News
French REIT acquires Wakefield retail park for over £21m
15th January 2026Knight Frank has acquired Westgate Retail Park in Wakefield for over €25m (c.£21.9m) on behalf of Iroko Zen, a French real estate investment trust (REIT). Spanning 143,192 sq ft, the retail park comprises 15 units and is fully let to retailers including JYSK, Currys, Pets at Home, and KFC. Nearby retailers and operators include PureGym, Wickes, Dunelm, B&Q, Mecca Bingo, and Cineworld. The scheme has a weighted average unexpired lease term of 4.6 years to expiry. Located a quarter of a mile south of Wakefield Town Centre, the scheme also benefits from 650 car parking spaces, a ratio of one space per 215 sq ft. This follows Iroko’s recent acquisition of a retail and leisure block in Harrogate, North Yorkshire for £3.7m. Savills acted for the vendor.
Deals
Cribbs Mall adds to F&B lineup with Honest Burgers signing
14th January 2026Cribbs Mall in Bristol has added Honest Burgers to its food and beverage lineup, with the burger chain agreeing to occupy the 3,000 sq ft former GBK unit on the second floor of the mall. The British chain – which operates two other restaurants in Bristol – serves classic beef burgers, smashed burgers, chicken and plant-based burgers. Honest Burgers joins an F&B line-up at Cribbs which also includes Wagamama, Nandos, Chopstix, Itsu, Patisserie Valerie, and Slim Chickens. The scheme also recently welcomed Pizza Express. Iain Minto, senior director of asset management at Sovereign Centros by CBRE, said: “Honest Burgers is a great addition to our F&B line-up and is perfect for our growing younger shopper demographic. Last year 36% of our visitors were younger shoppers – above the 30% national average, highlighting Cribbs’ popularity among younger generations thanks to our ability to offer a full day out retail and leisure experience. “Honest Burgers provides an excellent and innovative dining experience which has allowed it to expand across the country and become a popular brand with younger audiences. Brands such as Honest Burgers are queuing up to join the Cribbs line-up as they look to tap into our vast visitor base which […]
Requirements
Søstrene Grene unveils target locations as it looks to expand UK estate
13th January 2026Søstrene Grene has released its latest list of target locations as it looks to open more stores across the UK. The Danish homewares brand is looking to open stores in cities and towns across the UK with a minimum population of 45,000. Affluent locations and university cities are preferred. Ideal units will be located on busy high streets and within shopping centres and will extend to approximately 4,800 sq ft. Last year, the retailer – which specialises in homewares, furniture, kitchenware, and hobby products – said it was looking to double its UK store estate to 100 locations by 2027. The retailer’s priority regional locations include: Søstrene Grene is also looking to open new stores within London, with target locations including: Hynes Illingsworth have been retained by Søstrene Grene to find suitable locations.
Insights
Industry comment: Looking ahead to 2026 – part two
18th December 2025This article is a continuation of our Looking ahead to 2026 piece. You can find part one here. Neil Hockin, joint managing director at LM: “This year has highlighted the speed at which consumer-facing sectors evolve, and our industry must keep closing the gap between fast-moving customer behaviour and the traditionally slower pace of property. Covid showed how quickly habits can shift and that pace has not eased. We have strengthened our team with fresh talent to deepen our insight and deliver best-in-class advice across our four divisions: retail leasing, lease advisory, investment and restaurants and leisure. “High streets and shopping centres continue to diversify, with more leisure, community and experiential concepts. Recent additions such as Guinness World Records at The O2 and the immersive gaming brand Activate show how demand for social, engaging activities is growing. Quick-service restaurant operators remain active, particularly in the chicken sector where competitive tension from new and exiting brands is driving rental growth, while high street staples like Next, Primark and TK Maxx continue to trade strongly. We are also seeing regional growth from iconic brands with a strong West End presence, including ALO Yoga and Wax London’s signing in Victoria Quarter Leeds. Although our principal […]
News
Kitchen chain Magnet sold to private equity firm for £0
15th January 2026Kitchen fixtures retailer Magnet has been sold to a UK-based private equity firm for a peppercorn fee of £0. Alteri Partners acquired the retailer from Swedish kitchen giant Nobia, which is pulling out of the UK and offloading all of its operations. Also included in the transaction is Gower, Commodore, and CIE. Alteri – which also owns Bensons for Beds – has assumed the obligations for Magnet’s store leases, amounting to a liability of approximately just over £60m. Nobia said the sale is the “next step” in its strategic market focus, blaming UK market conditions following Brexit and the COVID-19 Pandemic for decreased performance. Kristoffer Ljungfelt, president and CEO of Nobia, said: “We are committed to increasing the focus on our core Nordic markets, centred around the new factory, Nobia Park, Sweden, and our recognised brands with strong market positions and structurally higher margins. “Therefore, we have decided to divest the UK operations, giving Nobia the best preconditions for strong profitable growth going forward.” Speaking to investors, Nobia said that it has faced “a series of macroeconomic shocks and unprecedented external events” over the past five years which have affected earnings and cash flow. Magnet was founded in Yorkshire in […]
