Posts from April 2024

Bar and restaurant chain Coppa Club is set to make its Welsh debut in Cardiff. The operator will open in May in the former David Morgan department store, providing an all-day bar, café and dining venue. The venue – which will be Coppa Club’s 13th nationwide – will be split over two floors, with the ground floor housing its own bar. Upstairs, cocktail bar Atrium will anchor the first floor and will be complemented by a brasserie and two spaces which will be available for private events. A private restaurant and larger dining space are also available. Rebecca Tooth, managing director of Coppa Club, said: “Building on the success of The Bath Townhouse and Guildford Townhouse, we are delighted to be opening our third Townhouse location in one of the most iconic areas of Cardiff. We are fortunate to be opening in a building steeped in history and envision it becoming a real go-to in the city for drinks, dining, and events.” Earlier this year, Coppa Club owner Various Eateries said it was planning to open 13 new sites in its next expansion phase.

Deals

Padel Social Club to serve up new courts and club at Southside

Padel Social Club is set to create six covered padel courts at Southside Shopping Centre in Wandsworth, following approval from councillors. The 30,000 sq ft, two storey venue will be located on the rooftop of the scheme’s car park, and will feature additional amenities such as changing rooms, a wellness area, and an array of food and beverage kiosks. Padel Social Club at Southside Shopping Centre will also feature social spaces such as co-working areas overlooking the courts, open seating within the reception, and an outdoor area with views over Wandsworth. Padel is a fast-paced racket sport that is often described as a mix between tennis and squash. The sport is often played in doubles on an enclosed court, which is roughly one-third of a size of a tennis court. Rebecca Ruddle, centre director at Southside Shopping Centre, said: “We’re excited to be partnering with Padel Social Club to bring the game to Wandsworth. This exciting addition not only revitalises an underutilised space at the centre, but also enhances our bustling leisure offering. We’re confident that this new facility will bring something new and exciting for our community, and create a vibrant space that fosters connections, whilst introducing a sport that...

Deals News

Co-op appoints former Lidl property boss to head up growth

The Co-op has appointed former Lidl regional head of property Rachel Hargreaves as director of property, development, and estates. Her position will focus on ensuring that Co-op is the go-to convenience operator for landowners, developers, and agents. Her work will focus on both freehold and leasehold sites for the retailer’s own operations, as well as locations for its growing franchise business. The role will also involve directing and leading on new initiatives to maximise the Co-op’s existing property portfolio. During her time at Lidl, Hargreaves’ role involved the implementation of its expansion strategy, including the delivery of a five-year plan of acquisitions, construction, and asset and estate management. Rachel Hargreaves said: “I am thrilled to join Co-op at such a key time. Co-op is an iconic British household name that is marking its 180th anniversary, and it is clear that the importance of co-operation in communities across the UK could not be more relevant today. This is an exciting opportunity with Co-op focussed on delivering increased value for its member-owners, and well placed to target additional growth through its core business areas.” Co-op’s group property director, Heather Thomas, added: “With our stores located at the heart of local community life, we are...

News

Loungers hails record year of expansion

Loungers opened 36 new sites during the 2024 financial year, a record for the restaurant and bar operator. These openings comprised 33 Lounges, one Cosy Club, and two sites for the group’s roadside concept Brightside. As of 21 April 2024, the group’s portfolio totalled 257 sites. Loungers also opened a Lounge site post-period end in Ely, Cambridgeshire. Last year, the group said it had identified potential for at least 600 sites across the UK. During the 2024 financial year, Loungers delivered a record revenue of £353.5m, a year-on-year increase of 24.7%. Across the period, like-for-like sales were up by 7.5%. Nick Collins, Loungers CEO, said: “I am delighted with our performance over the year. We have consistently out-performed the sector on a like for like basis whilst having delivered a record 36 new site openings. As ever, it’s our continued focus on menu innovation, value for money and exceptional hospitality that is driving the strength of our performance in both the mature estate and our new openings. “As we start the new financial year we are looking ahead with optimism. Our experience suggests that the UK economy is holding up well and we are well positioned to deliver continued growth.”

News

Savills to advise The Gym Group on expansion as it targets 50 sites in three years

The Gym Group has appointed Savills to advise on its expansion plans, as the operator plans to open 50 new sites over the next three years. Targeting urban areas with dense residential populations, The Gym Group is seeking highly visible locations with easy parking access or within close proximity to transport links. Ideal sites are between 10,000 and 20,000 sq ft over a maximum of two floors. Analysis from PwC found that there is potential within the UK for between 600 and 800 additional gym sites in the low-cost segment. The Gym Group was the first gym operator to measure the social value it generates created through regular exercise. It is also the world’s first fitness operator to have its net-zero targets validated by the Science Based Targets initiative. Andy Hall, joint head of Out of Town Retail at Savills, said: “We are delighted to be working with The Gym Group on their growth strategy. As the only national property consultancy with retail and leisure teams based across the UK, we are excellently positioned to deliver a plethora of exciting opportunities for The Gym Group as it continues to expand its offer and reach to more communities around the UK.” Will...

News Requirements

The Portman Estate signs five new brands to West End portfolio

The Portman Estate has announced that five new brands are set to open within its Marylebone portfolio, including Moco Museum’s first location in the UK. Moco Museum will be joined by Maculara, Zula Burger, WatchHouse Coffee, and Mandy Zhang Art. Opening this summer, Moco Museum will open its third largest location in Europe at The Portman Estate’s flagship One Marble Arch development. Taking 25,000 sq ft of space across three floors, the art museum will look to create a new major cultural destination for London. Meanwhile, independent eyecare specialist Maculara will open a debut store at Regent House, Edgware Road in the summer. Offering a range of premium eyewear and eyecare, the new store will sit adjacent to Townhouse Marble Arch and will look to bolster Edgware Road’s retail and amenity offering. Also opening within The Portman Estate’s portfolio is WatchHouse, which will open its 20th coffee house at 60 Seymour Street this summer. Taking 800 sq ft, the independent coffee house aims to champion sustainability and make use of ethical supply chains. Joining the estate’s food and beverage offering is international restaurant brand Zula Burger, which will make its UK debut at 5 Old Quebec Street. Opening this summer,...

Deals News

Wiltshire’s The Shires to welcome trio of retailers

The Shires in Trowbridge, Wiltshire, is preparing to welcome a trio of new retailers, as an existing tenant commits to expanding at the shopping centre. Health and beauty retailer Bodycare has secured 4,262 sq ft of space on the ground and first floors, whilst charity chain Debra UK has committed to a 1,451 sq ft store. Independent creative business Habersashery will also be opening at the scheme. Bakery chain Greggs will be relocating from its existing store at the scheme, taking 3,886 sq ft and effectively doubling its capacity at the shopping centre. Spanning 125,000 sq ft of enclosed retail space, The Shires was acquired by LCP, part of M Core, in 2023. LCP’s changes have included complementary first-hour parking and the introduction of Microshops bringing space for independent businesses. Other retailers at the scheme include JD Sports, Superdrug, Holland and Barrett, H Samuel, F Hinds, Poundland, and TUI. George Watson, asset manager at LCP, said: “LCP acquired The Shires last year and has already welcomed a range of new businesses to the shopping centre, from Microshops to larger thriving businesses new to the area. We are striving to provide a range of business opportunities that encourage economic growth to...

Deals

NewRiver occupancy rate hits record high

NewRiver recorded an occupancy rate of 98% at the end of March, a record for the real estate investment trust. This continued an upward trend seen in 2023, with the REIT having recorded occupancy rates of 96.7% and 97.7% at the end of March and September last year respectively. This comes as the group releases a trading update for the 2024 financial year, a period during which it completed 785,100 sq ft of leasing deals. Of those, long-term transactions were completed at 3.6% ahead of estimated rental value and 1.8% ahead of previous rent. NewRiver recorded a tenant retention rate of 94% during the 2024 financial year, up from 92% in 2023, with an average rent of £11.82 per sq ft as of March. The REIT has also launched the search for a new capital partner to target UK retail parks, which it said will enable it to generate rental income and asset management fees. NewRiver said that meetings had already commenced in February 2024, with early engagement described as “positive”. Allan Lockhart, NewRiver chief executive, said: “During the fourth quarter, we have seen a continuation of the positive operational momentum that has built over recent years, which is reflective of...

News

Escape room and bar concept to make regional debut at Metrocentre

Escape room and bar concept The Escapologist is set to make its debut in the North East at Gateshead’s Metrocentre. Opening this summer, the concept will occupy a 4,367 sq ft space on the scheme’s Lower Yellow Mall. Joining its existing sites in Leeds and Castleford, The Escapologist will bring a series of themed escape rooms to Metrocentre, with genres such as heists, fantasy, horror, and space. The venue will also have a steampunk-style bar, offering a range of cocktails and mocktails. The Escapologist will complement the existing leisure operators already within Yellow Mall, including Namco Funscape, Clip ‘n Climb, Treetop Golf, and Odeon Cinema, as well as nearby bars and restaurants such as Slim Chickens, Wagamama, and Wingstop. Ben Cox, director at scheme asset manager Sovereign Centros from CBRE, said: “Metrocentre has an evolving leisure offer which is a key strategic focus. As the second biggest shopping centre in the country, we have a great opportunity to make the experience of visiting Metrocentre more compelling by introducing exciting leisure venues alongside the best retail brands. Escape rooms have proven their popularity across the country, so getting a quality operator in The Escapologist will enhance the Yellow Mall leisure offer...

Deals News

Swiss Life offloads Nottingham retail park for £18.65m

Swiss Life Asset Managers has sold a retail warehouse scheme in Nottingham to a private investor for £18.65m. Lady Bay Retail Park occupies a 7.6 acre site and comprises 105,000 sq ft of retail space arranged across 13 units. Key tenants at the freehold scheme include The Range, Hobbycraft, The Food Warehouse, Dreams, Burger King, Subway, and Greggs. The scheme is also supplemented by a 400-space car park. The asset collects a total rent roll of £1,592,829 per annum, representing an average passing rent of £15.09 per sq ft. The £18.65m purchasing price represents a net initial yield of 8%. Font Real Estate advised the purchaser, and has been retained as the scheme’s asset manager. BNP Paribas Real Estate advised Swiss Life Asset Managers.

Deals News

Costa Coffee lays out requirements in nationwide expansion drive

Costa Coffee is targeting drive-through, retail park, high street, and travel locations across the UK as it continues to expand. The coffee shop operator is targeting drive-through sites at out-of-town and edge-of-town roadside locations adjacent to food stores, retail warehousing, and leisure operators. Ideal drive-through sites will be on main arterial routes with a minimum traffic flow of 15,000 vehicles per day. The operator requires leasehold buildings between 1,250 sq ft to 2,200 sq ft in size with dedicated or shared car parking. Building conversions will be considered. Costa is also targeting retail park units between 1,500 sq ft and 2,000 sq ft in size, with external seating and car parking in close proximity. The chain will consider freestanding or in-line units. The operator is seeking in-town units in Scotland, the South West, the Midlands, and in Wales. Costa is looking for units ranging in 1,300 sq ft to 2,000 sq ft on high streets and in shopping centres, universities, hospitals, and leisure spaces. The chain is also expanding its presence within travel locations, such as transport hubs and train stations. Costa is looking for units at least 125 sq ft in size in areas with significant footfall. Standard retail...

News Requirements

Tortilla to “accelerate growth” through franchising

Mexican restaurant chain Tortilla is set to “accelerate growth” through franchising in 2024, as it continues the roll out of its own managed locations. The group said that at least five openings with franchise partners are planned for 2024. An additional three Tortilla-operated sites are also set to open including a restaurant at Manchester Arndale in May. In December, Tortilla said it had secured an “exciting pipeline” of new sites in high-footfall city centre and shopping centre locations. In 2023, Tortilla added six group-operated sites and one franchise site to its restaurant network, taking its total footprint to 87 locations in the UK. This comes as the operator releases its annual results for 2023, a period during which its revenue increased by 14% year-on-year to £65.7m, driven in part by new openings. Like-for-like revenue growth was 3.6%, whilst the operator recorded a pre-tax loss of £1.1m. Since the period end, the chain has also completed its CEO succession with Andy Naylor – formerly Tortilla’s chief financial officer and managing director – taking over from Richard Morris in February. Andy Naylor said: “I am pleased to present my first set of results as chief executive officer. Recent years have seen Tortilla...

News

Bidders race for UK’s largest indoor karting operator

A number of private equity investors have entered a race to acquire TeamSport, the largest indoor karting operator in the UK. Sky News has reported that several firms have submitted initial offers for the company, which is expected to fetch over £150m. Investment bank Harris Williams is overseeing the auction, with private equity firms EMK and Livingbridge reportedly amongst those to have submitted first-round bids. TeamSport – which operates 35 tracks in the UK – is currently owned by former Wagamama owner Duke Street, one of the UK’s largest buyout firms. The go-karting operator also has a number of sites in Germany and the Netherlands. Industry sources told Sky News that the bidders had been attracted by the potential to grow TeamSport to 200 sites across its existing markets alone. London-listed group 3i also showed an interest in acquiring TeamSport, but is no longer involved.

News

FHP appointed at Peak District retail centre