Posts from July 2024

Grosvenor has launched one of the UK’s ten official Team GB Fanzones at Liverpool ONE shopping centre. Visitors have access to free live screenings of the Paris 2024 Olympic Games as well as food and drink stalls. These services will also available at the property firm’s Grosvenor Square in Mayfair. Liverpool ONE will also be an official Team GB Fanzone for the Paralympic Games, with fans able to watch the world’s leading athletes compete until 8 September. In London, the Paralympics will be screened by Grosvenor in Eccleston Yards, Belgravia. Both locations have hosted screenings of some of the country’s biggest moments in recent years, driving business in Grosvenor’s neighbourhoods. Last year’s Coronation Garden Party at Grosvenor Square saw retail turnover increase by 41% whilst food and beverage businesses saw a 33% year-on-year rise in revenues across Mayfair. Liverpool ONE was also the backdrop for the Eurovision Song Contest in 2023, held on behalf of Ukraine. Events across the destination contributed to a year-on-year increase in spending of £19.9 million, a rise of 23%. The Team GB Fanzone at Grosvenor Square will be one of the last events held there before it undergoes a major transformation, with Grosvenor set to...

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Majestic Wine invests £1m into store expansion

Majestic Wine has invested £1m into its store expansion programme, as the alcoholic beverages retailer aims to open one new store every month over the next few years. The retailer – which operates over 200 stores in the UK – added two new shops to its estate this week, opening a 3,900 sq ft store in East Dulwich and a 3,700 sq ft store in Brentwood on Tuesday and Thursday respectively. The new openings followed the unveiling of refurbished shops in Bearsden and Stratford-upon-Avon, which reopened on Saturday. Majestic CEO John Colley said: “Investment in our store portfolio is at the heart of our growth plan at Majestic, whether that’s opening new stores or refurbishing our existing estate. “Landing £1 million-worth of investments in the space of just a week shows how serious we are about our commitment to bricks and mortar, and our aim to open an average of one new store per month over the coming years.” Majestic Wine recently appointed Jackson Criss as its sole appointed agent to support its expansion across the UK. The retailer is seeking prominent sites spanning between 2,500 sq ft and 5,000 sq ft with dedicated parking in roadside, retail park, and...

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Duo of restaurateurs expand in Chinatown London

Two restaurateurs renowned within Chinatown London have expanded their presence within the destination, Shaftesbury Capital has announced. Maguro Group is set to bring Korean street food brand BUNSIK to Wardour Street, whilst Alex Xu has launched Kung Fu Burger on Shaftesbury Avenue, his fourth concept within London Chinatown, a leading location for east and southeast Asian food and culture. Opening in September, BUNSIK’s 900 sq ft restaurant at 31 Wardour Street marks Maguro Group’s second site within Chinatown London. It will neighbour Pochawa Grill, Maguro Group’s debut Korean BBQ concept that opened in late 2022. Jae Cho, director at Maguro Group, said: “We are immensely proud of what BUNSIK has accomplished since the inception of the concept, and we are delighted to be bringing the brand into one of the UK’s most significant cultural hubs. BUNSIK was founded off the back of popular trends across the ESEA region and it is flattering to see that Chinatown London, with its rich history in partnering with iconic and authentic restaurants, has chalked out space for us to sit alongside Pochawa Grill, and amongst other great concepts in the destination. This marks a significant move for BUNSIK, and we are pleased to be...

Deals

Ex-John Lewis property boss’ fledgling firm appoints asset manager

Vedra Group, the retail-focused real estate advisory firm set up by former John Lewis head of property Chris Harris, has appointed Kerry Northfold as asset manager. Northfold joins from fashion retailer M&Co where, as head of property, she was responsible for overseeing the trading and freeholding portfolio. Prior to her time at M&Co, Northfold was head of property at Marks & Spencer, delivering key transactions and occupational cost savings for the business. This came after a 17-year stint as group property manager at Arcadia Group, where Northfold was pivotal in the company’s CVA process and developed initiatives to guide Arcadia and the wider retail sector during the COVID-19 pandemic. She was appointed as president of the Property Managers Association in February. The appointment comes as Vedra Group – which was established in late 2023 – states its ambition to become established in the retail asset management sector. The group said Northfold’s significant retail real estate experience will be crucial to expanding its retail occupational services and asset management capabilities. Chris Harris, managing director of Vedra Group, said: “I am delighted to welcome Kerry to Vedra Group. She brings the ideal blend of retail knowledge, real estate experience and delivery as we...

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GPE brings trio of retail brands to Mount Royal

Great Portland Estates (GPE) has let 20,000 sq ft of retail space to a trio of tenants at the western end of its Mount Royal development on Oxford Street. Signing a 15-year lease, family-friendly socialising concept Activate will open its first venue in London at Mount Royal, 530 Oxford Street. The operator recently partnered with We Do Play, a group of leisure and hospitality businesses, including Flip Out, to expand into the UK and Ireland. Also joining Mount Royal is toy store Keikoo, which has signed a 10-year lease for 532-534 Oxford Street. The brand will bring an educational and experiential offer for young children as well as offering live product demonstrations. Completing the new signings is Italian restaurant brand Caffé Concerto, which has signed for a 15-year lease at Mount Royal, 536-540 Oxford Street. The brand operates over 20 locations in the UK and the new restaurant will join its other London locations including in Regent Street, Covent Garden, and Piccadilly. The three units will open in 2025, shortly after TK Maxx opens its 22,500 sq ft store later this year at Mount Royal, its second Oxford Street flagship. Superdrug has also regeared the lease for its 8,000 sq ft store...

Deals News

Full list of Carpetright stores to close revealed following Tapi rescue

The full list of Carpetright stores that are set to close following a rescue deal by rival Tapi Carpets has been revealed. Tapi has agreed to snap up the flooring retailer’s intellectual property and 54 of its stores, leaving the remaining 218 branches set to close. Jeevan Karir, managing director of Tapi, said a full rescue was “unviable”, due to Carpetright’s “materially loss making” business and its “significant debt”. The retailer was also wary of any scrutiny from the competition authorities. Kevin Barrett, CEO of Carpetright owner Nestware Holdings, said: “We have tried everything to turn Carpetright around and I’m truly sorry that we were unable to save more jobs. The deal will not affect Carpetright in Europe or other brands within Nestware Holdings including Keswick and Trade Choice.” The full list of Carpetright stores set to close includes:

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Bedfordshire shopping centre fully let following new arrivals

Evolve Estates, part of M Core, has fully let the M Waterborne Walk Shopping Centre in Leighton Buzzard, Bedfordshire, following the arrival of three new tenants. They include Love Desserts, Top Tee Golf, and children’s soft play area Fuzinity, which have taken a combined area of 9,582 sq ft. The brands will join existing tenants at the scheme, including Waitrose, New Look, Argos, Domino’s, and Caffè Nero. Chris Daly, head of asset management as Evolve Estates, said: “We are thrilled to have secured three final tenants to the scheme. This is one of a number of our schemes that are now fully let. With a portfolio occupancy rate of over 97%, we are further demonstrating our ability to implement Evolve’s leasing strategy, continuing to demonstrate our best- in-class asset management platform.”

Deals

Sosandar targets 50 stores in expansion drive

Sosandar is targeting up to 50 stores as it begins its venture into bricks-and-mortar retail. Speaking to The Times, the online womenswear retailer’s joint-chief executive Julie Lavington said that the business was “targeting around 50 [stores] in total” over the next three to five years. This comes as Sosandar prepares to open its first-ever physical stores in Chelmsford, Essex and Marlow, Buckinghamshire in September. The openings follow a successful partnership with Sainsbury’s, which saw Sosandar’s range of fashion stocked within the supermarket retailer’s stores. Last Autumn, Completely Retail News reported that Sosandar was looking to make its bricks-and-mortar debut, setting out an initial target of 20 standalone physical stores. In April, the retailer said it had made “substantial progress” towards opening its first stores, with number of “top tier” locations having been identified. The retailer said its primary focus is ensuring that Sosandar stores are situated in “affluent, thriving” locations where the brand over-indexes. Last week, the retailer revealed that it had swung to a loss of £0.3m in the last financial year, despite an increase in sales.

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Drive Lounge revs up Castle Quarter’s leisure offering

Motorsports gaming concept Drive Lounge is set to open its first location within a city centre scheme at Castle Quarter in Norwich. The virtual driving experience operator has taken a 1,606 sq ft unit on the ground floor of the scheme on a six-month trial licence. As well as offering multi-format racing simulators, the operator will also provide drinks and snacks to gamers in-between drives. Drive Lounge – which opened its first location in Manchester earlier this year – is a new virtual motorsports concept which looks to combine racing simulation technology with a vibrant bar environment to create a space to socialise and have fun. The arrival of Drive Lounge is an indicator of the change in offer at Castle Quarter, which has repositioned its tenant mix towards social, leisure, and lifestyle operators whilst retaining a retail core. This has seen the arrival of new brands to the destination including Boom Battle Bar, Putt Putt Noodle, and Escape Hunt. This shift in strategy saw Castle Quarter’s visitor numbers surge by 9% in 2023 compared to the previous year, seven times the increase in Norwich as a whole (+1.2%) and over twice the rates of the East of England region (+3.5%)...

Deals News

Sloane Stanley brings Third Space to Chelsea

The Sloane Stanley Estate has reached an agreement with Third Space which will see the luxury health club open at 19 Mallord Street in Chelsea. The 30,000 sq ft gym – which will open in the former BT Telephone Exchange – follows the success of Third Space’s locations in other London locations such as Wimbledon, Battersea, and Mayfair. The new location will utilise state-of-the-art equipment, training, and recuperation zones to help its members to achieve their goals. Third Space will look to fit seamlessly with the variety of independent retailers, F&B, and leisure operators situated on the nearby King’s Road and Fulham Road. Hannah Grievson, property director at Sloane Stanley, said: “Third Space is one of the most sought-after luxury fitness and wellness brands in London, so this is a milestone moment for Sloane Stanley. Not only does Third Space echo the character and ambience of the area, it emphasises our commitment to delivering a greater number of leisure and well-being facilities to the community of Chelsea. Selecting the best brands for our portfolio is at the forefront of our strategy, and we are delighted to be welcoming Third Space to the estate next year.” This new follows a series of food...

Deals News

Clearbell brings Thai restaurant to Durham’s Riverwalk

Clearbell Property Partners has agreed a new letting to Zaap Thai at the Riverwalk, a mixed-use development in Durham city centre. The Thai restaurant operator has taken a 15-year lease for 3,500 sq ft unit, and will join other well-known occupiers including Cosy Club, El Pincho tapas bar, TGI Fridays and Turtle Bay. Zaap Thai currently has branches across locations in Leeds, Sheffield, Nottingham, Newcastle, and York, and has plans to open two additional major locations over the next 12 months. The operator’s branch will feature its trademark open kitchen, tuk tuk seating booths, neon lighting, and unique graffiti. Overlooking the River Wear and with views of Durham’s cathedral and castle, the Riverwalk is home to both retail and leisure occupiers, as well as 253 units of student accommodation. Clearbell purchased the 250,000 sq ft centre in 2014. Toby Saul, associate director at Clearbell Capital, said: “Zaap Thai will be a fantastic addition to the variety of great food, drink and leisure operators that already call the Riverwalk their home, with Zaap’s accessible but high-quality offering providing the perfect blend for the Riverwalk’s customers. Providing new and exciting retail and leisure options for our customers is part of our active...

Deals News

Praxis joins Capital & Regional bidding war

Praxis Group has emerged as the latest party to join the bidding war for real estate investment trust Capital & Regional. The property investment and management company announced that it is in the early stages of considering whether or not to make a cash offer for Capital & Regional’s entire share capital. In accordance with the stock market code, Praxis must announce whether or not it intends to make to make an offer by no later than 5pm on 16th August. Praxis said there can be no certainty that an offer will be made, nor as to the terms of any such offer. The firm is specialist manager of shopping centres in the UK with 19 centres under management comprising over 1,000 shop units. Praxis joins NewRiver as a potential suitor to take over Capital & Regional. In May, Capital & Regional’s majority shareholder, Growthpoint, had received a preliminary expression of interest from NewRiver regarding a full takeover. NewRiver has since been given two extensions to make an offer. 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...

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White Lion Walk Guildford incubator project gives boost to independent businesses

White Lion Walk in Guildford has welcomed three independent retailers on a rent-free basis as part of an incubator project to fill empty units. The Redevco-owned asset recently hosted a panel discussion event with SaveTheHighStreet.org and the retailers to showcase the success of the project. The project – which offered budding retailers the opportunity to win eight-weeks of rent free space – received over 100 applications from entrepreneurs looking to secure space in Guildford’s town centre. The response was so overwhelming that three retailers were chosen, whilst the project originally intended to fill one unit. Silent Pool Gin, a well-known local brand has opened its first physical store, whilst Rita Botanicals, a plant shop, has moved from a market stall on Portobello Road Market to its own retail space. Additionally, MyNewFave, a collective representing 33 local businesses, now operates from a single unit. Alex Schlagman, founder of SaveTheHighStreet.org said: “We are thrilled to offer this unique opportunity to Guildford’s entrepreneurial community. The White Lion Walk Incubator is more than just pop-up space; it’s a chance to gain invaluable experience, alongside business support and establish a successful business in a prime location.” Claire Yeadon, asset manager at Redevco, added: “With the launch...

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Carpetright to close 200 stores following Tapi rescue deal

Carpetright could close around 200 of its stores under the terms of a rescue deal from rival Tapi Carpets. Tapi has acquired the flooring retailer’s intellectual property, 54 of its stores, and two warehouses, leaving the future of 218 remaining stores in doubt. Jeevan Karir, managing director of Tapi said a full rescue was “unviable”, due to Carpetright’s “materially loss making” business and its “significant debt”. The retailer was also wary of any scrutiny from the competition authorities. Zelf Hussain, joint administrator at PwC, which was hired by Carpetright to find a buyer, added: “Carpetright has fallen victim to challenges facing many retailers, especially those selling big ticket items. A mixture of factors, including a big reduction in consumer spending due to cost of living pressures, lower home sales and a debilitating cyber attack made it impossible for the business to continue in its current form. “The sale of some stores and the brand to Tapi has allowed over 300 jobs to be saved, and gives the Carpetright brand the chance to continue and flourish under its new ownership. “However, it is deeply saddening that for the remainder of the workforce there will be redundancies. We are committed to helping...

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Slim Chickens cooks up Festival Place opening

Slim Chickens has opened a new location at Festival Place, with the American fried chicken restaurant making its debut in Basingstoke. Taking a 3,503 sq ft unit on the scheme’s ground floor, Slim Chickens sits within the F&B-focused mall opposite the Festival Square entrance and is in close proximity to Five Guys and Côte Brasserie. The restaurant – which is operated by Boporan Restaurant Group – has space for over 85 diners and offers a range of cooked-to-order chicken. Slim Chickens joins Mexican-inspired concept, El Bigote, and local street-food operator, Festival Street Kitchen, both of which have recently opened at Festival Place. The impact of the new operators can already be seen across the destination, with total F&B sales up 4.3% in the year-to-date, compared to the same period in 2023. Poppy Radford, asset manager at Sovereign Centros from CBRE, said: “Festival Place’s F&B is going from strength to strength, evidenced by the sales growth across our line-up of dining brands. The opening of Slim Chickens is geared towards taking this further, as we continue to evolve the destination, providing more reasons to visit and more experiences to encourage longer stays. Festival Place continues to assert itself as a hospitality...

Deals News

Hammerson to dispose of £1.5bn stake in Bicester Village owner

Hammerson has agreed to sell its interest in Bicester Village owner Value Retail to Silver Bidco, a special purpose vehicle established by affiliates of investment firm L Catterton, for an enterprise value of £1.5bn. The REIT said the transaction will generate cash proceeds of around £600m which are intended to be deployed in line with its stated capital allocation framework, namely to further strengthen its balance sheet, invest in growth and value creation, and enhance distributions to shareholders. Of the proceeds, around £95m will allocated to reduce the group’s net debt, circa £350m will be put aside for reinvestment, and up to £140m will be returned to investors as part of a share buy-back. In the UK and Europe, Value Retail operates nine Villages outside of Barcelona, Brussels, Dublin, Frankfurt, London, Paris, Madrid, Milan, and Munich. Rita-Rose Gagné, CEO of Hammerson, said: “This is a transformational deal for Hammerson, generating cash proceeds of c.£600m whilst removing an overweight, low yielding and minority stake, and positioning us for accelerated growth and value creation. “The disposal focuses our portfolio on prime urban real estate with a transformed capital structure and the capacity and capability to advance our strategy in higher yielding opportunities with...

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The Mall Luton rebrands to Luton Point

Retail and leisure destination The Mall Luton has officially undergone a rebrand, and will henceforth be called Luton Point. The 900,000 sq ft shopping centre, which was acquired by Frasers Group last year, sits at the heart of the Bedfordshire town and is managed by Sovereign Centros from CBRE. The centre has been undergoing gradual change over the past few months, with updated signage having been rolled out. Now, the name, logo and remaining signage will be rolled out across the centre’s internal and external fascias, wayfinding and digital channels. The name Luton Point was chosen to reflect the centre’s place within the community. Mark Stapleton, associate director at Sovereign Centros from CBRE, said: “This is a particularly exciting day for Luton Point and reflects its bright future ahead. I would like to thank the local authority and our colleagues and partners for their hard work and effort in enabling today to happen.”

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House of CB to open 45,000 sq ft flagship Oxford Street store

Womenswear retailer House of CB is set to open a permanent flagship store on London’s Oxford Street, with the brand taking 45,000 sq ft of space. House of CB, which currently has standalone stores in Los Angeles and Atlanta, opened a 10,000 sq ft pop-up store at 225 Oxford Street last year, but has now taken an additional 35,000 sq ft at the same site. The brand – which was founded in 2010 by then 17-year-old Conna Walker – was previously only trading from the ground and first floors of the Oxford Street store, but will now also operate from the second and third floors. Paul Souber, head of Central London retail at Colliers, which advised the landlord, said: “This commitment from House of CB is testament to the global status that Oxford Street provides as a prime retail destination offering the highest levels of brand exposure and unmatched footfall. Oxford Circus receives 190 million annual visitors, with House of CB taking centre stage opposite the hotly antcipated IKEA flagship opening later this year. “House of CB has made a significant shift in recent years from being a pureplay and hugely successful online retailer, to opening physical stores in international...

Deals News

Trio of British menswear brands sign for Covent Garden’s Seven Dials

Shaftesbury Capital’s Seven Dials neighbourhood in Covent Garden, London, is set to welcome a quartet of store openings, including a trio of British menswear brands. The destination is set to welcome a first standalone store for NN.07, a West End debut for Form&Thread, and the opening of Wax London’s third boutique, all of which will be joined by an upsized flagship store for footwear brand Vivobarefoot. Opening its first standalone store in the UK, sustainable menswear brand NN.07 will open at 7 Earlham Street in August. Currently only found at luxury stockists across the UK, the Covent Garden opening represents a milestone moment for the brand. Meanwhile, British premium menswear brand Form&Thread recently opened at 68 Neal Street. The Covent Garden location becomes the brand’s second permanent store in London and its first in the West End. Also joining the Seven Dials neighbourhood is premium menswear brand Wax London, which has opened at 45 Neal Street. Its largest location yet and its third in London, the store stocks a range of clothing, footwear, and accessories. These openings come as sustainable footwear and natural health brand Vivobarefoot recommits to Neal Street, with the brand opening an upsized store and increasing its...

Deals News

Victoria Leeds to welcome Barbour for city debut