Posts from May 2024

B&M is set to open at Manchester Arndale, taking residency in high street rival Wilko’s former unit at the scheme. The discount retailer has signed a five-year lease for the 30,000 sq ft unit, which is set to open later this year at the Manchester scheme. The store will offer a range of products including home goods, groceries, electronics, as well as seasonal items. The arrival of B&M at Manchester Arndale follows a flurry of leasing activity at the scheme over the last few months, including retail lettings to Space NK, Dune, Moss, The North Face, and Sunglass Hut. Black Sheep Coffee, Krispy Kreme, and Lazy Sundae are also amongst recent additions. M&G Real Estate and Global Mutual act as joint asset managers of Manchester Arndale, whilst Metis Real Estate and Time Retail Partners are the centre’s retained letting agents, with Green & Partners retained as lease advisory agents. Steve Gray, head of European retail asset management at Global Mutual, said: “We’re delighted to welcome such a strong household name like B&M to Manchester Arndale. We place great importance in having a truly mixed offer and its fantastic to be able to bring in a retailer that offers a wide...

Deals

Odeon to anchor £60m Queensgate Leisure extension

Odeon has been selected to anchor Queensgate Peterborough’s £60m leisure extension, with the operator set to open an eight-screen cinema later this year. Set to span 27,500 sq ft on Queensgate’s third floor, the complex represents a regional debut for Odeon as it opens its first cinema in Cambridgeshire. The cinema will look to deliver a fully immersive experience, offering IMAX screens, Dolby audio technology, and over 600 luxury seats. Odeon will join indoor mini golf brand Puttstars within the brand-new leisure extension, and will also sit alongside a number of retail and food and beverage brands such as H&M, Primark, Office, Tap & Tandoor, and Turtle Bay. Ed Ginn, director of investment management at scheme owner Invesco Real Estate, said: “The purpose of our new leisure extension has always been to deliver a complete experience for the community of Peterborough, and ODEON Cinemas will be a fantastic component of the space. We have invested a significant amount in ensuring this extension meets visitor expectations and enhances the overall visit to Queensgate, and this new anchor will help drive that day-to-night offer and reinforce the destination’s appeal as a top UK shopping centre.” This announcement follows the news that Frasers...

News

Superdrug to open 25 new stores in 2024

Superdrug is set to open 25 new stores in 2024, as the health and beauty retailer celebrates 60 years on British high streets. The retailer is looking to enhance its customers’ physical shopping experience with the opening of “bigger and better” stores. Superdrug’s strategy has already seen the retailer double the size of its Craigavon store in Northern Ireland earlier this year to 5,800 sq ft, as well as extend the size of its Lakeside Thurrock branch to 7,669 sq ft. In addition, Superdrug will open some of its largest-ever stores throughout the year, with openings planned soon at St David’s in Cardiff, Bluewater Shopping Centre, and Westfield Stratford City. The Cardiff store will be upsizing to 13,000 sq ft, whilst the Westfield Stratford City store – opening this summer – will double in size to 9,892 sq ft. As well as opening new stores, Superdry will be extending seven existing stores and retrofitting 60 over the course of the year. The retailer’s estate will be modernised through the introduction of new shop fronts, recyclable signage, improved floor and ceiling tiles, energy efficient lighting, new floor layouts, and upgraded fascia and internal signage. Nigel Duxbury, Superdrug’s Property Director, said: “We’ve changed...

News

Columbia Threadneedle adds retail park duo to portfolio

Columbia Threadneedle Real Estate has acquired two retail parks on behalf of separate client funds, adding 315,000 sq ft of space to its portfolio.

Deals News

Primark opens 80,000 sq ft upsized store at Metrocentre

Primark has opened the doors to its upsized store at Metrocentre in Gateshead – its 13th largest in the UK. The clothing and homeware retailer has added 14,100 sq ft on the ground floor – bringing the total trading area to 80,000 sq ft across two floors. Accounting for non-trading space, the store extends to a total of 100,000 sq ft. The store’s departments have been rearranged and upgraded with new fixtures and fittings as the retailer looks to create a seamless shopping experience. Self-checkout tills, alongside manned tills, have also been introduced to improve the customer experience. Primark’s expansion looks to underpin the retailer as a significant anchor within Metrocentre, which has recently seen investment from other leading retailers such as Zara, Footasylum, and EE, all of which have upsized. Ben Cox, director at scheme asset manager Sovereign Centros from CBRE, said: “Primark is a firm favourite across the retail market as well as within Metrocentre, and this enhanced space really delivers for our visitors. Having been part of the destination for nearly 20 years, this investment highlights Primark’s commitment as an established brand that has had enduring success at Metrocentre. This year alone several of our international powerhouse brands...

Deals News

Authorities to be granted high street rental auction powers this summer

Local authorities are set to be granted powers to auction off empty high street properties by this summer, the government has announced. Under the new powers, local leaders will be able to auction off a rental lease for up to five years for commercial properties which have lain empty for at over 12 months. These auctions will take place with no reserve price, which the government says will give local businesses and community groups the opportunity to occupy space at a competitive rate. The government will also launch a new ‘trailblazer’ programme to work with a number of communities which have expressed a desire to lead the way in implementing the new powers. A £2m support pot will be set aside for a support pot to help those and other communities to get started. The proposals were criticised last year by pressure group Campaign for Pubs, which said high street rental auctions “pose a serious threat” to pubs. Jacob Young, minister for Levelling Up, said: “We want to bring high streets back to life and these new levelling up powers will help do just that. “A lively high street brings an irreplaceable community spirit – one that is unique to...

News

Cheshire retail park placed on the market for £53.7m

A retail park in Cheshire has been placed on the market with an asking price of £53,665,000. Greyhound Retail Park Phase II, in the historic city of Chester, provides a total of 176,198 sq ft of retail space across 12 units and is serviced by 844 car parking spaces. The retail park – which sits on a 16.3-acre freehold site – is let to retailers including Asda, Sofology, Listers, DFS, NCF Living, Tapi Carpets, Halfords, Dreams, Pets at Home, Wren Kitchens, Natuzzi, and Homebase. The asset forms part of a wider regional shopping destination which in total comprises 841,000 sq ft of out-of-town retail accommodation. The retail park also forms part of the UK’s ninth-largest retail warehouse cluster. The scheme produces an annual rent of £4,144,341 per annum – equivalent to £23.58 per sq ft – and has a weighted average unexpired lease term of 8.6 years to tenant break or lease expiry. Staunton Whiteman – which has been appointed to handle the sale – said the asking price represents a net initial yield of 7.25%.

News

AEW hands Coventry retail park £28m price tag

AEW REIT has placed a retail park in Coventry on the market with an asking price of £28,150,000. Central Six Retail Park is located approximately 0.7 miles southwest of Coventry City Centre and comprises 128,000 sq ft of retail space across 10 units. The purpose-built retail asset – which was constructed in 1997 – is fully let to retailers including Aldi, Food Warehouse, Boots, TK Maxx, Next, Poundland, Hobbycraft, Mydentist, Tui, and Barnardo’s. Units at the scheme range in size from 7,500 sq ft to 22,100 sq ft. Central Six Retail Park spans a total area of approximately 8.78 acres and is less than a five minute walk from Coventry Train Station. It is also supplemented by approximately 580 car parking spaces. The freehold asset produces an average rent of approximately £17.84 per sq ft and has a weighted average unexpired lease term of 7.8 years. The scheme has further asset management potential including the creation of new units and a drive-to pod, as well as building on recent letting activity. Harvey Spack Field – which has been appointed to market the asset – said the £28.15m asking price represents a net initial yield of approximately 7.5%.

News

Finisterre opens largest UK store at Covent Garden

Cornwall-based sustainable product retailer Finisterre has opened its largest UK store at London’s Covent Garden. The 2,702 sq ft flagship store at 47-49 Neal Street becomes the retailer’s 11th store in the UK. The opening follows Finisterre’s move from Covent Garden’s Seven Dials neighbourhood which sees the brand upsize its store by 80%. The store will be stocked with a Finisterre’s garments for men and women, as well as the brand’s wetsuit, swimwear, and accessories ranges. As well as a retail offer, the flagship store will be home to a repairs workshop and a chill out area which has been designed to transform into a 50-seater cinema. Tom Kay, founder of Finisterre, said: “The timing feels good for us to be moving our London flagship store to Neal Street, in Seven Dials, Covent Garden. The open layout and increased size of the store will give our customers the ability to engage with the full product range in one place. It also means that we can run a wider events programme to better cater to our growing community in the capital, enabling more people to get involved in our ocean film screenings, talk nights, and live music. Because of this, it...

Deals News

Anytime Fitness on target to sell 25 franchise licenses in 2024

Anytime Fitness has said it is on target to sell 25 franchise licenses in 2024, as the gym operator reaches the milestone of 200,000 members. Now operating 185 clubs, Anytime Fitness has undergone significant expansion, having grown its portfolio of real estate partners, developers, and landlords. The brand has also introduced a data-driven approach to identify locations for potential clubs. Anytime Fitness’ growth is aligned with its new club design, which has seen a refresh of the interior specification and layout. The new model is being implemented in all new openings and will be transitioned to all existing gyms. The UK remains the largest European market for the brand, with 50% of Anytime Fitness’ European franchise sales during the first quarter taking place in the UK. This comes as the operator reached 200,000 members and saw a record 1 million club visits per month during the first quarter of 2024. The brand’s expanding network contributed to an 8.3% increase in revenue compared to the same period in 2023. Andy Thompson, chairman of Anytime Fitness UK, said: “2024 has been our strongest start to the year for some time, with key metrics from both the consumer and franchising sides of the...

News

Greggs to cook up 160 store openings in 2024

Greggs has said it remains confident in achieving between 140 and 160 store openings in 2024. The bakery chain recently opened its 2,500th store, with its estate comprising 1,986 company-managed stores and 514 franchised units. This comes as Greggs releases a trading update for the first 19 weeks of 2024, a period during which it opened 64 stores including 15 with its franchise partners. Recent shop openings for Greggs include sites at Embankment underground station, four shops with Tesco, and three stores with Sainsbury’s including at two petrol filling station locations. During the period, the chain recorded a 7.4% increase in like-for-like sales, with delivery sales, evening trade, and increased participation in the Greggs app all contributing towards transaction volume growth. Total sales during the 19 weeks to 11 May were £693m, an £84m increase from the same period in 2023.

News

Breitling opens Knightsbridge boutique