Posts from October 2023

Landsec has put forward proposals to demolish a former Debenhams department store at St. David’s Shopping Centre in Cardiff. The real estate investment trust secured full ownership of the 160,000 sq ft unit at 46-50 St. David’s Way earlier this year. One of the reasons behind the proposed demolition is the the desire to build a public park, according to documents submitted by planning and development consultancy Lichfields. The documents also state that reasons for the proposed demolition include the unit’s current vacancy and a lack of demand for assets of its size. In June, Landsec said it would be investing in the Cardiff scheme, as part of wider developments. Along with the removal of Debenhams, the St David’s development is set to see the creation of a new city square and introduction of a further 30,000 sq ft of new food and beverage and leisure space.

News

Investor snaps up Ballymena retail park

The second phase of a retail park in Ballymena, Northern Ireland has been acquired by local investor for an undisclosed sum. The 93,000 sq ft Braidwater Retail Park – which is home to tenants including The Range, Harry Corry, and Smyths Toys – has been purchased by Magmel. Andrew Coggins, senior director at CBRE NI, which acted for the vendor, said: “The sale of Braidwater Retail Park is just the latest in what has been a strong year for investment sales volumes in Northern Ireland. “Retail in general and in particular retail warehouse parks have been greatly resilient over recent years with strong tenant demand and resulting low vacancy rates presenting attractive prospects to investors. “This transaction illustrates that, while the wider market is challenging, there is still significant levels of strong buyer interest where quality assets are concerned.” Ryan Walker, director of Magmel, added: “Following our purchase of Phase 1 Braidwater Retail Park in 2022, we are delighted to acquire Phase 2 as we continue to expand our growing portfolio. “With its enviable location and strong anchor tenants, the park aligns with our other assets in the sector and we look forward to building on its exceptional performance in...

Deals News

Hollywood Bowl targeting 15 new sites in the next three years

Hollywood Bowl is aiming to open 15 new venues by the end of the 2026 financial year, as the leisure operator continues to expand. The group – which operates 71 sites in the UK – welcomed three new centres during the 2023 financial year, with Hollywood Bowl Merry Hill, Hollywood Bowl Speke, and Puttstars Peterborough all opening. The operator also completed 15 refurbishments and rebrands during the period, which ended 30 September. On 1 October, the group completed the acquisition of Lincoln Bowl, including the long leasehold, for a total of £4.4m. The 20-lane centre will be rebranded as a Hollywood Bowl. During the 2023 financial year, the group recorded an increase in UK revenue to £192.6m, up 2.7% against 2022. Hollywood Bowl’s total revenue – which includes its 9 site-strong Canadian business – increased 11% year-on-year to £215m. Stephen Burns, chief executive officer, said: “The investments behind our expanding offer have increased our resilience during this uncertain economic period and when combined with our highly cash generative business model, means we are well-placed to continue our profitable, self-funded, growth strategy in both the UK and Canada. The long-term growth opportunity is significant, and we look forward to seizing this...

News

Evolve Estates acquires South Tyneside shopping centre

Evolve Estates, part of M Core, has acquired the Viking Centre in Jarrow, South Tyneside, for an undisclosed sum. The scheme is comprises over 175,000 sq ft of retail space with over 60 stores, and is anchored by national brands including Boots, Peacocks, B&M, and Poundland. It also features a 400-space car park. Danny O’Keefe, founding partner of Evolve Estates, said the company had focused its growth plans on the retail sector over recent years. It has targeted shopping centres, parades, malls, and retail parks. “This deal marks Evolve Estates’ expansion into the North East market and demonstrates our commitment to supporting local communities and businesses,” he said. “We have long maintained that the retail sector is a strong market for investing, providing excellent opportunities for us to add significant value that benefit the tenants and the local community, as well as ensuring a good return on our investment. “We’ve a significant pipeline of retail acquisitions for the rest of 2023 and expect to complete more than £300 million worth by the end of the year. Part of our strength is our healthy cash reserves, which mean we can complete a deal quickly when we need to.” Evolve Estate’s parent...

Deals News

BOXPARK to open first location in the Midlands

BOXPARK is set to open its first site in the Midlands, after agreeing a 15-year lease for the Floodgate Street Arches in Digbeth, Birmingham. The hospitality and leisure operator’s new space will span nearly 17,000 sq ft and has been given a launch date of 2025. The proposed plans for the site include the creation of a food hall and events venue, with around 10 kitchens and four bars set across two floors. Also included is an additional 10,500 sq ft of external space for outdoor dining and events. Once an industrial centre, Digbeth is emerging as a top creative hub, with a number of creative industries, offices, restaurants, bars, and leisure units having opened in the area over the last decade. BOXPARK is investing around £5m into the area, with the development expected to create around 200 jobs. The signing comes as part of BOXPARK’s wider expansion plans, following investment from private equity firm LDC. Nick Cridlan, leasing director at the site’s landlord The Arch Company, said: “BOXPARK shares The Arch Company’s commitment to reuse and repurpose and we’re delighted to welcome them to their new home in Digbeth’s historic railway arches. This letting will see four arches in this...

Deals News

Independent coffee brand seeks Edinburgh and Manchester cafés

Independent coffee chain Origin is looking to open new cafés in Edinburgh and Manchester, as it aims to become one of the leading coffee roasters in the UK and Europe. Founded in 2004, the operator currently has six retail sites across London and Bristol, as well as a roastery and wholesale business. As well as specialty coffee, the chain also offers food in the form of a pastry-led menu. Origin is now seeking high volume sites in Edinburgh and Manchester with extra first floor or basement space for office and education workspaces. Ideal locations for the chain will be trendy neighbourhoods which replicate its Shoreditch customer profile with a focus on office worker location. Origin is looking for units ranging between 500 sq ft and 1,500 sq ft in size, with enough space for a coffee shop to the front and a training area to the rear. Orinsen’s Anna Hansen has been appointed to find suitable locations for the operator.

News Requirements

Spa town shopping centre handed £6m price tag

The Victoria Centre in Harrogate, North Yorkshire, has been put on the market with a price tag of at least £6m. Having opened in 1992, the scheme is the only shopping centre in the town, which sits just 16 miles north of Leeds. It is currently being held long leasehold from Harrogate Borough Council. Fronting onto Cambridge Street and located opposite Harrogate Train Station, the scheme comprises 144,000 sq ft of retail space over four levels. Anchor tenants include Sports Direct, Next, and Tk Maxx, which occupies the entirety of the second storey. Other retailers at the scheme include Poundland, WHSmith, and Vodafone. The centre sits adjacent to the 786-space Victoria car park, which is owned by the council. According to marketing material, the Victoria Centre produces a gross income of £1.36m per annum, and a net income of £670,537 per annum after the deduction of landlord non-recoverables and landlord contributions to marketing budgets. Knight Frank, which is marketing the centre, said a £6m purchase of the asset would reflect a net initial yield of 10.48% for the purchaser. Harrogate has a total town centre retail floorspace of around 1m sq ft, with the central retailing area comprising Cambridge Street,...

News

Greek cuisine brand targets London expansion

Greek Cuisine brand ERGON is looking to expand its presence in London, with the aim of opening two new restaurant sites within the next six months. ERGON opened its first store in Greece and now owns and franchises delis, restaurants, markets, and hotels across the UK, Belgium, Cyprus, and Qatar. The brand’s mission is to become a global brand for Mediterranean food, deploying an omnichannel strategy through its retail and wholesale divisions. ERGON currently operates two ‘deli + café’ stores in London, on Maddox Street and at Westfield Stratford City. The brand is now looking for sites in its priority locations of Knightsbridge, South Kensington, and Chelsea, with a preference for previously fitted units. Ideal sites will have in excess of 2,000 sq ft of floorspace. Richard Wassell of twentyretail has been appointed to find suitable locations.

Requirements

Former Liverpool John Lewis set for change of use

The former John Lewis department store in Liverpool city centre could be set for a change of use as an application goes before councillors with a recommendation to approve. Under proposals submitted by Landlad Developments, the George Henry Lee buildings on Basnett Street could be transformed into a 175-room hotel with a restaurant, sky bar, and leisure facilities. Following John Lewis’ move to Liverpool ONE in 2008, the buildings – which comprise over 153,000 sq ft of floorspace across nine floors – have remained largely vacant for the last 15 years. If the proposals are given the go-ahead, hospitality group Accor is set to open its ‘Mama Shelter’ concept, the brand’s first location in the UK outside of London. According to the plans, the site’s exterior would remain largely unchanged, whilst a major refurbishment of the buildings’ interiors is proposed. The hotel’s restaurant would occupy the sixth floor with proposals for additional extensions facilitating a glass-walled enclosure on the roof, allowing for full views of the city. Founded in 1853, George Henry Lee was then acquired by John Lewis in the 1940s before being brought under the John Lewis brand in the early 2000s. The application will go before Liverpool...

News

Sosandar confirms bricks-and-mortar expansion

Sosandar has confirmed it will make its first moves into bricks-and-mortar retail, as it aims to become one of the biggest womenswear brands worldwide. Earlier this month, Completely Retail News reported that the primarily-online retailer had set out an initial target of 20 standalone, physical stores. Sosandar said the move into its own stores will begin in spring 2024 and will expand its addressable market into more locations. The retailer added that it will be targeting “affluent towns and thriving high streets” where its customer base shops more frequently. Sosandar’s investment into its store programme will be self-funded from its own cash resources, and will include people, store execution, infrastructure, and margin growth support. The retailer was founded in 2016 by Ali Hall and Julie Lavington and has partnerships with Next, John Lewis, Marks & Spencer, The Very Group, and JD Williams. Earlier this year, it also reached an agreement to sell a curated collection of its products through Sainsbury’s supermarkets. The wholesale agreement initially saw the womenswear sold only through the supermarket’s website, with a number of selected stores selling the products in October. Hall and Lavington said that the decision to open Sosandar’s own stores is the “logical next step”....

News

Game on for Flight Club in Liverpool

Competitive social darts concept Flight Club is set to make its Liverpool debut, after agreeing a deal for a 10,000 sq ft space at Liverpool ONE’s Chavasse Park. Set to open in Autumn of 2024, Flight Club will join the scheme’s existing line-up of leisure brands, including Junkyard Golf Club, Roxy Ballroom and the recently launched Gravity MAX flagship. The two-storey venue will hold a total guest capacity of 350 people, with 14 ‘oches’, two bars, and two terraces. Flight Club Liverpool ONE will also offer a lunch and dinner menu, with pizzas, burgers, wraps, and small plates available alongside cocktails and cocktail slushies. Rob Deacon, asset management director at Grosvenor, said: “Reaffirming Liverpool ONE’s position as one of the UK’s leading retail and leisure destinations, Flight Club will be a strong new anchor that provides even more reasons to visit or lengthen an existing trip. Flight Club’s fast-growing success and solid reputation have led to the brand becoming a household name in the leisure industry and it will feel right at home amongst our leading entertainment offer at Liverpool ONE.” The news follows the recent opening of American-style rock ‘n’ roll cocktail bar MOJO at Liverpool ONE. The operator’s...

Deals News

New tenants to take over former House of Fraser at Cwmbran Centre

A national sports retailer and gym operator have agreed to join the Cwmbran Centre, taking residence in the scheme’s former House of Fraser department store. The Cwmbran scheme’s owner and asset manager, M Core subsidiary LCP Group said it could not disclose the names of the incoming operators. The retailer has agreed a 10-year lease for 8,000 sq ft of retail space on the ground floor, whilst the gym operator will take a 15-year lease for 20,000 sq ft of space over the first and second floors. Work on the former department store – which has lain vacant for 15 months – is expected to begin later this year, with the aim of completion before the end of 2024. Alex Williams, asset manager of LCP, said: “While we cannot yet reveal the name of the tenant, we can say it is a significant coup for the town and another transformational agreement for Cwmbran Centre. The former House of Fraser store has enormous strategic importance, being located in the middle of the town, and redevelopment proposals promise to bring new life to the building and wider scheme. “2023 has been a phenomenally successful year for the Cwmbran Centre, with more than...

Deals News

Leisure repositioning drives Norwich scheme footfall surge

A repositioning towards leisure and social uses has seen footfall at Norwich’s Castle Quarter increase by 10.7% in the first nine months of 2023, compared to the previous year. This figure was higher than the average for east of England region, which saw footfall increase by 5.2% during the period, as well as the national average (+4.8%), according to asset manager RivingtonHark. The increase in footfall was reflected across a number of other indicators, with turnover up by 22.4% yea-on-year at Castle Quarter during the period. Average dwell time and car park usage has also increased year-on-year. Castle Quarter has introduced increased amounts of leisure, food and beverage, and community services, which now account for 50% of the scheme’s offering. Recent additions to Castle Quarter include Boom Battle Bar, Putt Putt Noodle, Escape Hunt and Vector VR, as well as independent restaurant chain Silhouette, and Castle Social – a market hall-style street food and entertainment concept. The scheme anticipates further growth for the rest of the year and throughout 2024 with the arrival of new operators and the reopening of the adjacent Norwich Castle after a £14m refurbishment. Mark Harvey, executive director and head of asset management at RivingtonHark, said:...

News

Søstrene Grene to open largest UK store in expansion drive

Søstrene Grene is set to open its largest UK store to date, as the Danish homewares retailer targets 100 new stores nationwide by 2030. The retailer has agreed to open a 5,000 sq ft store on London’s Tottenham Court Road in winter of this year. The central London debut will follow successful openings for the retailer in Wandsworth and Kingston-upon-Thames earlier this year. Looking to bring the Danish concept of ‘hygge’ to the UK, Søstrene Grene offers a range of products including contemporary interiors, hobby items, children’s toys, soft furniture, and kitchen accessories. Søstrene Grene’s chief executive, Mikkel Grene, said the opening is a “pivotal moment” for the brand. The retailer’s stores across the south of England, Scotland, and Northern Ireland, are operated by its UK joint venture partners, Norma Jacob and Richard Power. Richard Power said: “As the brand expands throughout the UK we continue to see its rise in popularity. With the recent webshop launch and now our first central London store, Søstrene Grene is on track to becoming a household name.”

Deals

Clothing and footwear brand makes pop-up return to Liverpool ONE

Clothing and footwear brand ARNE returned to Liverpool ONE for its second pop-up store, following a successful activation earlier this year. The brand – which primarily trades online – occupied a 3,500 sq ft unit from 14-15 October, offering exclusive products and limited edition items. In line with ARNE’s first Liverpool ONE pop-up, a VIP event was held for the brand’s loyal customers who could meet its founders and gain early access to a number of exclusive products. Rob Deacon, asset management director at scheme owner Grosvenor, said: “ARNE’s return to the destination for its second pop-up has been highly anticipated and further cements our reputation as a hub for pioneering, first-rate retail concepts.” The news follows the recent opening of watch and jewellery retailer Goldsmiths at the Liverpool scheme, which has taken a two-storey 13,000 sq ft store and doubled the size of its presence at Liverpool ONE.

Deals

Wingstop cooks up at second West Midlands location

Wingstop is set to open at a second West Midlands location, agreeing to join Merry Hill in Dudley later this year. The American fried chicken chain will occupy a 2,650 sq ft unit, sitting opposite the recently-opened Wagamama restaurant at the scheme’s upper mall. Wingstop will join the destination’s emerging leisure quarter, which is formed around the recently-launched Hollywood Bowl. The 70-cover restaurant will offer wings, tenders, and burgers, as well as sides such as fries and dips. Wingstop’s signing at Merry Hill follows three successful openings in Birmingham. Alistair Winning, asset manager at Sovereign Centros, said: “Wingstop has international renown, so it makes for an ideal addition to our culinary line-up at Merry Hill. Alongside the successful opening of Wagamama earlier this year and Hollywood Bowl more recently, the upcoming arrival of Wingstop is evidence of the continued growth we’re seeing at Merry Hill, particularly for our new leisure quarter.” The news follows the recent signing of fellow fried chicken chain Sides to Merry hill, with the YouTuber-led restaurant agreeing to open its second standalone site at the scheme. JLL and Time Retail Partners represent Merry Hill, whilst Brasier Freeth acted for Wingstop UK.

Deals News

Aldi announces new store locations as it continues expansion