Posts from June 2024

Footasylum has agreed a deal to open at the Union Square shopping centre in Aberdeen, taking residency in the former USC store. The sports fashion retailer will take 7,000 sq ft on the ground floor of the scheme, adjacent to Superdry and Superdrug. Featuring brands such as Nike, Adidas, and Under Armour, the store will offer a range of menswear, womenswear, and kidswear. The new Aberdeen signing is the latest in a flurry of leasing activity for the brand, which opened a 20,000 sq ft Oxford Street flagship store last year, which was followed by upsizings at Birmingham’s Bullring and the White Rose in Leeds. The retailer also opened a 13,000 sq ft store at Metrocentre in Gateshead earlier this month. David Pujolar, CEO of Footasylum, said: “Union Square shopping centre is the city’s largest retail and leisure destination, and I have no doubt it is the right location for our first-ever Aberdeen store. “Our aim is for our unique and extensive branded streetwear offering to be widely available across the UK, and stores such as this one will be vital to achieving our ambitions. The new Aberdeen store will offer visitors an incredible shopping experience and help to take...

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Popeyes set to open 50th UK restaurant

Popeyes is set to open its 50th restaurant in the UK in Glasgow, with the fried chicken quick-service restaurant chain on course to double the size of its UK estate this year. Since entering the UK in 2021, the American brand has opened 49 sites, including seven drive-through restaurants and 13 delivery kitchens. Throughout the remainder of the year, Popeyes is set to debut in locations such as Watford, Wimbledon, Nottingham, and Belfast. The chain will also open a second location in Aberdeen. Tom Crowley, chief executive at Popeyes UK, said: “In just 30 months, our remarkable Popeyes UK team has secured a pipeline of 50 top-tier new sites, including our first ever Northern Irish location which opens in Belfast very soon. “Currently, Popeyes UK is the fastest-growing chicken QSR brand in the UK, with a 125% year-on-year growth from May 2023 to May 2024. “We remain committed to our expansion plans and look forward to achieving new milestones in the upcoming years.”

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NewRiver: retail at “best position it’s been in for several years”

The chief executive of NewRiver has said that the retail sector is “arguably in the best position it’s been in for several years”. Allan Lockhart said a wave of corporate restructurings and the successful repositioning of many retailers had created a healthy operating environment. He added that this was supported by the increased market share of omnichannel retailers, with physical retail playing a central role. This comes as the real estate investment trust (REIT) releases its full year results for the year ending 31 March, a period during which it returned to profit. NewRiver recorded a post-tax profit of £3m, up from a loss of £16.8m the previous year. During the year, the REIT completed 785,100 sq ft of leasing, bringing its occupancy to a record 98%, up from 96.7% the previous year. NewRiver said its long-term transactions were 3.6% higher than estimated rental value and 1.8% higher than previous rent. The REIT also recorded a tenant retention rate of 94%, up from 92% in the 2023 financial year. Across its assets, rent was an average of £11.82 per sq ft. NewRiver also saw its asset management fee income from its capital partnerships increase by £1.0m year-on-year to £2.5m, with...

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Peak Performance picks Covent Garden for UK debut

Scandinavian outdoor brand Peak Performance is set to open its first-ever UK store at Shaftesbury Capital’s Covent Garden. Spanning 1,700 sq ft, the new store at 49 Long Acre will offer a range of products for activities such as skiing, hiking, mountain biking, trail running, and urban exploration. In line with the sustainability-focused ethos of the brand’s parent company, Amer Sports, the store will offer a trade-in system. This will allow customers to exchange their Peak Performance products for vouchers. The store will also offer services such as care and repair of garments as well as professional washing, as the brand looks to commit to the longevity and upcycling of its products. Peak Performance’s UK debut will join Covent Garden’s line-up of flagship stores from other high-performance brands, including the UK debut from footwear brand HOKA, the upsized anchor store for outdoor retailer Finisterre, and the flagship store for Peak Performance’s sister-brand Arc’teryx. The neighbourhood is also home to other performance-wear brands such as Peloton, Lululemon, and an upcoming flagship store for Swedish footwear brand Axel Arigato. Michelle McGrath, executive director of Shaftesbury Capital, said: “Peak Performance’s distinct Scandinavian heritage combined with its strong sustainability-focused ethos contributes to its reputation...

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Alley Cats pizzeria takes a slice of Chelsea’s King’s Road for second location

New York-style pizzeria Alley Cats is set to open its second location at Chelsea’s King’s Road, part of the Sloane Stanley Estate. Set to open in August, the 1,277 sq ft pizzeria will look to build on the operator’s success at its first location in Marylebone, which opened in December 2023. Led by head chef Francesco Macri, the restaurant will offer a range of 14-inch pizzas, featuring ingredients such as San Marzano tomatoes, buffalo mozzarella from Campania, and aged mozzarella from Molise. Also on offer will be a range of cocktails, wines, beers, as well as a selection of desserts. Alley Cats will join a number of food and beverage operators across the Sloane Stanley Estate, such as the recently opened Josephine by Claude Bosi and the upcoming debut site for pasta concept Dez Amore, both on Fulham Road. The operator will also be joined on King’s Road by the upcoming arrival of Fantomas, headed up by chef Chris Denney. Hannah Grievson, property director at Sloane Stanley, said: “Alley Cats will be a fantastic addition to the Sloane Stanley Estate, and highlights our commitment to bringing more F&B choices to the area. We consistently champion the very best of independent...

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Sterling snaps up Birmingham development and Nottingham scheme in £236m haul

A mixed-use canalside development in Birmingham and a hotel-led scheme in Nottingham have been acquired by Sterling Property Ventures in a £236m deal. Water’s Edge at Brindleyplace, Birmingham and Chapel Bar in Nottingham have been purchased as part of a larger portfolio from British Airways Pension Trustees. Water’s Edge is a 62,000 sq ft canalside restaurant and bar development, comprising 12 units fully let to operators including All Bar One, Wagamama, Cosy Club, and Slug and Lettuce. The scheme had been under the ownership of British Airways since its completion in 1994. James Howarth, Sterling’s managing director, said: “Sterling now has three significant assets in Birmingham. The Water’s Edge enjoys a prominent location at Brindleyplace, opposite the International Convention Centre and close to the National Sea Life Centre and Utilita Arena. It is one of the best performing regional restaurant/bar schemes in the UK.” Chapel Bar in Nottingham sits near the city’s Old Market Square, and includes a 120-bed Premier Inn hotel, five retail and leisure units, and office space. The larger portfolio acquired by Sterling includes the 449,079 sq ft Hempstead Valley retail and leisure scheme in Gillingham, and three retail warehouses totalling 74,060 sq ft in Longwell Green, Bristol. The...

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French Connection opens at Somerset’s Clarks Village

French Connection has opened a new store at Clarks Village outlet centre in Somerset. The fashion retailer’s launch is one of eight openings and refits at the shopping destination so far this year. Spanning 860 sq ft, the store will be located within the scheme’s Apple Court mall. Chris Davis, centre director at Clarks Village, said: “French Connection is a well-known global brand that enhances our fashion collection here at Clarks Village and its modern, sleek store is a welcome addition to the outlet.” French Connection joins the newly-opened Rituals, MOSS, Lindt, Samsonite, and Murmur stores, alongside a refitted Cadbury store. A restaurant for Slim Chickens is also opening on Friday whilst Wagamama is set to launch at the centre in July.

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UK’s ‘first robotics-powered restaurant chain’ signs for The Brunswick Centre, Bloomsbury

The UK’s “first robotics-powered restaurant chain” has signed for The Brunswick Centre in Bloomsbury, London. KAIKAKU, which is derived from the Japanese for ‘radical change’, has agreed to take a 2,791 sq ft unit on a 10-year lease, trading as Common Room. As well as a restaurant, the unit functions as a robotics lab, office, and central production kitchen. KAIKAKU was founded in 2023 by a team bringing together experience within robotics and hospitality. The company aims to use automation, robotics, 3D printed components, AI technologies, and wider operational economics to transform the customer experience within the quick-service restaurant sector. The opening at The Brunswick Centre marks a milestone in the operator’s expansion plans, with KAIKAKU looking to open up to 10 more sites in London in 2024. Savills acted for the landlord Lazari, and is also working with KAIKAKU to find more suitable locations. Olly Eades, associate in the National Retail Team at Savills, said: “Leading restaurant chains worldwide are embracing technology to streamline their operations and elevate customer experiences, and KAIKAKU is one of the most exciting companies implementing robotics in a hospitality first approach. We are delighted to have secured them as a tenant for the Brunswick Centre in...

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Chopstix strengthens Haven partnership with two new sites

Pan Asian-inspired quick-service restaurant (QSR) brand Chopstix has further strengthened its relationship with Haven, with two sites set to open at the operator’s holiday parks this month. The two new units will open at Devon Cliffs, Exmouth, and Hafan y Môr, Gwynedd, following the successful launch of Chopstix at Thornwick Bay site earlier this year – a first with in partnership with Haven. The new restaurants bring the total number of Chopstix sites with Haven up to six, with the other units located at Presthaven, Haggerston Castle, and Craig Tara. As with the other Chopstix sites at Haven parks, full management of the restaurants will be overseen by the holiday park operator, with team members undergoing a full Chopstix induction. Expansion through franchise partnerships has been a key factor in driving Chopstix’s growth, with the brand already securing high-profile franchise agreements with established food and beverage operators over the past three years. Currently the largest Pan-Asian-inspired QSR brand in the UK, Chopstix is aiming to become the largest on the continent. The founders, Sam Elia and Menashe Sadik, have set a target of 300 sites by 2027. Sam Elia, co-founder and director at Chopstix, said: “We’re thrilled to be opening our...

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Joint agents appointed at Glasgow’s Princes Square

Culverwell has been appointed as joint letting agents at Princes Square in Glasgow, working alongside Savills. The 118,625 sq ft asset features four self-contained retail units along Buchanan Street as well as an inner mall spread across five levels. The scheme is home to retailers including Cos, Everyman Cinemas, Reiss, Space NK, and Sweaty Betty. Recent lettings include Allsaints, & Other Stories, and Bloom. Located in the city centre, Princes Square is accessible from both Queen Street and Buchanan Street, which currently has no vacancies. The Grade B-listed building dates back to the 1840s and was recognised in 2016 as Scotland’s best building of the last century by the Royal Incorporation of Architects in Scotland. The scheme was acquired in January by commercial property and investment group M Core, with its subsidiary, The LCP Group, appointed as asset manager.

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Capital & Regional extends deadline for NewRiver takeover offer

The deadline for NewRiver to make an offer for Capital & Regional has been pushed back to July, as the two REITs continue discussions. NewRiver now has until 18 July to declare whether or not it intends to make a firm offer for Capital & Regional. The previous deadline was 20 June (Thursday). Capital & Regional – which specialises in regional shopping centres – said there can be no certainty that any firm offer will be made, nor as to the terms of any such offer. In May Capital & Regional’s majority shareholder, Growthpoint, had received a preliminary expression of interest from NewRiver regarding a full takeover. The REIT had also received an offer from the Johannesburg-based Vukile Property Fund regarding a possible cash and share offer for its entire issued share capital. However, Vukile pulled out after being 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.

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Bonmarché set to join Antrim’s The Junction

Women’s clothing brand Bonmarché is set to open at The Junction Retail and Leisure Park in Antrim, Northern Ireland. Spanning 2,396 sq ft, the store will become Bonmarché’s 11th in Northern Ireland. Bonmarché’s arrival will bring The Junction to 84% occupancy, with the retailer joining fellow clothing brands such as Menarys, Animal, and Mountain Warehouse. Established in 1982, Bonmarché has the ambition of being a multi-channel retailer for women seeking appropriately-styled and quality products at low prices. The brand is currently opening new stores and outlets across the UK, including its store-in-store debut with the Co-op. The Junction, which was acquired by Lotus Property in 2018, celebrates its 20th anniversary this year. Lotus is advised by joint agents Savills and Lambert Smith Hampton. Paul McCann, asset manager at Lotus Property, said: “There is a demand for clothing retailers in Antrim, and they consistently perform well at the scheme. It’s something our shoppers want and the arrival of Bonmarché will further strengthen our offering. It is an exciting time for the scheme – we have reached 84% occupancy across The Junction’s 300,000 sq ft of retail space, with more new tenants on their way later this year. We are very much looking...

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Long-standing Canary Wharf chair to step down

The chair of the Canary Wharf Group (CWG) is to retire from the board in July after 36 years at the company. Sir George Iacobescu has been a key factor in driving the redevelopment of London’s Docklands since joining the company in 1988. He became chief executive of CWG in 1997 before taking on the role of chair in 2011. Iacobescu was knighted in 2012 for services to charity, community, and the financial services industry, and is the only Romanian-born British citizen to receive this honour. He will be succeeded at CWG by Sir Nigel Wilson as non-executive chair. Wilson is currently chief executive officer of Legal & General, where he has led for almost 12 years. Sir George Iacobescu said: “It has been the honour and the challenge of a lifetime to have worked with an extraordinary group of people transforming a derelict dock into a thriving mixed-use city district. CWG is the first company on the planet to have built an entirely new central business district from scratch. “Today, Canary Wharf is home to thousands of residents, businesses large and small across many sectors, one of the U.K.’s busiest shopping centres as well as parks, gardens, shops, restaurants and...

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Edinburgh’s largest brownfield site set for £1.3bn development

The City of Edinburgh Council has unveiled plans to transform the city’s largest brownfield site into a mixed-use development. The proposals – created in partnership with Cruden Homes – outline the first phase of a £1.3bn sustainable coastal town at Granton Waterfront. Included are over 800 homes, as well as commercial units, transport infrastructure, new public spaces, capacity for a new school, and a low carbon heat network. At the heart of the development is the iconic Granton Gasholder, which is currently being restored to become a public park, as well as a number of historic buildings including the refurbished former Granton Station. Council leader Cammy Day said: “We’ve been consulting with people every step of the way to deliver this project. I’m really pleased that after listening to feedback from the local community and others interested in the area, the team has submitted plans for the largest regeneration project of its kind in Scotland at Granton Waterfront as part of the £1.3 billion regeneration. To deliver our net zero targets for the Capital, sustainable regeneration is so important and every element of this development has been designed with that in mind. “We have a once-in-a-lifetime opportunity to build a...

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Columbia Threadneedle puts Norwich’s Anglia Square on the market

Columbia Threadneedle Investments has appointed Knight Frank to market the Anglia Square redevelopment opportunity in Norwich. The 11.4 acre site – which has been given a minimum guide price of £8.5m – currently has planning permission for a mixed-use scheme to create over 86,000 sq ft of commercial space as well as 1,100 homes. The site sits in the heart of Norwich City Centre, just 500 metres from the city hall and the historic market. Currently, Anglia Square consists of a covered 34-unit retail mall, a former cinema, two office buildings, a multi-storey car park, and two night clubs. Anglia Square presents a potentially attractive investment opportunity for developers, as Norwich struggles with high demand for housing and commercial space. A £300m revamp of Anglia Square by Weston Homes was scrapped in February. Charlie Hart, head of development land at Knight Frank, said: “We are pleased to be offering Anglia Square for sale on behalf of Columbia Threadneedle Investments. It has been a priority asset for Norwich for over two decades, and despite the well-publicised withdrawal by Weston Homes earlier this year, we are very excited about the prospects for the property looking forward. “Viability challenges exist across the regional...

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Metrocentre sweetens line-up with Mango signing