Posts from May 2024

Shaftesbury Capital said it has seen “strong” retail and hospitality leasing demand across its London portfolio so far in 2024. In the period from 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate. Highlights across the REIT’s portfolio include the upsizing of Charlotte Tilbury to a new flagship store following its success of its James Street store. Meanwhile, Seven Dials has welcomed athleisure brand Alo at the entrance of Neal Street, whilst British wellness brand ELEMIS will open its debut London store on Monmouth Street, joining recent openings Odd Muse and Missoma. Footwear brand Axel Arigato is currently fitting out its flagship store on Earlham Street, its second location in Shaftesbury Capital’s portfolio, while Greek boutique hotel ERGON House will open in a newly refurbished heritage listed building, anchoring King Street next year. The REIT has also made a number of additions to its Soho estate, introducing hospitality concepts The Counter and The Little Violet Door to Kingly Street, joining Two Floors. Carnaby Street has welcomed global lifestyle brand PANGAIA for its first UK standalone store, whilst SanHao will be debuting a new restaurant within Chinatown,...

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Two F&B operators arrive at Castle Quarter’s street food space

Norwich’s Castle Quarter is set to welcome two new food and beverage concepts to Castle Social, its ‘market hall’ style street food space. Roast dinner wraps company Giant Yorkie Roast Co and Tex-Mex concept Gringos Nachos Factory are the latest operators to join Castle Social, with both businesses opening their first permanent kitchens. Castle Quarter has continued its reposition towards welcoming social, leisure, and lifestyle operators whilst retaining its core retail tenants. This has seen competitive socialising brands such as Boom Battle Bar and Escape Hunt arrive at the centre. The scheme saw visitor numbers increase by 9% in 2023 compared to the previous year, seven times higher than the increase in Norwich as a whole (+1.2%) and over twice the rates of the East of England region (+3.5%) and the UK (+3.1%). Footfall, dwell time, and car park usage increased in every month in 2023 year-on-year, and at least 75% of occupiers saw higher trading figures compared to 2022. Will Ashdown, asset manager at RivingtonHark, said: “Castle Social provides a unique space in Norwich, both for visitors to enjoy and street food operators to try out new concepts, something that is strengthened by the arrival of Giant Yorkie Roast...

Deals News

M&S has appetite for new food stores

Marks & Spencer expects to open nine new food stores this year, as the retailer records a strong year of financial performance. The retailer also said it plans to accelerate investment into its store renewal programme, as it expects to complete around 25 schemes. This comes as M&S releases its final results for the 2023/24 Financial Year, a period during which the retailer opened six new food halls as part of its full-line store rotation programme, as well as eight standalone food stores. Eight food stores were also renewed, bringing the total amount of renewed stores to 104. M&S said stores that were renewed in 2022/23 saw sales increase by a further 14% last year, with healthy customer metrics for both frequency and basket size. During the last financial year, which covered the 52 weeks ending 30 March 2024, M&S recorded a pre-tax profit of £716.4m, up from £453.3m in 2022/23. Statutory pre-tax profit was £672.5m, up from £475.7m the previous year. Stuart Machin, M&S chief executive, said the retailer was at “the beginnings of a new M&S”. “Investment in store rotation and the end-to-end supply chain is beginning to pay off. New stores and renewals are performing ahead of...

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Potential buyers circle Capital & Regional

Two potential buyers have expressed an interest in acquiring asset manager and real estate investment trust (REIT) Capital & Regional. The shopping centre specialist said it had received a proposal from the Johannesburg-based Vukile Property Fund regarding a possible cash and share offer for its entire issued share capital. In addition to the Vukile proposal, Capital & Regional said it was aware that its majority shareholder, Growthpoint – which holds 68.13% of its issued share capital – had received a preliminary expression of interest from NewRiver for a full acquisition of Capital & Regional. However, Capital & Regional confirmed that – as of Thursday morning – it had received no offer proposal from NewRiver. It added that there can be no certainty that any firm offer will be made, nor as to the terms of any such offer. Under the code of the London Stock Exchange, both Vukile and NewRiver must declare whether they intend to make an offer for Capital & Regional by 20 June. In March, the REIT’s chief executive praised a “positive year of progress” in 2023.

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Shaftesbury Capital kick-starts Kung Fu Burger concept in London’s Chinatown

Shaftesbury Capital and restauranteur Alex Wu have partnered for the fourth time in Chinatown London, with the signing of Chinese burger concept Kung Fu Burger. Inspired by the street food phenomenon sweeping the East and South East Asia regions, Kung Fu Burger’a 100 sq ft kiosk at 104 Shaftesbury Avenue will serve a range of burgers with a variety of fillings including shredded pork belly, chicken, and vegetables. The new opening follows on the success of Alex Xu’s other ventures in Chinatown London, with hand-pulled noodle restaurant Kung Fu Noodle, bubble tea brand Happy Lemon, and Taiwanese dessert parlour Meet Fresh – which will neighbour Kung Fu Burger – all calling the destination home. Alex Xu, founder of Kung Fu Burger, said: “Chinatown London has proven time and time again to be the perfect location in the capital to launch a concept inspired by the ESEA region, and I have seen the destination evolve over the years into a cultural hub reflective of the Far East. Kung Fu Burger brings the Chinese inspired burger trend to London, and given the ongoing success of Happy Lemon, Meet Fresh, and Kung Fu Noodle, I have great confidence in this latest operation within...

Deals

Wimbledon Quarter appoints P-THREE to leasing team

P-THREE has been appointed by Romulus as joint leasing agent at Wimbledon Quarter, working alongside Cushman & Wakefield. The leasing and consultancy agency has been appointed to continue the scheme’s transformation into a mixed-use hub for retail, leisure, eating, drinking, and soon-to-open office spaces. Under Romulus’ ownership, Wimbledon Quarter has undergone a number of changes, including the creation of a retractable roof and new public square, the addition of office uses, the opening of one of the largest luxury gyms in London, and the beginning of development works for a new restaurant cluster. Thomas Rose, co-founder of P-THREE, said: “We offer an integrated retail and F&B leasing team to our clients and Wimbledon Quarter is a great example of this. We are joining the project at a stage where the new offices and leisure facilities are launching and we are now tasked with bringing incredible retail and restaurant brands to exploit the potential of the amazing catchment”. Alex Woolf, director of Romulus, added: “We were impressed with P-THREE’s creative thinking and passion for leasing; a combination of skillsets which fits well for our vision for Wimbledon Quarter. We are all about delivering tangible results and we are delighted to have...

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Michelin-starred chef to head up new King’s Road concept

The Sloane Stanley Estate is set to welcome a new restaurant concept headed-up by Michelin-starred chef Chris Denney. Opening this summer, gastronomic concept Fantomas will take a 2,000 sq ft unit on Chelsea’s King’s Road, providing space for 80 covers. The concept, led by George Bukhov-Weinstein and Ilya Demichev, will serve a modern European cuisine incorporating elements of Asian flavours, particularly Japanese. Bukhov-Weinstein and Demichev have worked together on a number of successful restaurants such as Wild Tavern, Beast, Belvedere, and most recently Lita Bistro. Fantomas will join other restaurant concepts within The Sloane Stanley Estate such as the recently-opened Josephine by Claude Bosi on Fulham Road, as well as Beaufort House and Bluebird on King’s Road. Hannah Grievson, property director at Sloane Stanley, said: “The community of Chelsea goes hand-in-hand with high-quality, premium concepts that are distinctive, attractive, and consistent. Fantomas will no doubt deliver all three, adding yet another exceptional concept to our estate as we continue to enrich and grow our F&B offer, complementing the recent opening of restaurants such as Josephine and the upcoming arrival of Dez Amore.” This latest announcement follows the news that beauty and wellness retailer Margaret Dabbs has selected the King’s Road...

Deals

The Whiteley 80% pre-let following four new signings

The Whiteley has signed leases with four new commercial tenants, bringing the landmark development of the former London department store to 80% pre-let. Chinese contemporary art gallery 3812 Gallery, which has locations in Hong Kong and London, is set to open in a 2,800 sq ft unit, relocating from its existing location at St James’. Also signing for The Whiteley is delicatessen Melrose and Morgan, which will take a 3,500 sq ft space. Already operating at Primrose Hill and Hampstead Village, the brand’s new location at The Whiteley will become its flagship store. Meanwhile, Turkish restaurant brand Cleo will make its London debut, opening an all-day brasserie within a 1,600 sq ft unit at The Whiteley. Located on the corner of the building’s restored historic dome, the restaurant will overlook the central courtyard, making use of the high ceilings and natural light. Finally, boutique café Yuum will take a 1,000 sq ft unit, offering a selection of mochi, Japanese matcha and yuzu, Brazilian açai, and coffee. Led by development manager Finchatton and joint investment partners MARK and C C Land, The Whiteley is undergoing a £1.2bn transformation into a residential, retail, and hospitality destination. The new signings mean the development...

Deals News

Swarovski to make Scottish outlet debut at Caledonia Park

Luxury jewellery brand Swarovski is set to make its Scottish outlet debut at Caledonia Park, Gretna. Spanning 1,000 sq ft, the Swarovski boutique is set to open this summer and will offer a range of jewellery, complemented by a watch line and phone accessories. The store will showcase the brand’s latest outlet concept, featuring a blend of metallic finishes in the brand’s signature shade of blue. Swarovski will become the first standalone jewellery store at Caledonia Park, joining other Scottish outlet debutants such as Rituals, Hobbs, and Kate Spade New York. Maria Averkina, asset and development manager at scheme owner Railpen, said: “Swarovski is a brilliant addition to Caledonia Park, marking yet another Scottish outlet debut for the scheme. The retailer continues to build on our vision of creating a portfolio of key aspirational brands and delivers a premium jewellery offer for customers in a sophisticated store environment.” The news follows the opening of the newly-refitted BOSS store at Caledonia Park, which opened at the end of March. Johnstone Property Consultants and Time Retail Partners acted for Caledonia Park on the Swarovski deal.

Deals News

Itaewon opens Norwich’s first Korean supermarket at Castle Quarter

The first dedicated Korean supermarket in Norwich has opened at Castle Quarter. Itaewon has signed a ten-year lease for a 1,664 sq ft unit, as it looks to cater to the increasing amounts of Korean students attending the city’s two universities. The opening represents an increasingly diversifying tenant mix at the Norwich scheme, which has seen a shift in strategy pivot Castle Quarter towards more social, leisure, and lifestyle operators. Notable additions to the centre include Boom Battle Bar, Putt Putt Noodle, and Escape Hunt, as well as the ‘market hall’ style concept Castle Social. Will Ashdown, asset manager at RivingtonHark, said: “The arrival of Itaewon, the first dedicated Korean supermarket in Norwich, is a real sign of the diversity of occupier we have sought to bring to Castle Quarter, and will serve a growing demand in the community. Food retail is a key part of the overall offer of any city centre location, and Itaewon’s opening further strengthens Castle Quarter’s position as Norwich’s leading destination, something that is reflected in the recent trading success of the scheme.” Roche and Jamieson Mills are the retained agents on Castle Quarter.

Deals

Mango continues UK expansion with Angel Central opening

European fashion brand Mango has continued its UK expansion with the opening of a new store at Angel Central in Islington. Taking 3,200 sq ft on the scheme’s ground floor, the store will stock a range of womenswear. It will also deliver the retailer’s New Med concept, which takes inspiration from Mango’s Mediterranean origins. The new store features sustainable elements such as eco-efficient lighting, heating and ventilation, and incorporates materials such as natural paint. Ciara Daffy, asset manager at scheme owner CBRE Investment Management, said: “Mango brings a seamless omnichannel experience to the community of Islington and delivers a quality offer, enhancing the retail mix alongside an array of complementary brands. As we continue to witness strong performance at the centre, Mango will only add to this momentum and we are delighted to add yet another firm favourite to our tenant portfolio.” Mango dealt direct, whilst CBRE and Colliers act for Angel Central.

Deals

EL&N to debut deli concept at Covent Garden

Café and lifestyle brand EL&N is set to debut its new deli concept at Shaftesbury Capital’s Covent Garden estate. Opening in the heritage-listed Market Building in July, The EL&N Deli & Bakery will span 650 sq ft and be supplemented by a 54-space al fresco dining area. Since opening in 2017, the EL&N brand now operates from over 35 locations internationally, and has been dubbed by some as the ‘most Instagrammable café in the world’ due to its unique visual store designs. The brand’s new location will offer its core menu of brunch items alongside a new range of bakery products such as focaccias and pastries. EL&N will be joined at Covent Garden by JENKI, which is set to open its third matcha bar at 50A Long Acre this summer. Covent Garden has also recently welcomed two new food and beverage concepts, with Argentinian grab-and-go concept Empanada Circle having opened on 3 New Row, whilst Mexican churro specialist Aguamiel opened London’s first churreria at 24 Wellington Street. Alexandra Miller, founder at EL&N London, said: “Covent Garden is an iconic London destination that EL&N has always wanted to expand into, so introducing our brand-new concept there was a natural evolution for...

Deals News

Hammerson welcomes Zambrero to Bullring in portfolio first

Mexican-inspired quick-service restaurant brand Zambrero has opened at Birmingham’s Bullring & Grand Central in what is a portfolio-first for scheme owner Hammerson. Taking 580 sq ft on Bullring’s middle level, the Australian-born operator’s restaurant offers a range of Mexican classics such as burritos, bowls, tacos, and nachos. The arrival of Zambrero follows a number of high-profile retail, leisure, and food and beverage additions to Bullring & Grand Central. Recent signings include EL&N Café, as well as Pop Street which will open a street food concept later this year. These restaurant openings are set to complement the scheme’s existing entertainment options such as Sandbox VR and TOCA Social, with the latter set to open this summer alongside high-profile retailers such as Zara – which will upsize its store to 51,000 sq ft. Toby Tait, director of asset management at Hammerson, said: “The opening of Zambrero reaffirms our strategic focus to target new and exciting brands, concepts and entertainment. In turn, attracting and exciting new audiences and engaging our visitors. We are excited to be introducing a brand which has a strong social value ethos and which is an important consideration amongst our customers and communities.

Deals News

TUI takes off at The Springs Leeds

Global travel and leisure company TUI is set to open a new store at The Springs retail and leisure centre at Thorpe Park Leeds. TUI has agreed a five-year lease with Scarborough Group International (SGI), which owns and operates The Springs, for an 850 sq ft unit adjacent to EE, Pret a Manger, and Krispy Kréme. The store will offer advice on booking holidays as well as provide a travel money exchange and insurance services. This comes following a number of lettings at The Springs in recent times, with Starbucks opening a few months ago. Meanwhile, the likes of Hotel Chocolat, Pret A Manger, and Loungers have taken occupation in the last 12 months. Rachel Vickers, senior commercial manager at SGI, said: “We are delighted to welcome TUI to The Springs Leeds as a perfect addition to our mixed offering. The Springs is an extremely popular destination and, since the opening of the East Leeds Orbital Link Road, our visitor numbers have increased by around 30% month-on-month. This is largely as a result of Thorpe Park’s established business community of over 7,500 people, together with a high volume of passing trade, as well as the significant East Leeds residential community...

Deals

Gordon Ramsay’s Bread Street Kitchen to open at Lendlease’s Stratford Cross

Lendlease has confirmed that Gordon Ramsay Restaurants has signed for Stratford Cross’ Pavilion Building. The 10,000 sq ft space will be a sixth opening in London for the celebrity chef’s Bread Street Kitchen and Bar concept. Opening in June, the restaurant will span all three floors of Stratford Cross’ Pavilion and feature additional areas for private dining and events. A 3,000 sq ft rooftop bar will offer al fresco dining with views across Queen Elizabeth Olympic Park and East Bank cultural quarter. The venue’s ground floor will also feature a café and an outdoor terrace with space for 30 diners. Gordon Ramsay Restaurant’s arrival adds to the collection of food and beverage options at Stratford Cross, formerly known as International Quarter London. Guy Thomas, head of retail and place assets at Lendlease, said: “The Pavilion is the landmark building for Stratford, in the heart of a neighbourhood that has fast become a cultural and creative hub for London. We knew how important it would be to enliven such an iconic building, and secured Gordon Ramsey following a surrender of the former D&D lease. With the Everyman Cinema joining later this year, and the Turing Building launching in the coming months,...

Deals

Family office snaps up Oxford Street retail asset

Aspida Capital, a family office specialising in investment and asset management, has completed the acquisition of 105-109 Oxford Street in London for £18.5m in partnership with another family office. The property is let to retail tenants Flying Tiger and Harmony on long-term leases, and produces a passing rent of £1,075,000 per annum. Both tenants had their rents rebased and leases extended during the Covid pandemic, however the property still provides early lease events and asset management opportunities. There is also a planned review for a minimum rent increase in 2025 to £1.25m, which is likely to be higher based on rental tone. The previous owner of the property, Thor Equities, acquired the building in in 2015 for £42m. At that time, the asset had a combined income of £1,127,580 per annum. By 2019, the property had an estimated rental value of £1,638,700, with a market value of over £50m. Antony Antoniou, managing director of Aspida Capital, said: “Oxford Street is reclaiming its crown as the UK’s top retail destination. What started with the Elizabeth Line drawing increased footfall is now being cemented with the £1bn investment in the flagship retail stores for international brands. This acquisition represents a very attractive...

Deals

Norges acquires British Land’s 50% Meadowhall stake

The investment arm of Norges, the central bank of Norway, has acquired British Land’s 50% stake in the Meadowhall shopping centre in Sheffield for £360m. The deal means Norges Bank Investment Management controls 100% of the scheme, and follows the sale of some ancillary land by its joint venture with British Land for £7m earlier this year. Combined, the two transaction value Meadowhall at £734m, 3% above September 2023’s book value. British Land said the sale is in line with its strategy to focus on retail parks and reduce its exposure to covered shopping centres, and that the proceeds will be used for general corporate purposes including reinvestment into retail parks. Under the terms of the transaction, British Land will remain as asset manager of Meadowhall. Simon Carter, chief executive of British Land, said: “We have had a successful partnership with Norges over many years and are delighted to continue to work alongside them as asset managers of the centre. Following the sale of Meadowhall, 93% of our portfolio is now in our preferred segments of retail parks, campuses and London urban logistics. We will continue to grow our retail park portfolio; with low capex requirements parks offer attractive cash...

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Redical appoints new leasing team to The Liberty Romford