at West Denton Retail Park include McDonald’s, Jolleyes, and the British Heart Foundation Aldi said its existing site has an outdated layout, as well as a limited sales area and parking space. The retailer’s plans, which were submitted to Newcastle City Council, said that all other options to improve the existing site have been considered, however the only “viable option to safeguard Aldi’s future in the area” involves relocating to a unit able to accommodate a greater level of floorspace.” The new store would have a greater parking provision, with 111 spaces, up from 69.
Deals
McDonald’s takes 6,800 sq ft at Kent retail scheme
5th December 2024McDonald’s has opened the doors to a 6,824 sq ft restaurant at M Swanley, an open-air retail destination in Kent. The fast food restaurant chain has signed a 15-year lease for Units 29-30, which have recently undergone an extensive fit-out. Formerly known as Swanley Square, M Swanley is an 85,000 sq ft retail destination located on the A20. The centre is the primary retail destination for local residents and is neighboured by an Asda superstore. Philip M Murphy, head of property and transactions at Evolve Estates, part of M Core, said: “We are delighted to welcome McDonald’s to M Swanley. This popular fast food chain is a fantastic addition to our diverse tenant mix and will further enhance the retail and leisure experience for our visitors.” Connor Spence, acquisitions surveyor (South) at McDonald’s, added: “We are excited to open the doors to our new restaurant at M Swanley. We believe that our presence will bring added convenience and choice to the local community. We look forward to becoming an integral part of the M Swanley shopping experience.”
Requirements
Savills to advise Wendy’s franchisee on South West expansion
4th December 2024Wendy’s franchisee Khidmat Limited has appointed Savills to aid the American quick-service restaurant’s expansion in the South West of England. Savills is targeting locations in Bath, Exeter, and Plymouth due to their high foot traffic from tourists and students, as well as their strong local economies. Khidmat – which is the fifth franchisee to sign a development agreement with Wendy’s in the UK – is considering high-traffic sites, including drive-through, shopping centre, and retail park units that span approximately 2,500 sq ft. Headquartered in Dublin, Ohio, Wendy’s first opened in 1969 and has grown to operate more than 7,200 restaurants, with 1,200 of these located outside of the United States. The brand is best-known for its made-to-order square hamburgers. Wendy’s has a long-term plan to expand to 400 restaurants in the UK, having recently opened at the Academy Business Park in Kirkby, Liverpool for its first bricks-and-mortar location in the region. Jessica Hill, surveyor in restaurants and leisure at Savills, said: “Wendy’s has experienced phenomenal global growth in recent years, making substantial investments in local resources to strengthen its foothold for its ambitious expansion plans. We are delighted to be working with Khidmat in the South West to help bolster Wendy’s […]
News
Redevco to acquire £500m+ retail park portfolio
6th December 2024Redevco is set to acquire a portfolio of 16 retail parks from Oxford Properties and M7 Real Estate in a deal worth over £520m. Green Street News reports that Amsterdam-based real estate manager Redevco has exchanged contracts on 16 assets. The deal is expected to be completed as early as next week. The assets were accumulated via M7’s Box+ III vehicle, of which Oxford Properties was the equity backer. The vehicle has a weighting of 90% towards Greater London, the South East, and the South West, according to Green Street News. The portfolio comprises: The purchase price represents a net initial of around 5.5%-6%, sources told Green Street News. Savills represented Oxford Properties. Redevco declined to comment.
