Posts from August 2023

Plans for the redevelopment of the historic Howells building in Cardiff have been revealed, which could see the former Baptist chapel turned into a food and beverage or leisure destination. The listed Bethany Chapel and adjoining Sunday school building will form part of the wider £100m mixed-use development of the 270,000 sq ft Howells building site. Real estate firm Thackeray Group acquired the site out of receivership last year. The redeveloped scheme will have public realm space running through the chapel – which sits in the centre of the Howells building – and linking to Cardiff Market. The Baptist chapel could provide up to 15,000 sq ft of space. The Howells scheme is being marketed jointly by local property advisory firm EJ Hales and CBRE. It has lain entirely vacant since House of Fraser closed earlier this year. Also at the scheme will be 40,000 sq ft of restaurant and leisure space along St Mary Street, as well as 25,000 sq ft of grade A office space. There are also proposals for 25,000 sq ft of basement leisure space next to the chapel site, with the aim of attracting bar and restaurant operators. Nearby, there are further plans for 62...

News

Frasers Group brands to take over Sheffield ex-Debenhams

A Sports Direct store and department store concept Frasers are set to open at a former Debenhams in British Land’s Meadowhall shopping centre in Sheffield. The two Frasers Group brands will split the 120,000 sq ft unit in half, with Frasers and Sports Direct both taking 60,000 sq ft of space on the ground and first floors, respectively. The deal is part of Frasers’ ‘elevation strategy’, which looks to raise brand perception through the creation of new store concepts. Frasers Group chief executive Michael Murray said: “We are big believers in physical retail and our significant investment demonstrates not only our commitment to the elevation strategy, but also our innovative approach to rethinking large retail spaces to make them fit for the future. “With each new store opening, we seek to set the benchmark for outstanding regional retail as we continue to bring the world’s most aspirational brands, product innovations, and customer experiences to regional consumers across the UK.” Frasers Group has also signed two new leases at Teeside Shopping Park in Stockton-on-Tees, as Sports Direct upsizes into a larger unit totalling 40,000 sq ft, while Flannels will take the existing 20,000 sq ft site following a refurbishment. Both are set to...

Deals News

Taco Bell and McDonald’s amongst new tenants at Darlington retail park

A Taco Bell, McDonald’s, and Costa Coffee are amongst six new tenants set to take up residence at a retail park in Darlington. Councillors have now given the go-ahead to Almscliffe Properties’ proposals to bring new units to Faverdale Industrial Estate, which sits opposite a recently-opened Aldi supermarket. The site’s existing buildings are now set to be demolished to make way for the new units, which will also include a comparisons goods retailer, a vet, and a tanning salon. Final agreements are yet to be completed for the two remaining units, although retailers such as Wickes and Jysk are potential candidates to take up residency. The application also includes the creation of an eight-bay electric vehicle charging hub, alongside a 314-space car park. Proposals for the scheme have undergone numerous changes since first being submitted, having originally included a Tesco food store and a petrol station, both of which have been omitted.

Deals

Hotter Shoes owed over £11m at time of collapse

Hotter Shoes owed its creditors over £11m at the time of its collapse into administration, it has been revealed . The footwear retailer had appointed Will Wright and Rick Harrison from Interpath Advisory as administrators, before WoolOvers purchased the brand from Unbound Group for £6.7m. All of Hotter’s 421 employees and 27 stores and concessions transferred across to the purchaser as a result of the pre-pack deal. A statement of affairs filed by the administrators revealed outstanding debts to creditors of £11.1m, with an estimated £4.5m available against these claims. This leaves creditors with a shortfall of £6.6m. However, any cash returned to creditors will be dependent on how much money Hotter can raise from the administration process. Over 20 unsecured creditors have claims in the six digits, while secured creditors are owed a total of around £10m. In May, Hotter announced that a £10m investment from Marwyn Investment Management had failed to materialise. Unbound then said in June that the sales process has been terminated. In 2020, the retailer launched a company voluntary arrangement (CVA) which led to the permanent closure of 46 stores.

News

Munich brewery eyes UK debut

A Bavarian brewery has instructed specialist business property adviser Christie & Co as it looks to open its first bars in the UK. Munich-based Paulaner is aiming to work with hospitality entrepreneurs or investment groups with the capability to open up to 10 sites over the next few years. The brewery is targeting high traffic locations in major towns and cities. Paulaner opened its first ‘Bräuhaus’, or microbrewery, in 1989, and has since launched in countries as far as Azerbaijan, Indonesia, China, and Singapore. Its other concepts include the food-led ‘Wirtshaus’, and the ‘Bierhaus’, a traditional German pub. Hans Neumaier, director of business development at Paulaner’s franchising arm, said: “We want to bring authentic Bavarian gastronomy to the UK. We believe that our different types of pubs, from ‘Wirtshaus’ to ‘Bräuhaus’ are ideally suited to this. We bring brewing expertise and a well-thought-out franchise concept, and in Christies & Co we have a partner with excellent knowledge of the property and Franchise market.” Simon Chaplin, senior director of pubs, restaurants & franchise at Christie & Co, added: “Offering a unique combination of traditional and modern Bavarian lifestyle, the brand has a proven customer appeal, and a franchise model that works...

News

musicMagpie to bring kiosks to three shopping centres

musicMagpie is set to expand its SMARTDrop Kiosk network with openings at three shopping destinations. The reselling website will install kiosks at the Manchester Arndale, and Bristol’s Cribbs Causeway and Willow Brook. The SMARTDrop kiosks allow customers to deposit their mobile phones and receive a valuation, with money then deposited directly into their accounts. musicMagpie first began rolling out the programme in 290 Asda stores in October 2022, and installed a kiosk at The Trafford Centre in Manchester earlier this year. The kiosks now account for 45% of the retailer’s UK consumer technology sourcing. Steve Oliver, chief executive and co-founder of musicMagpie, said: “Our SMARTDrop Kiosk in The Trafford Centre has been one of our most successful installations to-date, and with millions of people visiting each of these new sites every year these [kiosks] will serve to increase brand awareness and promote the service”.

Deals

Go-karting track leads raft of lettings at Star City

An indoor go-karting track is amongst four tenants which have signed new leases at Quadrant’s Star City complex in Birmingham. Signing for a 39,000 sq ft space on a 20-year lease, Capital Karts will open an 800-metre long track in early 2024. The indoor go-karting track is set to be the longest and fastest in the Midlands. Mexican-inspired restaurant Taco Bell will also be opening at the scheme, taking a 2,700 sq ft unit on a 10-year lease and marking its first venture into central Birmingham. Indian street food brand Chaiiwala has taken a 10-year lease on one of Star City’s last remaining kiosks totalling 386 sq ft, replacing Subway which has moved to a larger unit. Existing tenant Sheres Khan’s is set to upsize its current 6,612 sq ft premises, with the Indian and Pakistani restaurant merging an additional unit to create a 14,384 sq ft site, which it is taking on a 15-year lease. Since Quadrant’s 2016 takeover on behalf of a US-based asset manager, Star City has been rebranded, introduced a new management team, and seen a number of key areas repurposed. The scheme’s anchor tenants, Vue and Tenpin, have also undergone re-gears. John Maddison, partner at...

Deals News

How to open a bar

Opening a bar is a dream for many, and it’s easy to understand why. They can often be a great place to work and running a bar is a highly social and rewarding job, but it can also be quite the challenge. As of 2023, there were over 27,000 pubs and bars in the UK, making it a very competitive industry. There’s a lot of legal hurdles to jump over and it can be financially tough to keep a bar going so it’s important to be prepared so your business can succeed. Here’s our top tips for how to open a bar: Choose a great location Choosing a location is dependent on multiple factors. Target audience, your price range, and competition are all factors to consider. For example, if your intended audience is young professionals, opening a bar in the business district of a big city is likely to draw in a lot of footfall. Similarly, if your business is targeting students, opening near a university campus or near the local nightlife is also a good choice. Price range is also a factor to consider, as your overheads will be reflected in how much your prices cost. Higher rents and...

Advice

Raft of new openings lined up for Watches of Switzerland Group

The Watches of Switzerland Group said it has an “exciting schedule” of new projects in 2023 and 2024. The multi-brand group is expanding its mono-brand portfolio with 20 boutiques planned across the UK, United States, and Europe during the remainder of the financial year. It is planning to continue the roll-out of its Goldsmith Luxury showroom format, with expansions planned for its Birmingham Bullring, Liverpool, and Gateshead’s Metrocentre sites in winter 2023, along with a relocation for the brand’s Trafford Centre showroom in Manchester. The Watches of Switzerland Group is also planning to further its expansion of the Mappin & Webb contemporary format in Guernsey in August, and in Glasgow and Bluewater, Dartford, in winter. The group will also launch its pre-owned Rolex range in the UK in September. In 2024, a flagship Rolex store in Old Bond Street is planned for the summer, while a partnership with Audemars Piguet in Manchester and a Rolex boutique in Glasgow are due to open in the autumn. This comes as the group releases a trading update for the first quarter of its 2024 financial year, consisting of the the 13 weeks to 30 July 2023. During the period, the group recorded a...

News

Gravity launches flagship concept at Liverpool ONE

Gravity has opened the doors to its latest flagship location at Grosvenor’s Liverpool ONE shopping centre. Taking the former Debenhams unit, the £10m Gravity MAX destination spans 100,000 sq ft and is the leisure and entertainment group’s largest venue to date. Offering the brand’s first outdoors space and Liverpool’s largest roof terrace, Gravity MAX Liverpool ONE is expected to pull in over 700,000 visitors annually. The 2,500-capacity venue offers 12 different activities as well as live entertainment, sports screenings, and a food and beverage offering comprising four bars and a food hall. Available activities include an electric go-karting track, 18-hole indoor golf, and virtual reality gaming. Michael Harrison, co-Founder and chief growth officer at Gravity, said the opening represents a “landmark moment” in the company’s journey. Chris Jukes, director of Liverpool ONE, Grosvenor, added: “Gravity MAX Liverpool ONE is not only a market changer, redefining UK leisure, but it will also be a destination driver, one which reaffirms Liverpool ONE’s position as the UK’s leading retail and entertainment destination.” Gravity MAX’s arrival follows a number of high profile openings at the scheme, including BOSS, Hollister and Gilly Hicks, Sweaty Betty and Space NK. Metis and Stärka acted for Liverpool ONE,...

Deals News

Wilko collapses into administration

Wilko has collapsed into administration, as the retailer’s hopes of a rescue deal fall through. The discount retailer has appointed current adviser PwC as administrator after talks with interested parties dwindled. The fate of over 400 stores and 12,000 jobs are now at risk. Wilko chef executive, Mark Jackson, said the retailer’s management had left “no stone unturned” in its efforts to rescue the business. “We’ve no choice but to take the difficult decision to enter into administration,” he added. Last week, Wilko filed a notice of intent to appoint administrators. The struggling retailer had considered a number of options, including a Company Voluntary Agreement, but was also looking to secure a deal to protect it from creditors. The owner of Laura Ashley, Gordon Brothers, was reported as one of the parties that was interested in a bid for the retailer. Wilko had previously appointed CBRE to help deal with landlords as it looked to slash its rents. It was also reported in January that Wilko had secured a £40m revolving credit facility from Homebase owner Hilco as it looked to reverse its fortunes.

News

Capital & Regional acquires Edinburgh scheme for £40m

Capital & Regional has entered into an agreement to acquire The Gyle Shopping Centre in Edinburgh for £40m. The real estate investment trust (REIT) said the acquisition will be financed through its existing funds, a new debt facility of £16m, and around £25m in proceeds from a open offering of shares. Spanning 415,000 sq ft, The Gyle comprises 88 retail units and is anchored by Morrisons supermarket and a Marks & Spencer store. The scheme has 2,800 free car parking spaces and is well connected via the tram system with good links to Edinburgh Airport. Capital & Regional said The Gyle’s retail space is let at approximately £6.8 million of annual gross rent and around £5.77 million of net rental income, with strong rent collection and a headline occupancy of 94%. Lawrence Hutchings, chief executive of Capital & Regional, said: “The Gyle Shopping Centre presents us with a number of asset management opportunities including refining the tenant mix, a renewed focus on leasing to improve occupancy and income, whilst enhancing the centre’s appeal to the growing and affluent catchment in south western Edinburgh.” This announcement comes as the REIT, which specialises in convenience and community-focused shopping centres, publishes its results...

Deals News

Plans lodged for £30m Tate Liverpool revamp

Proposals to renovate the Tate Liverpool gallery have been submitted to councillors, which could see the gallery undergo a number of changes to improve access and visitor journeys. The £30m plans, submitted by The Planning Lab in collaboration with 6a Architects, include the creation of a new public art hall and improvements to the existing visitor facilities. Upgrades to the galleries, the repurposing of back of house space for public use, and more intuitive wayfinding for visitors are also listed in the planning documents. The Planning Lab said it was aiming to improve site visibility to other parts of the city centre. The proposals for the 129,167 sq ft gallery require both listed building consent and planning permission, and extend beyond the Tate’s boundaries to include public realm works for water source heat pumps. The Planning Lab said the proposals are needed as the venue is no longer “fit for purpose”. It cited the amount of annual visitors at to the gallery, which has risen to 700,000 a year. This was compared to 200,000 per year when it first opened in 1988. It added that “a comprehensive refurbishment” of the Grade I listed site is needed to ensure that Liverpool...

News

Coventry Building Society Arena unveils microbrewery bar

Coventry Building Society (CBS) Arena has signed a multi-year deal with a local microbrewery to open a new bar within the venue. Dhillon’s Brewery has opened the 4,305 sq ft ‘Dhillon’s Lounge’ which will be available for events such as concerts and matchdays, as well as for private hire. The 300-capacity bar marks a step up for the microbrewery, which already operates a kiosk and a mobile bar outside the stadium. The new bar is the Dhillon’s Brewery’s fourth location, following the brewery itself, the Sky Blue Tavern, and Dhillon’s Spire Bar. Paul Michael, managing director of Coventry Building Society Arena, said: “We have been working with Dhillon’s Brewery over the last year and it is a partnership with a local business that continues to flourish. “The Dhillon’s Lounge looks fantastic and will be a real asset to the venue, be that on matchdays for hundreds of fans, or for conference and exhibition organisers looking for a versatile space to host events.” The brewery is a five-minute walk from CBS Arena. Dal Dhillon, founder of Dhillon’s Brewery, said the opening is the next stage in the micro-brewery’s growth.

Deals News

Lovisa appoints agent as it looks to double UK presence

Lovisa has appointed Savills as adviser as it looks to double the size of its UK store estate. The jewellery and accessories retailer is targeting 50 additional stores nationwide, adding to its international portfolio of over 650 stores across 20 countries. Lovisa is targeting stores between 500 and 1,200 sq ft in size, with a preferred minimum internal width of 5 metres (16.4 feet). The retailer is seeking units on prime high streets, within shopping centres and transport hubs, and in prime trading locations. Savills has been instructed to find suitable properties within all parts of England including London, as well as Scotland and the Republic of Ireland. Lovisa recorded a revenue of £165m during the first half of the 2023 financial year, a 50% year-on-year increase, while its net profit before tax was £34m.

News

Holiday Inn owner plans new chain targeting 500 sites

The parent group of Holiday Inn is planning to launch a new three-star hotel chain, with the aim of opening 500 sites over the next decade. InterContinental Hotel Group (IHG) said it would look to convert existing midscale hotels into the new chain, the name of which has not been revealed. The group does not own any hotels, instead receiving franchising, leasing, and management fees. It said that conversions had represented 40% of its signings and openings over the last six months. IHG added that it expects the new brand will grow to an estate of more than 1,000 hotels over the next 20 years. Elie Maalouf, chief executive officer of IHG, said the company’s aim is to become the first choice for guests and owners in the midscale segment of the market. He also said that over 100 hotel brands had already expressed “definitive interest” in the new brand. This comes as the group released its results for the half year to the end of June, during which it recorded a 24% year-on-year increase in revenue to $2.2bn (£1.57bn). This resulted in a 62% year-on-year increase in operating profit to $584m (£458m). IHG currently operates over 6,000 hotels across...

News

A render of how the new development could look

Proposals lodged for Derby mixed-use development

Proposals for the transformation of a derelict Victorian industrial site in Derby into a mixed-use scheme have been submitted to councillors. If approved, the restoration of two Grade II-listed buildings would see the creation of over 110,000 sq ft of commercial space, as well as 276 new homes. The proposals, submitted by Wavensmere Homes in partnership with Clowes Developments, are for the 11.5 acre Friar Gate Goods Yard in central Derby. The restoration of the site’s 19th Century Bonded Warehouse and Engine House could see the delivery of 111,275 sq ft of flexible offices, health and fitness space, a restaurant or café, along with Wavensmere’s new regional sales centre. The plans also outline extensive new areas of public open space, including play spaces and pocket parks. A multi-purpose public realm and community space has also been proposed for the elevated area next to Friar Gate Bridge. Friar Gate Goods Yard has been under the ownership of the Clowes family for over 40 years, with multiple redevelopment options proposed but falling through due to heritage constraints and commercial viability. James Dickens, managing director of Wavensmere Homes, said: “When we first revealed our indicative plans during the public consultation process, we received a...

News

Flying Tiger returns to the North East at Metrocentre