Posts from June 2024

Aldi has announced that it will invest over £90m into store improvements this year, with more than 30 stores earmarked for upgrades this summer. Over 100 Aldi stores will undergo refurbishment in 2024. Changes will vary from store to store, with the supermarket retailer prioritising giving customers more space to shop and ensuring stores have more sustainable features. Other upgrades will include updated signage and redesigned store layouts. Most of the work will take place in June, July, and August, with stores such as Leek, Newport and Brierly Hill set to undergo the biggest changes. Jonathan Neale, managing director of national real estate at Aldi UK, said: “Aldi attracted more new customers than any other grocery retailer in the last 12 months, and we want to continue to offer the best possible in-store experience for our shoppers. “We’re committed to making sure that the shopping experience is on a par with the high-quality products and service we offer. Finding ways to reduce any environmental impact as we continue to grow our store estate across the country is also a vital part of these changes.” Earlier this year, it was reported that Aldi would invest over £500m into its store and distribution...

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M&S appoints Ikea executive as store director

Marks & Spencer has appointed Ikea director Marsha Smith as store director for its West division. Set to join the retailer in September, Smith will head up the region of England south of Manchester and West of Southampton and including West London, RetailWeek has reported. Smith has worked at Ikea in a variety of roles, and has held her current position for almost three years. During her time at the retailer, she has led the Canadian business, and has also been involved in bringing Ikea to new markets. Marsha Smith said: ”I’m thrilled to be joining the team at M&S – an incredible brand I’ve always felt a strong affinity for. I’m looking forward to leading the team to build on the impressive performance over the last few years and ensuring customers continue to be delighted by our fantastic offer.” Last year, M&S said is aiming to accelerate its store rotation programme to create an estate of around 180 full-line and 400 M&S food stores by the 2028 financial year.

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EG On The Move appoints agents as it targets 120 roadside sites

EG On The Move Property, the fuel and premium brand foodservice and grocery retailer, has appointed Colliers as its retained agents, as the group looks to acquire over 120 new sites over the next three years. Colliers will work with the group to acquire properties for in-line, petrol forecourt, food service, and convenience retail development. The requirement will focus on acquiring roadside and retail properties for the brands that EG On The Move will be working with. For roadside properties, the focus is on existing freehold and leasehold sites between 0.35 acres and 10 acres, as well as new development locations with high amounts of vehicle traffic or within densely populated areas. Priority locations include A-road sites, retail parks, and major junctions on trunk roads. New roadside developments where retailers can be placed alongside services such as EV charging will also be considered. In retail destinations, including both high streets and shopping centres, the group is seeking units up to 1,500 sq ft in size in close proximity to student populations, office workers, transport hubs, and nighttime economy. Neil Findlay, development director at EG On The Move Property, said: “We’re excited to be working with Colliers as we look to...

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Swarovski to open at GPE’s Kingsland House

Crystal jewellery brand Swarovski is set to open at Great Portland Estate’s Kingsland House on Regent Street next year. The new store, taken on a 10-year lease, will comprise 1,500 sq ft across three floors and will open ahead of the brand celebrating its 130th anniversary next year. Kingsland House is a Grade II listed building positioned on the east side of Regent Street, within the heart of the West End’s shopping district. The building – which sits at the junction between Mayfair and Soho – is a few minutes’ walk from Piccadilly Station. The store will be fitted out in Swarovski’s Wonder Lux concept, which will showcase the brand’s signature blue colour palette. It will also feature an exclusive suite on the mezzanine floor for support customers on a one-to-one basis. Swarovski will join the wider retail offering at Kingsland and Carrington House, including JOSEPH, TUMI, Russell & Bromley and Pret A Manger. Sarah Goldman, head of retail at GPE, said: “We are thrilled that Swarovski has chosen Kingsland House for their latest store. Their premium shop fit-out will add something unique to Regent Street for all customers to enjoy. The brand’s collections have a broad reach worldwide and...

Deals News

Liverpool’s Royal Albert dock nearly fully let following flurry of lettings

Liverpool’s Royal Albert Dock is now 96.4% let, after real estate developer General Projects completed a flurry of lettings at the destination. This includes a fantasy fandom store House of Spells, which has upsized its existing store from 4,000 sq ft to 13,000 sq ft and signed a new 15-year lease. Also joining Royal Albert Dock is Delhi House Café, which has taken 3,100 sq ft of space, and Pasta Cosa, which has taken 500 sq ft and will operate under the Francie’s fascia. Both operators have signed on 15-year leases. Metis Real Estate acted for General Projects on these transactions. Office lettings and re-signings totalling 5,300 sq ft to Planit, Heist, Istay, Studio RBA, and Think Publicity have also been completed. Adam Brady, investment associate at General Projects, said: “It’s a testament to the compelling nature of Royal Albert Dock as a destination that we are able to attract so many great tenants to bring their businesses here. “We take our role as custodians of this impressive collection of buildings seriously, but we also hope to create a fun and enjoyable experience for the businesses and visitors. “We are committed to investing in the dock as a destination for...

Deals News

Cushman & Wakefield appoints new centre manager to Printworks Manchester

Printworks‘ managing agent Cushman & Wakefield has announced the appointment of Dan Davis as centre manager at the Manchester leisure scheme. Most recently, Davis worked at Manchester’s Corn Exchange, and brings with him over 18 years of retail and leisure experience. His early career was spent at Frasers Group, working as a store manager before moving into centre management. Following this, Davis began a career in property management. He will lead the on-site team at Printworks, working alongside its tenants and wider stakeholders to help deliver a future vision for the Manchester scheme. Cushman & Wakefield has also appointed Kristian Brennan as the new marketing manager for Printworks, joining from award-winning PR agency Brazen where he was account director across a number of retail and hospitality brands. Dan Davis said: “I’m delighted to join an established and high performing team here at Printworks. The scheme is a leading brand within our city and our relaunch has shown what we can achieve and we have huge ambitions for the future. “I am looking forward to working with Kristian, the wider team and all of our tenants as we head into a new era for the Printworks, further cementing our place as Manchester’s...

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Lendlease’s landmark Smithfield Birmingham project green lit

Birmingham City Council has given Lendlease the go-ahead for its landmark mixed-use Smithfield regeneration project. The development includes a range of commercial, leisure, and residential facilities. The current site – which is bound by Moat Lane, Bradford Street, Rea Street, Pershore Street, and Edgbaston Street – will se the demolition of existing buildings to make way for the development. Key features include cultural, leisure, and recreational spaces and buildings such as a music venue, a hotel, an art gallery, artists’ spaces, family entertainment spaces, and health and wellbeing offers. The proposals also include plans for a market designed to attract visitors and create a new home for the existing Indoor, Rag, and Open markets. Other features include new public squares and green spaces, community facilities, over one million sq ft of office space, and approximately 3,000 homes. Colin Murphy, project lead for Lendlease, said: “This is a major milestone for the Smithfield project and an important step forward in Birmingham’s transformation as an international city. “We look forward to continuing our engagement with tenants, residents and everyone else connected to this once in a generation opportunity.” Construction is expected to commence on site later this year and is set to...

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German Doner Kebab to continue expansion at Metrocentre

German Doner Kebab (GDK) as continued its expansion across the UK after signing for a new site at Metrocentre in Gateshead, its second location in the Newcastle area. The 2,823 sq ft site will be located on the ground floor of the scheme’s Yellow Mall opposite the recently upsized Primark store, and will have a capacity for 42 covers. The restaurant – which will be GDK’s 143rd franchised location in the UK – will offer Halal-friendly kebabs with locally-sourced salad, handmade sauces, and the brand’s signature toasted waffle bread. GDK has also recently released a vegetarian alternative. Noah Knapton, asset manager at Sovereign Centros from CBRE, said: “GDK’s new site at Metrocentre continues to demonstrate the pull we have to international operators, delivering choice across a critical mass of global and independent restaurants. Sitting alongside the likes of Five Guys, Slim Chickens, and Wingstop, GDK will provide a tried and tested grab-and-go offer, and one that will no doubt hit the right notes for our visitors as we continue to build a solid F&B line-up in Yellow Mall.”

Deals News

Retail park snapped up as Evolve Estates makes flurry of acquisitions

A retail park in Stafford has been bought by Evolve Estates, as the M Core-owned property and investment company makes a flurry of retail acquisitions. Madford Retail Park comprises 76,095 sq ft of retail space and is supplemented by an additional 8,909 sq ft of office accommodation across ground, first, and second floors. The scheme is fully let to retailers including Wickes, Currys, Lidl, Jollyes, and a number of local operators. Evolve Estates acquired the asset for an undisclosed sum as part of its acquisition drive in shopping parades, centres, and retail parks across the country. Joe O’Keefe, co-founder at Evolve Estates said: “Madford Retail Park is yet another asset aligned with the company’s growth plans and a great addition to our midland’s portfolio. As we continue to strategically focus on targeting convenience led, parks, centres, offices and parades. This acquisition maintains our commitment to supporting local communities throughout the whole of the UK.” Evolve was represented in this deal CBRE and Clarke Willmott. In a separate transaction, Evolve Estates has also acquired a portfolio of retail units in Northampton as part of its continued strategic growth, also for an undisclosed sum. The deal includes 15-27 and 27/29 on Abington...

Deals News

The Elifar Challenge 2024: Property firms give their all for a great cause

Beaconsfield Rugby Club welcomed 20 teams from across the property industry on Wednesday as they competed to come out on top in this year’s Elifar Challenge. Despite clouds covering the sky for much of the morning, this year’s participants – a competitive bunch – were undeterred from giving their all for a good cause. The teams faced a multitude of tasks, from the physically demanding volleyball and life-sized hungry hippos, to tests of skill such as table tennis and cornhole, as well as mental challenges including a quiz and a test of UK geography knowledge. Lunchtime was headlined by a tug of war competition, which saw Lunson Mitchenall win this year’s ‘Tug Cup’ following a gruelling knockout tournament. The sun came out at the end of the day, which finished with deserved drinks and a barbecue followed by a raffle competition to raise additional funds. When all scores were tallied, Ellandi emerged as very deserving winners, taking the crown from last year’s joint victors GCW Property Consultants and a combined Schroders/JLL team. Meanwhile, an exhausted Team Completely Retail could only muster an 18th place finish… The Elifar Foundation is a charity which aims to help children and young adults with...

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Sofa.com opens debut outlet store at Yorkshire’s Junction 32

Furniture retailer Sofa.com has opened its first-ever outlet store at Junction 32 in Castleford, Yorkshire. The 3,000 sq ft store has opened in the space previously occupied by Pavers, and will offer a range of handcrafted furniture at lower prices. The new store will include a range of regularly-updated clearance stock items, offering a refreshed selection for visitors. The new outlet store will provide products ready for immediate purchase or available for pick up within three days, eliminating the typical 4-6 week lead time. The range includes crafted sofas, beds, dining ranges, and home accessories. Rachel Scott, head of leasing at Global Mutual, said: “The arrival of Sofa.com to Junction 32 is a great addition to the centre. Homeware has become as essential to consumers as fashion retail, and this new store will offer shoppers the opportunity to find high-quality furniture and help them achieve their dream home. We are proud to home their first outlet store, aligning with our ongoing commitment to meet the evolving needs of our customers. We look forward to sharing more new retail news in the near future.” Frasers Group acquired Junction 32 from Landsec last year in a deal worth over £45m.

Deals News

Missoma to open first store outside of London at Victoria Leeds

Contemporary jewellery brand Missoma is set to open its first store outside of London at Victoria Leeds. The 2,250 sq ft store will be located opposite Louis Vuitton in the scheme’s County Arcade, and will become the brand’s second ever permanent location. The store will showcase the brand’s range of gold and silver jewellery – made with conflict-free diamonds, emeralds, baroque pearls, and blue sapphires. In-store experiences will include piercing and welding studios, as well as instant free engraving. Missoma will join an existing portfolio of jewellery brands at Victoria Leeds, such as Boodles, Monica Vinader, Berry’s, and Astrid & Miyu. Rachel Bradburn, leasing director at Victoria Leeds, said: “We are absolutely thrilled to be Missoma’s destination of choice for their first standalone store outside London. This reinforces our reputation as a leading destination for best-in-class retailers and flagship debuts. Missoma’s arrival in Victoria Leeds highlights the exceptional quality of our curated retail mix and the opportunities for brands to confidently embark on regional growth in the UK. We can’t wait to welcome Missoma’s renowned, responsible, and innovative approach to demi-fine jewellery!” This follows the recent announcement that perfume manufacturers Le Labo – part of The Estée Lauder Company – will...

Deals News

Redevco strengthens leadership team with head of investment management appointment

Redevco has appointed Veronica Gallo-Alvarez as head of investment management, as the real estate firm continues to strengthen its leadership team. Reporting to Redevco’s CEO Neil Slater, Gallo-Alvarez will spearhead a team responsible for investment outcomes, transaction management, and research and strategy. She joins from global asset manager Abrdn, where she was head of core European funds, responsible for multi-sector strategies investing in commercial pan-European real estate. Gallo-Alvarez has 26 years of experience in continental European real estate, having been involved in fund management, acquisitions, asset management, research, and strategy. Redevco is currently on a growth pathway focused on four key strategies: redeveloping retail properties into vibrant mixed-use or best-in-class high street assets, expanding its retail warehouse park and distribution platform, growing its presence across the broader pan-European residential sector, and special situation investments. The firm is currently working on significant mixed-use projects on London’s Oxford Street, as well as in Paris, Hamburg, and the Netherlands. The company also recently launched Redevco Capital Partners, based in London, focused on special situation equity and debt opportunities in real estate markets. Neil Slater, Redevco CEO, said: “I am thrilled to welcome Veronica to Redevco. She is a fantastic investment professional bringing significant...

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Derbion to bolster value offering with B&M signing

Derbion in Derby is set to boost its value offering following the signing of B&M. The 25,503 sq ft store is set to open in July and will offer products across ranges including groceries, homeware, toys, health and beauty, and DIY. The news follows the announcement that over £5m will be invested into Derbion in three new concept stores for JD Sports, New Look, and Ann Summers, with the latter opening its doors last month. JD Sports will more than double the size of its existing store to 20,175 sq ft in the fourth quarter of this year. Beth McDonald, managing director at Derbion, said: “B&M is synonymous with great value. We’re committed to offering variety to our customers and it’s fantastic to welcome B&M to our broad range of high street names, premium brands and everything in between. “The arrival of B&M forms part of our wider evolution designed to maximise opportunities for existing brands alongside new retailers. With further new lettings to announce soon, it’s set to be another year of growth for Derbion.” New openings, store upsizes, and refurbishments resulted in over £5.2m of investment in Derbion last year, with 13 new retailers opening their doors including...

Deals

Humble Crumble to open first West End site as part of London expansion plans