Posts from May 2024

A retail, leisure, and office development in Bramhall, Greater Manchester, has been placed on the market with a price tag of £8.79m – representing a net initial yield of 7.75%. Village Square comprises of 55,900 sq ft of predominantly retail accommodation with leisure and office space arranged over the first floor. The centre is arranged across three separate blocks around a central square, which contains a children’s play area and outdoor seating. The asset – which generates an income of £726,725 per annum – is 99% occupied and benefits from a mixture of local, regional, and national operators with anchor tenants including Boots and Trek Cycles. The freehold scheme, which sits on a two-acre site, is also supplemented by 75 ground level level car parking spaces. Bramhall is an affluent commuter village in Stockport, located approximately 10 miles south of Manchester. Bramhall Train Station provides a regular service into Manchester Piccadilly and direct connections to London Euston via Stockport Mainline Train Station. Other retailers in close proximity to the asset include Sainsbury’s, Tesco Express, Costa, and Superdrug. Wain Estates, which owns Village Square, has appointed CBRE to find a suitable buyer.

News

Revolution Bars seeks to exit leases and reduce rents in restructuring plan

Revolution Bars has launched a restructuring plan which could see it exit leases reduce rents at certain venues. The group – which operates the Revolution, Revolucion de Cuba, and Peach Pubs brands – said the plan includes amending and extending the its secured lending facilities, exiting the leases of certain loss-making sites, and proposing rent reductions on certain sites to enable them to sustainably return to profitability. The hospitality operator said its board believes the restructuring plan is in the best interest of all stakeholders. This comes as Revolution Bars concludes its formal sales process, which it said did not result in any proposals being made in relation to the acquisition of the company’s entire share capital. However, Revolution Bars said its mergers and acquisitions process – which saw the company receive proposals for the acquisition of some of its subsidiaries – will progress if the fundraising is unsuccessful, and the restructuring plan is no longer capable of being progressed. Earlier this week, hospitality company Nightcap announced it had pulled out of a potential bid for Revolution Bars. The group had submitted a proposal earlier this month which it said presented “an improved outcome for Revolution Bars’ shareholders”.

News

JD Sports targets 200 new stores this year

JD Sports is planning to open 200 new stores globally this financial year, despite recording a drop in profits. During the last financial year, the sportswear retailer opened 249 stores, closed 248, and disposed of 74 across all its fascias globally, bringing its total store estate to 3,317 stores. In the UK and Republic of Ireland, JD Sports opened 21 new stores and closed 13, growing its store portfolio by a net eight stores. This included the relocation and upsizing of its Birmingham Bullring store, as well as new stores in Coventry and Bedford. After the period end – at which the retailer operated 454 stores – JD Sports also opened a flagship store at Westfield Stratford. The group also expanded its JD Gyms estate, opening in eight locations during the period. JD now operates 85 gyms in its principal UK market. This comes as the group releases its results for the 2024 Financial Year, during which its revenue increased by 2.7% to £10.4 billion. However, growth was impacted negatively by a number of disposals made during the period, which comprised the 52-week period ending 27 January. However, tax before profit and adjusting items fell by 8% to £912.4m, which JD...

News

Savills appointed as Burlington Arcade leasing agent

Savills has been appointed by Tulliallan Burlington as the sole leasing agent on Mayfair’s Burlington Arcade luxury shopping destination. Dubbed the ‘Jewel of Mayfair’, Burlington Arcade is the world’s oldest luxury shopping emporium and welcomes 4.5 million visitors every year. The stores, or ‘houses’, are home to luxury fashion retailers, perfumeries, fine jewellers, leather goods retailers, and artistic hubs. Burlington Arcade is host to flagship stores from the likes of Begg X Co, Globe-Trotter, N.Peal, Manolo Blahnik, Vilebrequin, and the world’s only OMEGA Vintage Boutique. Richard Scott, director in Central London retail at Savills, said: “We are pleased to announce our appointment as the leasing agent for Burlington Arcade. London is a luxury powerhouse, and Mayfair is a lucrative market for premium brands looking to make the most of a concentration of wealthy residents in an affluent London neighbourhood, a trend that we have seen pick up pace following the pandemic and its confinement of domestic luxury spend. We can bring our Prime Global Retail network in the luxury world to this instruction, and look forward to working on the historic Arcade, home to some of the most esteemed brands.”

News

Asda to invest £50m into upgrading stores

Asda has unveiled plans to invest £50m into a store upgrade programme, designed to improve the shopping experience for customers in its larger stores. The programme – which begins at the Long Eaton store in Nottingham – will run across 170 stores in total and is expected to conclude in November. Under the programme, 50 of Asda’s larger stores will receive major upgrades, including the introduction of new in-store services and features. These will include a new George clothing department in some stores, new foyers, new seasonal aisles, new food-to-go services, new counters, and new flooring and lighting. The remaining locations will receive a refreshed exterior and interior decoration to introduce Asda’s new brand identity. They will also receive new trolley bays, signage, toilet facilities, and exterior landscaping work. Ian Brackenbury, senior director of construction and implementation at Asda, said: “We are always looking at ways in which we can improve the overall experience for our customers and this programme is one of the many ways we are actively doing that. “Starting with our supermarkets and superstores, this significant investment allows us to upgrade our stores by launching new and exciting services, whilst making significant improvements to the existing components of...

News

Rival group rules out bid for embattled Revolution Bars

Hospitality company Nightcap has pulled out of a potential bid for embattled nightlife chain Revolution Bars. This comes after Revolution Bars announced earlier this week that it had rejected a non-binding proposal from Nightcap – which operates brands such as The Cocktail Club and The Adventure Bar Group – for a share-for-share offer. Nightcap had submitted the proposal earlier this month, which it said presented ‘an improved outcome for Revolution Bars’ shareholders and a significantly de-leveraged position for its creditors’. The group said it believes that the offer, had it been implemented, would have seen Revolution’s £12.5m fundraising, announced in April, replaced by a merger of the two businesses. Nightcap said this would allow Revolution Bars’ shareholders to suffer less dilution and achieve more value from their investment. It would also have included a fundraising and the implementation of a restructuring plan already set out by Revolution, to be followed by a combination of the two businesses and the sale of Revolution Bars Group’s Peach Pubs brand. Nightcap said it respects that the board of Revolution Bars wishes to pursue a different outcome, and as a result confirmed that it does not intend to make an offer for the group....

News

Michelin-starred Japanese concept to make UK debut in Soho

Kanpai Classic, which has served Japanese yakiniku across China and Taiwan for nearly two decades, is set to make its UK fine dining debut in Soho. The 86-cover restaurant – which is set to soft-launch in mid-July – will span 4,317 sq ft across two floors. Yakiniku is a culinary method which involves cooking bite-size meat over a charcoal flame. The Kanpai Group – which operates nine restaurants across China and Taiwan – launched its yakiniku concept in Taipei in 2005. In 2016, the group’s Shanghai Bund Store restaurant became the first Japanese yakiniku restaurant to win a Michelin star. The restaurant will be headed up by executive chef Nicolo Bolognesi, formerly of Nobu Hotel Portman Square, whilst the drinks list will be spearheaded by the award-winning Masuizumi Brewery. Nick Weir, joint managing partner at Shelley Sandzer, which acted on behalf of Kanpai, said: “Kanpai will be a fantastic addition to Wardour Street, bringing an exciting and distinctive offer to Soho’s bustling community of tourists, locals, and office workers. A tried and tested concept that has experienced huge success across Taiwan and China, and we are proud to have assisted Kanpai in its European debut, the latest in a long...

Deals

LondonMetric offloads £31m of retail assets

LondonMetric Property has completed the sale of seven retail properties in separate transactions for £31.3m. The sales include £18.3m of ‘non-core’ former LXi REIT assets, following the £6.2bn merger between the two businesses earlier this year. The sales comprised: LondonMetric said the sales reflected a blended net initial yield of 7.0% and a 3% profit over prevailing book values. Separately, LondonMetric has also acquired six urban warehouse assets for £45m. Andrew Jones, chief executive of LondonMetric, said: “We are delighted to have exited these non-core assets and reinvested the proceeds into much higher quality assets, which offer superior rental growth potential. “We are continually looking to upgrade the quality of our portfolio and exit lower growth assets outside of our core sectors or those that do not meet our return criteria. As such, we expect to announce further disposals shortly.”

News

Carhartt selects Soho for London flagship

Carhartt WIP, the lifestyle and apparel branch of the classic workwear brand, has signed for a new flagship store in Shaftesbury Capital’s Soho neighbourhood. The 4,000 sq ft store at 33-35 Brewer Street will stock the brand’s seasonal men and women’s collections, as well as gadgets, accessories, and collaborative projects. Carhartt Soho will launch later this summer, with the brand upsizing from its current store on Brewer Street into a larger unit with Shaftesbury Capital’s portfolio. The retailer will sit alongside complimentary retailers within Soho including A.P.C., Axel Arigato, END, and Paul Smith, and becomes the latest flagship site at the leading West End destination, following the likes of Wolf & Badger and PANGAIA. The signing comes amid further renewal from existing tenants at the neighbourhood. Levi’s is undertaking a refurbishment of its store at 51 Carnaby Street; Astrid & Miyu will soon upsize into a new space on Foubert’s Place; and Scotch and Soda is returning to Carnaby Street, for what will be one of only two UK stores for the fashion brand. Michelle McGrath, executive director at Shaftesbury Capital, said: “Soho is synonymous with creativity, authenticity, and cutting-edge fashion, so to have a leading brand such as Carhartt...

Deals News

Pets at Home targeting 40 new openings

Pets at Home has said it is targeting between 35 and 40 new openings over the medium term, whilst also continuing investment into its existing estate. The pet care retailer said it would be continuing to open new centres in attractive, particularly urban, catchments. Pets at Home also said its rent reduction programme is progressing well, achieving an average reduction of 20% at property leases where it has actively sought to reduce rent. The retailer said it expects to completed 40 lease renegotiations by the end of the current financial year. This comes as Pets at Home releases its preliminary results for the 2024 financial year, a period during which it opened 5 new stores and completed 41 refits. During the 52-week period ending 28 March 2024, the retailer recorded a consumer revenue figure of £1.9bn, a year-on-year increase of 6.9%. Underlying pre-tax profit saw a year-on-year fall of 3.2% to £132m, which Pets at Home said was in part due to a £12.4m year-on-year increase in non-underlying costs. Lyssa McGowan, Pets at Home chief executive officer, said: “FY24 has been a pivotal year for the business, having delivered some key building blocks of our platform for long term growth....

News

Asda opens 11,000 sq ft store in Greater Manchester

Asda has opened the doors to an 11,000 sq ft store in Hale Barns, Greater Manchester, representing one of its largest openings in recent years. The new store represents the latest in a series of investments Asda has made to grow its store estate as part of a long-term strategy to become the UK’s second-largest supermarket. Asda said it had made a seven-figure investment to acquire the lease and refit the store. The store will feature a bakery and a grab-and-go takeaway, and will be the first in Asda’s portfolio to feature an ‘Extra Special’ deli counter. The supermarket is also supplemented by a car park with over 160 car parking spaces. The opening follows the recent expansion of Asda’s convenience estate, which has seen the retailer reach over 1,000 UK stores for the first time in its 59-year history, following the conversion of all 470 convenience stores it had acquired from EG Group and the Co-op in the last two years to Asda Express.

Deals

South African fund pulls plug on Capital & Regional takeover

A South African property fund has pulled out of a potential bidding war to acquire asset manager and real estate investment trust (REIT) Capital & Regional. Johannesburg-based Vukile Fund said said that it had been unable to reach an agreement with Growthpoint – which controls around 68.1% of Capital & Regional’s share capital – as to the terms and structure of any possible offer. It has therefore confirmed that it does not intend to make an offer. This comes after Capital & Regional said last week that it had received a proposal from Vukile regarding an offer for its entire issued and to be issued share capital. At the time, fellow REIT NewRiver emerged as another party interested in an acquisition of Capital & Regional. NewRiver has since confirmed that it had made a proposal to Growthpoint regarding a possible offer for Capital & Regional, stating that an acquisition would be “significantly accretive” to its earnings. However, NewRiver said there can be no certainty that any offer will be made, nor as to the terms of any such offer.

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M&S to invest £30m into London estate

Marks & Spencer has announced plans to invest £30m in its London estate over the next year. The retailer said it will refresh 12 of its existing shops in the capital, whilst also opening new food hall stores in Sidcup and Friern Barnet. The Sidcup store will span 7,200 sq ft and is expected to open shortly, whilst the 18,000 sq ft Friern Barnet store is set to open in August. Other stores identified as part of the retailer’s modernisation programme include shops in Teddington, Blackheath, Islington and Chancery Lane. The refreshed stores are set to host larger in-store bakeries, as well as flower and wine shops. The stores will also offer click-and-collect services. Sasha Berendji, operations director at M&S, said: “We cannot wait to bring the magic of M&S to more customers across the capital. Expanding our presence in London is a key part of our growth strategy – our market share in food is higher here than any region in England and there is plenty of untapped potential.” This comes off the back of a strong showing in the retailer’s annual results, with chief executive Stuart Machin hailing “the beginnings of a new M&S”. M&S said stores that...

News

L’ETO opens at Covent Garden’s The Yards

International restaurant and café brand L’ETO has opened the doors to its latest location within The Yards, Covent Garden. Spanning 3,500 sq ft, the new location at 138 Long Acre is situated between Buns From Home and Aqua Restaurant Group’s latest venue, Luci. L’ETO at The Yards will offer a menu featuring cakes, pastries, breakfasts, main courses for lunch, and a range of cocktails. The operator becomes The Yard’s latest addition to its range of F&B concepts, contributing to its day-to-night offer. On behalf of Longmartin Properties, a joint venture between Shaftesbury Capital and the Mercers’ Company, Abi Labbett, asset manager at CBRE, said: “The launch of L’ETO marks yet another key addition to The Yards portfolio of the very best in F&B, joining the destination’s line-up of global concepts including Dishoom, Lahpet and Gura Gura. L’ETO’s picturesque design and creative menu is a seamless fit for The Yards’ vibrant community and further strengthens its position as a leading day-to-night dining destination in the heart of Covent Garden.” Hanover Green acted for The Yards, whilst L’ETO was represented by Ludgate Commercial.

Deals News

The City’s Royal Exchange nearly fully let following new arrivals

The Royal Exchange in the City of London has now reached 96% occupancy following the arrival of four new tenants at the scheme. Skincare specialist Dr David Jack has taken a 10-year lease for a new store and clinic fronting onto Threadneedle Street, which is set to open this summer. Meanwhile, Rosslyn Coffee has signed a 15-year lease for the neighbouring unit. Also set to open at The Royal Exchange is luxury footwear brand Horatio, which will make its bricks-and-mortar debut on Cornhill, as well as bespoke tailor Sartoria dei Duchi, which will relocate from Jermyn Street to the remaining internal retail unit. The new signings complement recent long-term commitments at The Royal Exchange from the likes of Tiffany & Co., Bremont, Omega, Montblanc, and Hermès. Former D&D CEO Des Gunewardena will also soon open his Engel and Jang restaurant, bar, and event space concept within The Royal Exchange’s mezzanine area. Andrew Hilston, managing director of The Ardent Companies UK, which acquired the retail element of the scheme in 2022, said: “It’s great to welcome these four new arrivals, and particularly exciting to see The Royal Exchange approach full occupancy as a result. With its range of luxury retailers, new...

Deals News

Mango signs for Norwich’s Chantry Place

Mango is set to open a new store on the upper ground floor of Norwich’s Chantry Place. The 4,300 sq ft space will stock the fashion retailer’s range of womenswear, and feature the brand’s ‘New Med’ store concept, taking inspiration from Mango’s Mediterranean origins. The store will feature elements such as eco-friendly lighting, heating, and ventilation, as well as natural paint. Daniel López, director of expansion and franchising at Mango, said the UK is one of the brand’s “priority markets” for international growth. Real estate asset and investment manager Catella APAM completed the deal on behalf of its client, Greater Manchester Pension Fund. Nathan Reidy, associate director of Catella APAM, said: “The agreed letting to Mango underlines the appeal of both Chantry Place and the city of Norwich as key locations for leading fashion brands. We believe they will have a strong synergy with our customers.” The deal marks a continuation of Mango’s expansion, with the retailer opening the doors to a new store at Angel Central in Islington last week.

Deals

The Mall Luton secures raft of new lettings

The Mall in Luton is welcoming a number of new tenants, with Popeyes, BIM’S, Change Group, and Utilita all taking space at the Frasers Group-owned scheme. Fried chicken restaurant Popeyes, which has let 3,300 sq ft of space at the scheme, opened last week. Meanwhile, burger specialist BIM’S has taken 4,100 sq ft. The Change Group, a retail foreign exchange and bureau de change company, has taken 1,300 sq ft whilst Utilita, an energy and gas supplier, has let 1,400 sq ft. Poppy Radford, associate director of scheme asset manager Sovereign Centros from CBRE, said: “This is an exciting step forward for The Mall in Luton, with a spree of national brands secured for the four retail units. The arrival of these four retailers to the centre will cement its popularity and widen its offering, and we expect these brands and services will be well received by the local community.” The Mall Luton was acquired by Frasers Group last year for £58m from Capital & Regional.

Deals News

Søstrene Grene makes Hampshire debut at Festival Place