Posts from April 2023

Newcastle’s Monument Mall could become home to a rooftop bar, as revealed by plans for the Reuben brothers-owned scheme. The departure of current tenant Sports Direct is set to pave the way for the new establishment. The billionaire brothers purchased the scheme in 2021 for a reported £37m, marking the first in a number of acquisitions made by the brothers in the city in the last few years. A brochure sent by design agency Creative Streak Design revealed what the transformed rooftop and Sports Direct could look like. The sporting retailer is set to move to a larger unit nearby, leaving the basement, ground floor, and first floor available for a new use. As well as the vacant store, the third and fourth floors of the building are set to provide an additional 5,000 sq ft to 8,670 sq ft of accommodation. The site is being marketed by Savills and @retail. Ian Angus of @retail said: “We’ve had a lot of interest so far. The ground floor and the first floor are under offer and the basement is also under offer. Who takes on the rooftop will depend on a lot of factors, but there has been a lot of...

News

Museum of Shakespeare takes centre stage at Shoreditch development

Cain International and its partners have appointed creative studio Bompas & Parr to deliver The Museum of Shakespeare at Shoreditch’s The Stage. The 19,000 sq ft museum will be the centrepiece of the 2.3 acre development, which will include over 60,000 sq ft of retail and leisure space, as well as two office buildings, a 37-floor residential tower, and over an acre of public realm. The Bompas & Parr design studio has worked with global brands including Coca-Cola, Mercedes, and LVMH, as well as cultural institutions such as The Barbican and the San Francisco Museum of Modern Art. The firm has been tasked with creating an experience within the archeological remains of The Curtain Playhouse, which was a cultural hub for London in Shakespeare’s era. Visitors will be able to learn about the historic site while experiencing a retelling of a day in the life of the legendary playwright. CEO of Cain International Jonathon Goldstein said the project will bring a “unique proposition of culture, entertainment and history” to Shoreditch. Harry Parr, co-founder of Bompas & Parr, added: “The Museum of Shakespeare will be the most ambitious project that Bompas & Parr has undertaken and is in line with our...

News

Warrington’s The Forge powers up with EV charging

The Forge Shopping Centre in Stockton Heath, Warrington, has become the latest site to see the installation of Be.EV electric charging hubs. The electric vehicle (EV) charging supplier has partnered for the first time with Warrington Council and the installation marks the beginning of a bigger rollout to bring more EV charging ports to the Cheshire town. Be.EV say the three chargers can charge a typical electric vehicle to 80% within 20 minutes to an hour, compared to a typical 4-6 hours on a 7kW fast charger. Since launching its Climate Emergency Commission in 2019, Warrington Council has invested in a network of chargers to support electric vehicle uptake throughout the borough. Be.EV is now seeking further sites in Warrington to bolster its network. Asif Ghafoor, CEO at Be.EV, said: “Progressive local authorities like Warrington Council are entering a new phase with their EV charging strategies. “They’ve played a vital role in supporting early uptake of EVs in their communities. Now, it’s about scaling local public charging provision to make EVs accessible to all, whether they can charge at home or not.” Warrington Borough Council’s cabinet member for transportation, highways and public realm, councillor Hans Mundry, added: “We are putting...

Deals

Subway sale heats up as US firms eye joint bid

Three American firms are buyout firms are considering a joint takeover of Subway, in a deal which could be worth $10bn (£8.3bn). Buyout firms Advent International, Bain Capital, and TPG are exploring the possibility of a collective bid as the auction of the sandwich chain nears the end of its second round of bidding, Sky News has reported. The firms face competition from Asda owners the Issa brothers, as well as an arm of Wall Street banking giant Goldman Sachs. Subway’s controlling family shareholders have instructed JP Morgan to oversee an auction of the business, which bankers expect to fetch a valuation of between $8bn (£6.6bn) and $10bn (£8.3bn). Bidders have so far been prohibited from making joint bids, however the sheer size of the sale means private equity firms will need to join forces if they are to generate the funds to complete a takeover of the business. Subway, which trades from over 2,000 sites in the UK, was founded in Connecticut in 1965 and has remained family-owned ever since.

News

Bean Coffee Roasters appoints agents for national roll-out

Independent coffee operator Bean has appointed a leisure real estate advisory business as sole agents to support its plans for a national roll-out. Stärka has been selected to help bring Bean, which currently operates 20 retail and office locations in the North West, to new territories across the country. Bean is looking to open within 1,500 sq ft to 3,000 sq ft fitted units at prime locations in the UK’s top 20 shopping destinations. Stärka’s appointment follows the recent news that Bean has signed for an upsizing at Liverpool ONE’s College Lane, set to open in May. Sammy Jones, co-founder of Stärka, said: “Bean Coffee is a thriving independent business ready for expansion beyond its home territory. This is our type of brief, allowing us to match our understanding of the operator’s needs with those of landlords seeking to add something different to their destinations.” Over the past 12 months, Stärka has secured new clients including Everyman Cinema, Blacklock, Bundobust, Parthian Climbing and Oxygen FreeJumping. Its list of landlord mandates has also grown to include Grosvenor, DTZ IM, Schroders and DS Properties.

News

Gramicci to make global bricks and mortar debut at Seven Dials

Gramicci is set to open its first global bricks and mortar store at Seven Dials in Covent Garden, London. Opening in May, the 1,400 sq ft store at 3 Earlham street will stock the lifestyle brand’s range of outdoor fashion. The Californian brand’s product range is designed with its climbing heritage in mind, and looks to create minimalist, hard-wearing and functional outerwear across its men’s, women’s, and children’s collections. Gramicci UK’s brand manager, Steve Gildea, described the deal as a “landmark occasion”. “We pride ourselves on our commitment to innovation and pushing new ideas, and thus selecting a forward-thinking destination like Covent Garden was an easy decision to make”, he added. Gramicci follows iconic hat brand Stetson to Covent Garden after it recently opened its first UK flagship store at Seven Dials’ Neal Street.

Deals News

Just Hype acquired out of administration

Leicester-based brand Just Hype has been acquired in a pre-pack deal by joint investors. 82 jobs have been saved after investors from Lux360 and JHB2C stepped in following the fashion brand’s fall into administration in March. Founded in 2011, the streetwear retailer opened on Carnaby Street and stocked its products with large retailers including Next, John Lewis, and Sports Direct. On March 31, Quantama chief executive Carl Jackson and director Kelly Mitchell were appointed as joint administrators with the sale of the business and its assets following shortly afterwards. Quantuma described Just Hype as a “globally-recognised brand presence”. “However, the investment in marketing to raise profile did not translate into revenue, as a result of public reduction in spending on non-essential items”, it added. Just Hype co-founder Bav Samani said: “As with many online retailers we expanded very aggressively during Covid and in the aftermath were left with a large stock overhang. “In addition, we had spent a considerable amount on advertising which although elevated the brand significantly left us heavily indebted.” “Our new investor has a strong international distribution network which will be of mutual benefit to us both as the brand continues to grow both domestically and internationally,”...

News

Manchester City submits £300m stadium upgrade plan

Premier League champions Manchester City have submitted a planning application which would see the capacity of its Etihad Stadium increase from 53,400 to 60,000. The developments would also see the creation of a 400-bed hotel, a sky bar, a 3,000-capacity fan zone, as well as a new club shop and museum. The plans submitted to Manchester City Council also contain provisions for office spaces for businesses looking to collaborate with the club. Manchester City say the development would create a “best-in-class fan experience and year-round entertainment and leisure destination”. Danny Wilson, managing director of Manchester City Operations, said: “As with all club developments, ensuring our local community benefit is a key priority and we believe these proposals will deliver long-term economic and social opportunities, building on the regeneration work delivered in east Manchester by City Football Group since 2008”. The club says the developments could create 2,600 jobs. The stadium was previously expanded in 2005 and currently has the fifth-largest capacity of any Premier League stadium.

News

Matalan appoints chief customer and omni-channel officer

Matalan has appointed Ali Jones to the new role of chief customer and omni-channel officer. Set to join the fashion and homeware retailer on April 19, Matalan says her initial focus will be to establish a new customer function within the brand to connect with consumers touchpoints while enhancing clarity and accountability for customers. Jones has an established background within the retail market, spending most of her career working in executive consumer-centric roles. She most recently worked as customer and community director at the Co-op group from 2018 to 2022, and has also held roles at Woolworths Australia, Debenhams, M&S, Next, and Arcadia Group. Matalan’s CEO Jo Whitfield said that the appointment will allow the retailer to “build a connected strategy and stronger brand experience”. Ali Jones said: “There is no doubt that Matalan’s value proposition is ever more important to customers in the current inflationary environment, and I believe there is a great opportunity to transform the customer journey and bring more consumers to Matalan, more often, via a seamless omni-channel experience.”

News

“Bigger and better” Superdrug stores in the pipeline

Superdrug has unveiled plans to invest in 25 “bigger and better” stores. The retailer is looking to expand its bricks and mortar presence and says the move would see the creation of over 570 jobs. The investment is part of Superdrug’s “online + offline” strategy as it looks to deliver on omni-channel ambitions. This has been supplemented by February’s openings at Washington Gallery and Falkirk Retail Park and the launch of Superdrug’s largest Scottish store at Braehead in March. A further three stores are set to open soon at Dublin Dundrum, Manchester Trafford Centre, and London Brent Cross, with a number of stores in the pipeline for later this year. The new store format will offer a wider range of products as well as healthcare services. The retailer will also be refitting 70 of its stores through updates including the installation of fittings and fixtures as well as new floor layouts. Nigel Duxbury said, Superdrug’s property director, said: “High streets and retail parks are the beating heart of our communities and an essential part of our economy. Our investment in bricks-and-mortar will help us continue to stretch, shape, and deliver for our customers in the future, as well as helping transform communities into vibrant...

News

Cineworld closes curtains on international sale

Cineworld has dropped its sales process for its ‘rest of world’ business (excl. UK, Ireland, and the United States). The cinema chain said it had received a number of offers for its international business however none of these met the value level required by its lenders. The group is currently undergoing a restructuring process after filing a plan of reorganisation and a disclosure statement with a United States bankruptcy court in Texas. Recent plans, supported by the chain’s lenders, could see its shareholders wiped out. Cineworld has previously announced its aim to emerge from the bankruptcy proceedings during the first half of 2023, however it has said that any sale of the company may delay this. Cineworld added that during these proceedings, it will continue “business as usual”. In April, the chain struck a deal which saw it drop the sales process of its UK, Ireland, and US businesses. Today’s news means that Cineworld is no longer on the market after filing for bankruptcy in September.

News

Foot Locker ties up Harrow flagship

Foot Locker is set to relocate and upsize its Harrow flagship with a new store at St Anns Shopping Centre, moving on from its current location at 34 St Anns Road. Opening in Spring 2024, the two-floor 4,100 sq ft store will be located adjacent to the main entrance of the scheme. The retailer will stock brands such as Nike, New Balance, and Adidas, and offer a range of active-focused clothing and accessories. Foot Locker is set to join a number of other retailers which have recently opened at the scheme, including lifestyle brand MINISO, as well as Stag London, which has upsized to a new 1,600 unit across from Primark. Maria Averkina, asset & development manager at centre manager Railpen, said: “Our vision is to continue diversifying the destination’s line up, and the signing of this international brand confidently reaffirms St Anns strong, strategic offering for brands targeting Greater London’s desirable catchment area.” Time Retail Partners acted for St Ann’s Shopping Centre, while Brasier Freeth acted for Foot Locker.

Deals News

British Property Federation and the UK PropTech Association set to merge

The British Property Federation (BPF) and the UK PropTech (Property Technology) Association (UKPA) are preparing to merge their two organisations as they look to “drive innovation in the property sector”. The merger would see nearly 400 property owners, investors, developers, and advisors within the BPF brought together with the UKPA’s community of over 1,000 entrepreneurs, solution providers, venture capital investors, and proptech innovators. The merger is expected to be completed in June and would see the UKPA become a subsidiary of the BPF. The organisations said it is intended that there will be no change to the terms of membership for either BPF or UKPA members in the short term and that UKPA will operate under its current name. Melanie Leech, chief executive of the BPF, said the future health of the property sector and its ability to tackle challenges will “depend on its commitment to embracing new technologies and fully harnessing the power of data”. “We believe the integration of the UKPA within the BPF will create a powerful combined voice and new platform for knowledge-sharing and collaboration across the industry as we work to embed innovation and technology in all facets of property development and management. We look...

News

£205,000 of Levelling Up funds for Hull museum retail transformation

A former museum in Hull is set to become the site of ten shops after Hull City Council granted £205,000 worth of Levelling Up funding to the vacant unit. The £450,000 project will see the creation of 4,843 sq ft of retail space over two floors at West Street Arcade. The renovation will include a rewire of the building, the installation of fixtures and fittings, and the replacement of all the windows. The building received planning permission after MMR Investment applied for a full restoration in 2021. Garry Taylor, assistant director for major projects, culture and place at Hull City Council, said the project was “another great example of excellent regeneration work done in the city centre.” In November 2021, the Department of Levelling Up, Housing, and Communities informed Hull City Council that its bid for £19.5m of Round 1 Levelling Up Funds had been successful. £7.5m of this fund will be used as part of a new grant scheme designed to bring vacant floorspace back into use. Hull City Council has also approved a Levelling Up grant of £750,000 which will see the renovation of office space at House of Hammonds.

News

Caffé Nero targets retail park expansion

Caffé Nero is looking to open at at retail parks across the UK as it aims to open drive-thru and ‘drive-to’ locations. Agents from McMullen Real Estate have been appointed to help the coffee chain, which currently operates over 600 UK shops, find suitable locations for expansion. Caffé Nero is seeking drive-thru sites at least 0.3 acres in size, with units ranging from 1,800 sq ft to 2,200 sq ft. Ideal sites would be supplemented by dedicated or shared car parking. Potential drive-to sites would be 1,500 sq ft to 2,000 sq ft freestanding pods. Every Caffé Nero site is company-managed, with no franchised stores.

News

GO Outdoors expands with high street store concept

GO Outdoors is opening two high street stores in the Midlands as it looks to expand its ‘Express’ concept. The outdoors retailer will open the ‘GO Express’ stores – which are smaller and more compact than the brand’s traditional retail park stores – in high streets in Birmingham and Solihull. The smaller format stores will provide a full range of stock available to collect via in-store ordering, including outdoor clothing, rucksacks, tents, and fishing equipment. The retailer has enjoyed a successful few years, with the Pandemic encouraging many people to enjoy the outdoors. As a result, GO Outdoors was able to invest in nine new superstores in 2022 and is targeting more openings in 2023. The retailer’s CEO Lee Bagnall said GO Outdoors was looking forward to supporting local communities and high streets.

Deals

Plans approved for Newcastle aparthotel and restaurant redevelopment

Plans for a 13-apartment aparthotel with an accompanying café restaurant have been approved by Newcastle City Council. The project will see the redevelopment of a Grade II listed site at 1 Old Eldon Square which has been vacant for a number of years. The aparthotel scheme will be spread across the first, second, and third floors with the further development of a café restaurant overlooking Old Eldon Square. The firm behind the development, Belgravia Investment Group, said it would have little to no impact on the building’s historic fabric and will help secure its future. The plans would see the retention of a number of historic features of the 19th century building, including fireplaces and cornices, as well as the refurbishment of a number of fixtures and fittings. Sean Hedley, managing director at Hedley Planning Services, who secured approval from the council, said: “This is an exciting regeneration investment that will bring an important historic location back to life. The serviced rooms and studios will deliver a much-needed style of flexible visitor accommodation. In Newcastle city centre a demand exists for alternative visitor accommodation to a non-distinct hotel room.” Hedley Planning Services has also recently secured planning approval to transform...

News

QUIZ forecasts increased profits but warns of “external headwinds”

QUIZ is anticipating an improvement in profits for the 2023 financial year (FY23), but has warned that difficult external factors are likely to continue into the next year. The clothing retailer is anticipating a profit before tax of at least £2m for the year to March 31 2023, up from £0.8m the previous year. The group’s total revenue across its UK, international, and online businesses increased 17% from £78.4m to £91.7m over the year. In the early months of the FY23, QUIZ said it benefited from a recovery in consumer demand following the lifting of Coronavirus-related restrictions, however the retailer added that year-on-year growth was quelled by a lack of consumer confidence due to inflationary pressures. As a result, the retailer’s like-for-like revenues took a hit in February and March 2023 but QUIZ said that group revenues in the final three months of FY23 were “broadly consistent” with pre-Pandemic levels for the same period. However, the retailer urged caution for the year ahead: “The widely reported and significant pressures on consumer spending seen in recent months are expected to continue into the new financial year. The board believes these external headwinds may impact consumer demand across the group’s sector over...

News

Liverpool ONE set to host Eurovision pop-up