Posts from November 2023

River Island leads flurry of Manchester Arndale deals

2nd November 2023

River Island has renewed its lease and upsized at Manchester Arndale, as the scheme welcomes a flurry of leasing activity. The fashion retailer has signed a five-year renewal for a 22,415 sq ft unit, representing an expansion of an additional 3,686 sq ft. River Island already has a strong presence within the Manchester scheme, and has committed to a programme of in-store investments as it looks to enhance the customer experience. Meanwhile, Mexican restaurant Tortilla is set to join the centre, taking a 1,737 sq ft unit on a 10-year lease. Three more occupiers at Manchester Arndale have also signed renewals, with The Watch Lab, jewellery retailer Thomas Sabo, and accessories brand Claire’s all committing to new five-year leases. These signings follow a number of recent retail lettings at the scheme, including to The North Face, Moss, Nike, Dune, and Oseyo. Food and beverage operators which have recently joined the scheme include Black Sheep Coffee and Sides. Steve Gray, head of European retail asset management at Global Mutual, said: “We are excited to strengthen our relationships with existing brands like River Island, Thomas Sabo, Claire’s, and The Watch Lab. These agreements underline our commitment to delivering a diverse and vibrant...

Deals News

GCW appoints director to owner division

2nd November 2023

Retail property consultancy GCW has appointed Michael Hardy to its owner division as it looks to strengthen its lease advisory capabilities. Hardy has extensive experience within the sector, having advised landlords on shopping centres and town centre assets at Lee Baron for 23 years. He said: “I felt that the timing was ideal for me to make the move. Joining GCW, with their reputation for industry thought leadership, seemed like the obvious choice in advancing my career and future prospects. I’m enthusiastic about being part of this forward-thinking company and am eager to contribute to the team.” Nick Warr, head of GCW’s owner team, added: “We are committed to growing our business by fifty percent over the next four years and Michael’s appointment is a significant step in this drive. We will continue to invest in the development of our staff while also seeking to recruit the best talent in our industry. “Our breadth of knowledge and enthusiasm allows us to provide holistic town centre advice to seek out opportunities to add value for our clients.”

News

Leasing agents appointed at newly-purchased Tunbridge Wells scheme

1st November 2023

Knight Frank and Cradick Retail have been appointed as the new leasing agents at the Royal Victoria Place in Tunbridge Wells. The local council – which has owned the freehold for the scheme since its construction in 1992 – recently acquired the long leasehold ownership of the centre from British Land. Tunbridge Wells said the purchase of the asset had cross-party support, adding that is committed to ensuring the scheme continues to play a strong role in maintaining the town’s attractiveness for residents, employers, and visitors. Asset management firm RivingtonHark was appointed to advise on strategic decisions. The 475,000 sq ft scheme comprises 99 units and is anchored by Fenwick and M&S. The centre underwent an £11m refurbishment in 2020 and had an occupancy rate of 86.4% in the second quarter of 2023.

News

David Lloyd Clubs continues expansion with four sites planned for year end

1st November 2023

David Lloyd Clubs (DLC) is on course to open four more spa retreats before the end of the year, as the leisure operator continues to expand. The health and wellness group – which currently runs 23 spa retreats – said it has a “strong pipeline” of future openings, including more next year. DLC operates three brands across a total of 103 UK clubs and 30 in mainland Europe. This comes as the group releases its results for the first half of the year, a period during which it acquired Wickswood Country Club and Spa near Brighton. Since the period end, DLC has also successfully opened clubs in Rugby, Shawfair, and Sterrebeek. During the six months ending 30 June, the group saw its revenue increase by 16% to £372.9m, up from £320.4m in the first half of 2022. DLC’s earnings (EBITDA) also grew year-on-year, from £80.5m to £84.1m. DLC chief executive Russell Barnes said: “I am delighted to report a strong six months for the business. While the challenging macro environment has been well publicised, we are also seeing families prioritise mental and physical well-being.” “We are dedicated to making sure that we continue to meet those needs – continuing to...

News

Leading automotive retailer acquires four South West outlets

1st November 2023

Vertu Motors, one of the UK’s leading automotive retailers, has added four sites in the South West following the acquisition of Rowes Garage for £6.2m. The acquisition means that Vertu has expanded its relationship with Honda, with the group now trading with the manufacturer in 17 UK outlets. The group is Honda’s largest retail partner in the UK. In December 2022, Vertu acquired Helston Garages for £120.1m, picking up 28 outlets across the South West. Rowes Garage has been trading for over 90 years, and has grown to become one of the UK’s most successful Honda dealerships. The retailer operates one Honda and one Suzuki outlet in Plymouth, as well as Honda dealerships in Plymstock and Truro. During the year ending 31 December 2022, the retailer achieved a revenue of £30.2m and an operating profit of £750,000. Vertu expects that Rowes Garage will contribute a loss during the first four months of the financial year, due to the seasonality of vehicle sales. The business will be rebranded under the Vertu and Bristol Street Motors businesses immediately following Vertu’s acquisition. Vertu now operates 34 outlets in the South West. Robert Forrester, CEO of Vertu Motors, said: “I am delighted to deliver...

Deals

Developer named for ambitious Solihull regeneration project

1st November 2023

Muse has been named as the preferred developer for the ambitious Mell Square regeneration project by councillors in Solihull. Working with Solihull Council, Muse will look to deliver a transformation of Mell Square over the next decade, creating an improved retail offer, an expanded night-time economy, and new high-quality housing. Under the first phase of the project, set to get underway by autumn 2025, the town’s vacant House of Fraser department store will be redeveloped. The council had taken control of Mell Square in 2021 as a means of delivering its Town Centre Masterplan. The masterplan identifies a number of development opportunities to enhance the area’s offer and visitor experience. The redevelopment will focus on attracting new restaurants, bars, and retailers, delivering enhanced public spaces, creating a mixed residential neighbourhood, and creating high-quality and sustainable buildings. Councillor Ian Courts, lader of Solihull Council and portfolio holder for the economy, said: “Today’s announcement marks a crucial milestone in our plans to transform and reenergise the heart of our town centre. “Solihull enjoys a well-established reputation as a vibrant, attractive and welcoming destination for high quality shopping, business and leisure. With a proven track record of attracting high quality occupiers and investment,...

News

Asda convenience format roll-out fuelled by £2bn EG purchase

1st November 2023

Asda is set to roll out its Asda Express convenience format at 356 sites following the completion of its £2.07bn purchase of EG Group’s UK business. EG Group, one of the world’s largest petrol forecourt groups, is owned by brothers Mohsin and Zuber Issa, who are also co-owners of Asda alongside TDR Capital. Asda has already been opening its new format at 119 former Co-op sites with petrol forecourts, following an acquisition last year. The retailer said the two acquisitions plus three standalone Asda Express stores already open bring its total number of convenience sites to 478. It added that it plans to open a further 300 standalone convenience stores by the end of 2026. This is in addition to its existing estate of 580 supermarkets and 31 Asda Living stores, as well as 321 petrol forecourt station sites. Asda said the acquisition will bring down the price of groceries and fuel for millions. In July, Mohsin Issa was criticised by the chair of a committee of MPs for “wasting” time and ignoring questions after being quizzed about fuel prices and employment practices. EG Group will continue to operate 32 sites in the UK, and will retain certain foodservice brands...

News

Swiss watch brand set to make Liverpool ONE return

1st November 2023

Swatch is set to make its return to Grosvenor’s Liverpool ONE shopping centre, opening a 600 sq ft store on Paradise Street. The Swiss watch brand will host over 500 different watches on display at its Liverpool store, from classic to contemporary styles across across a number of collections. The store will also feature a Swatch X You space, allowing customers to create and personalise their timepieces. Rob Deacon, asset management director at Grosvenor, said: “Swatch’s decision to return to Liverpool ONE with its latest standalone concept store is a testament to our continued commitment to curating an innovative and distinctly unique line-up of retailers. We are hugely excited to be welcoming Swatch back to the city, and feel confident that it will sit comfortably among our stellar selection of watch and jewellery brands.” The news follows the recent arrival of women’s activewear brand Red Run at Liverpool ONE, as well as the successful pop-up of clothing and footwear brand ARNE, which made its second appearance at the scheme. Metis and CBRE acted for Liverpool ONE, whilst Swatch dealt direct.

Deals News

Former Avison Young agents launch new advisory firm

1st November 2023

Eight former Avison Young agents have today launched a new advisory firm specialising in retail warehousing. Park Place Retail will advise across the out-of-town retail, food store, and leisure sectors. Having worked together for 15 years, both at Wilkinson Williams and during the last five years at Avison Young, the team has advised on scores of prominent investment and leasing deals over the past two decades. The founding partners comprise Miles Marten, Paul Wilkinson, and Ellie Kirkby in the investment team, whilst James Potter, David Marsden, Andy Cherry, Grant Imlah, and George Stratton make up the agency team. Miles Marten, managing partner, said: ‘”I am hugely excited to be working alongside this team of highly motivated and ambitious individuals. Despite the challenging market environment, we believe there’s a real opportunity for us to provide our clients with best in class advice, given the breadth of knowledge and experience between us all.” Park Place Retail’s landlord clients include BlackRock, British Land, CBRE IM, Columbia Threadneedle, Landsec, LaSalle, Legal & General, Nuveen Real Estate, Royal London, Savills IM, and The Crown Estate. The firm’s list of occupier clients includes Carpetright, Currys, Halfords, Hobbycraft, and JD Sports. Marten added: “The retail warehouse market...

News

Filter by Categories