Posts from February 2024

The Sloane Stanley Estate has announced that Verte and Round Retail have launched a collaborative pop-up store on Chelsea’s King’s Road, in support of mental health charity SMART. Verte is a pop-up shop for pre-loved fashion, whilst Round Retail aims to bridge the gap between fashion resale and charitable stores. The two-week pop-up will enable customers to buy and swap pre-loved items from mid-luxury brands, and will feature collections from the likes of Whistles, Acne Studios, Rixo, and Toast. The 1,178 sq ft store at 340 King’s Road will host a number of events during its stay, such as crochet and beading workshops. Free repairs will also be offered to promote a circular approach to shopping. The funds raised will go to SMART – which stands for St Mary Abotts Rehabilitation and Training – with the aim of helping those suffering from mental health issues by providing paid employment opportunities through community businesses such as cafés and gardens. Hannah Grievson, property director at Sloane Stanley, said: “Our on-demand pop-up leasing strategy enables us to be flexible and innovative, and concepts such as the Verte and Round Retail store demonstrate our ability to be adaptive and forward-thinking with our prime retail...

Deals News

Primark to upsize at Metrocentre

Primark is set to upsize its existing store at Metrocentre in Gateshead, as the retailer plans to invest £100m into its stores in 2024. The clothing retailer will add 14,100 sq ft of trading space to its store on Exhibition Square, with the upsized store covering a total area of nearly 80,000 sq ft. Work to extend into the adjacent unit on the scheme’s ground floor is already underway, with an opening date expected to be confirmed this summer. Primark first arrived at Metrocentre nearly 20 years ago, before relocating to its current location in 2010. Ben Cox, senior asset manager at Sovereign Centros, said: “2024 has started just how 2023 finished – with major retailers committing to new, enhanced space at Metrocentre. Similar to Zara and Frasers Group, Primark is the next powerhouse brand to make the decision to expand its presence here, made possible by decades of strong performance. Delivering this now is a direct response to what our visitors want from Metrocentre, as we continue to deliver best-in-class flagships from some of the UK’s best-loved brands.” Last year, Metrocentre re-anchored the Red Mall by relocating and upsizing Sports Direct, Flannels, and Zara, to create over 170,000 sq...

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Educational toys brand makes UK debut at Norwich’s Castle Quarter

Educational STEM (science, technology, engineering, and mathematics) brand Engino has made its UK debut at Castle Quarter in Norwich. The brand has taken 4,405 sq ft of space across Units 54 and 55 on a ten-year lease. Whilst also selling Engino’s range of STEM toys aimed at children from 18 months upwards, the store is home to an education and entertainment area, enabling visitors to test out the brand’s unique building system. Launched in Cyprus in 2004, Engino is a modular plastic system designed to enable children to construct vehicles, buildings, and robotic machines. Its products are available from 57 locations across the United States and Europe. Castle Quarter has recently repositioned towards more social, leisure, and lifestyle operators whilst retaining a traditional retail core. This has brought new brands to the destination such as Boom Battle Bar, Putt Putt Noodle and Escape Hunt. New dining options have also arrived, such as independent restaurants Silhouette and Hank’s Dirty, and the ‘market hall’ style Castle Social. Vue has also committed to a major refurbishment of its eight-screen cinema at the destination. In 2023, visitor numbers at Castle Quarter grew by 9% year-on-year, whilst 75% of occupiers posted higher trading figures compared...

Deals

Leisure operator secures £5.5m funding for expansion push

Big Fang Collective, the leisure operator behind the Ghetto Golf Brand, has secured £5.5m in funding from private banking company ThinCats to help boost its growth. First opening in Liverpool’s Cains Brewery Village in 2016, the group now operates sites across the UK in cities including Birmingham, Newcastle, Sheffield, Glasgow, and Cardiff. Big Fang Collective – which also operates the Big Fang Karaoke and pizzeria Nothing Cheezy brands – is planning to open in three major cities later this year. Big Fang Collective said: “Following a successful year in 2023, including the launch of our all-new Big Fang Karaoke concept and first in-house food brand, Nothing Cheezy, we are excited to further accelerate our venue growth plans with the support of ThinCats and our investors, IMBIBA. “We now have heads of terms signed across three major cities and a strong pipeline for the coming year. With the right people, property and funding now in place, we are set to make 2024 our best year yet.” Mike Dinnell, director business development, ThinCats, added: “It is fantastic to be involved with a business like Big Fang who clearly have a strategy to grow their brand across the UK. The management team has an...

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Primark to invest over £100m into store estate in 2024

Primark is to invest over £100m into its UK store estate in 2024, as the retailer celebrates 50 years on British high streets. This includes a new investment of £75m, building on plans the clothing retailer announced in November 2022. In 2024, Primark will open new stores at Bury St. Edmunds, Teesside Park, and Glasgow Fort. The retailer will also be undertaking store extensions across the country, including at Westfield Stratford where it will double its footprint to over 81,000 sq ft. The retailer will also increase its presence at Gateshead’s Metrocentre, growing its store in size to almost 80,000 sq ft. By the end of the year, Primark is expected to reach a total estate of 195 stores and almost 8 million sq ft of trading space in the UK. A further 15 stores will be refurbished as part of Primark’s ongoing refit programme, with more to follow. Stores in Epsom, Surrey, and Newbury, Berkshire, are also confirmed and are set to open from 2025. The new locations will contribute in excess of 55,000 sq. ft of new retail space once open. Kari Rodgers, UK retail director at Primark said: “We’ve changed a lot in the fifty years since we...

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Midlands Co-op to reopen as retail park following acquisition

A Co-op store with an adjoining car park in Stourport-on-Severn, near Birmingham, is set to be reopened as a retail park following its acquisition. The 29,000 sq ft store has been acquired by Goold Estates, which plans to re-market the asset as Tannery Retail Park following Co-op’s scheduled exit from the site later this year. Goold Estates said the property will be available to let either in its entirety, or as a multi-let retail and leisure scheme with up to five individual units ranging in size between 1,300 and the maximum 29,000 sq ft. The site was originally home to Stourport tannery, which was constructed in the early 1700s and operated for over 260 years. In 1880, it was acquired by the Beakbane family and later supplied sheepskin leather to the Worcester glove trade, before closing in the 1960s due to fire damage. Anthony Williams, director at Goold Estates, said: “We are delighted to have acquired the site and will shortly be marketing the property to let as a whole or subdivided to provide a new multi-let retail park. I’m confident that the size of the units, together with the large car park, provides a unique opportunity to attract national...

Deals News

Work begins to transform former County Durham car dealership into retail asset

Work has begun to transform a former Vauxhall dealership near Peterlee in County Durham into a multi-unit retail asset. Leeds-based property group Almscliffe-Dhesi Group (ADG) is looking to transform the asset which is located off Passfield Way into a 13,027 sq ft retail development. The scheme is already nearly fully let, with a number of operators already signing up including Sainsbury’s, The Tanning Shop, Cooplands, Domino’s, CVS Vets, and EV charging company EVC. One unit – located between Sainsbury’s and CVS and spanning 1,250 sq ft – remains to let. The development is set to include 68 car parking spaces, including accessible bays and eight electric vehicle charging bays. @retail has been appointed as the scheme’s letting agent.

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Asset manager snaps up East London retail park for £12.3m

Swiss Life Asset Managers has acquired Grove Farm Retail Park in Chadwell Heath, East London from DTZ Investors for £12.3m. The asset comprises a total gross internal area of 47,793 sq ft set across five retail units with 180 parking spaces. Grove Farm Retail Park is fully let with a tenancy roster which includes Lidl, Home Bargains, Iceland, Halfords, and KFC. The scheme has a WAULT of 9.4 years to expiry and 5.8 years to break. The asset generates a gross income totalling £803,828 per annum, with an average rent of £16.38 per sq ft. Lewis Ellis advised Swiss Life Asset Managers, whilst Cushman & Wakefield represented DTZ Investors.

Deals

Elephant Park welcomes trio of independent operators

A trio of independent operators have signed for Lendlease’s mixed-use Elephant Park neighbourhood in South London. Asian street food concept NOKO has signed for a 1,710 sq ft restaurant at Elephant Park’s casual dining zone, Sayer Street. This will become NOKO’s second location – joining a site in Camberwell – and will serve a fusion of Japanese, Chinese, and Korean inspired cuisine. Also joining Elephant Park is Venezuelan all-day eatery Arepa & Co, which will open at the neighbourhood’s lifestyle hub Ash Avenue. Its fifth location in London, the 2,000 sq ft restaurant will serve traditional sweetcorn cachapas, cornbread arepas, and small plates to up to 100 customers, including 25 outside. Meanwhile, independent food market Kiki & Miumiu has launched its upsized store on Walworth Road. The retailer has more than doubled its presence at Elephant Park – where it has already spent two years – to 4,745 sq ft. Guy Thomas, head of retail and place assets at Lendlease, said: “As a thriving, community-focused London neighbourhood, it is important for us to bolster Elephant Park’s blend of independent operators, to the benefit of our local area. NOKO, Arepa & Co, and Kiki and Miumiu were all born out of...

Deals News

Aldi to take former Wilko unit at Fulham Broadway

Aldi is set to open at Fulham Broadway Retail Centre, after taking a 20-year lease for a 12,734 sq ft unit formerly occupied by Wilko. The signing follows a transformative year for the scheme, which saw investment from asset manager CBRE IM and a number of new additions to the centre’s line-up. The supermarket retailer will join other recent arrivals at Fulham Broadway including flexible workspace Fulham Works by Spacemade, and David Lloyd Clubs. Other retailers at the scheme include Accessorize, Nando’s, Vue, Pret a Manger, Starbucks, and Wagamama. Aldi is expected to open later this year. Louisa Butters, head of retail asset management UK at CBRE IM, said: “Aldi is one of the biggest supermarkets in the UK and its new store at Fulham Broadway reflects our strategy to ensure that our proposition is relevant to our consumer needs. We believe Aldi is an excellent addition to our retail mix and we look forward to welcoming them.” GCW represented CBRE IM, whilst Stripe Street acted for Aldi.

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MINISO to open largest UK store in Camden

MINISO is set to open its latest London store in Camden, and its largest yet in the UK. Spanning 4,110 sq ft, the new store on Camden High Street will open on 14 February and become the Chinese lifestyle retailer’s 26th store in the UK. The Camden store will stock a range of homeware, accessories, as well as MINISO’s newly-launched beauty and self-care line. MINISO UK chief operating officer Saad Usman said: “At MINISO, the unveiling of our Camden store signifies a momentous step in our journey, driven by our belief that ‘Life is for Fun.’ “Our store goes beyond the typical retail environment; it stands as a vibrant hub of joy, creativity and all things cute.” In November, MINISO opened a 3,200 sq ft store at 100 Oxford Street on a five-year lease, which became its 23rd nationwide.

Deals

Wagamama unveils plan to open 10 restaurants

Pan-Asian restaurant chain Wagamama has unveiled plans to open 10 restaurants in its first big expansion push since being taken private. Wagamama opened its first new site of 2024 earlier this month at Bentley Bridge in Wolverhampton, as it said that customer demand was growing. The chain – which operates over 170 restaurants across the UK – is also set to open in new locations such as St Enoch’s in Glasgow, Epsom, Doncaster, Chatham, and Watford. In late 2023, The Restaurant Group (TRG) – which owns the Wagamama brand – was taken private following an agreement with asset manager Apollo Global Management in a deal worth £701m. The group had been listed on the London Stock Exchange since 1969. In September, TRG had agreed the sale of its “loss making” leisure business, which includes the Frankie and Benny’s and Chiquito chains, to rival Big Table Group for £1.

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Mediterranean restaurant to open second London site in Fitzrovia

Mediterranean restaurant concept Carmel is set to open its second location in London, after agreeing a 15-year lease for a 95-seat restaurant in Fitzrovia. Located at 7-8 Market Place, the restaurant will comprise over 5,000 sq ft of space and is set to feature an open kitchen, a bar, and ‘The Green Room’, which will seat up to 30 guests in a naturally light space surrounded by greenery. There will also be an outdoor terrace which will accommodate up to 38 guests. Carmel in Fitzrovia will join the brand’s existing location in Queen’s Park, whilst the restaurant’s parent group also operates sister brands Berber & Q and Shawarma Bar in East London and Exmouth Market respectively. Savills advised the landlord, Woven Spaces, on the deal. Josh Leon, director in restaurants and leisure at Savills, said: “Market Place is a fantastic spot just next to Oxford Circus with a critical mass of restaurants and outside seating. Woven Spaces have recently taken ownership of several units on the street and Carmel will be the first step in their exciting plans for the area, with another restaurant becoming available soon.” Adriana Paice Kent, director of Woven Spaces, added: “Woven Spaces are delighted to welcome Carmel...

Deals

Hobbs to open new stores following closures

Hobbs is set to open in a number of new locations, despite the recent closures of some of its stores. The fashion retailer will open seven new stores this year, including in Watford, Canary Wharf, and at the Trafford Centre in Manchester, The Times has reported. This comes despite recent closures in London’s Bloomsbury, Victoria, and Islington. The retailer is also planning to expand its international footprint, with openings lined up in Hong Kong, Cork, Hamburg, and Westchester, New York. TFG London, which owns the Hobbs brand alongside Phase Eight and Whistles, recently recorded a strong financial performance for the year ending 25 March 2023, despite a “challenging economic background”. The group revealed its pre-tax profits had more than doubled to £6.2m during the year, up from £2.97m. Sales also increased by 8.9% year-on-year to £377.7m.

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Green light for further phases at Cardiff’s £100m Howells regeneration

Planning consent for further phases of the £100m redevelopment of Cardiff’s landmark Howells building into a mixed-use destination has been green lit by councillors. Property developer Thackeray Group has been granted permission by Cardiff Council for phases two and three of the development, which include the creation of 61 apartments, the restoration of Bethany Chapel and Sunday School, additional storeys to the Percy Thomas Wharton Street block, and the partial demolition of the centre of the site to create new public realm, linking through to Cardiff Market. Phase one, which already has consent, relates to the former Percy Thomas building at the corner of St Mary Street and Wharton Street. It is set to provide 25,000 sq ft of commercial space which will likely to be let to an office or retail occupier. Thackeray Group is aiming to submit a planning application in the third quarter of this year to create a build-to-rent development above The Hayes and Trinity Street buildings to the east of the site. A further planning application is expected to be submitted in the fourth quarter for a 120-bed hotel and a food and beverage offering on the ground floor at The Walter building fronting St...

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Liverpool ONE welcomes two restaurant operators for city debut