Posts from July 2024

Aldi to open over 10 new stores in the coming months

9th July 2024

Aldi has announced plans to open over 10 new stores in the coming months, as the retailer targets a total of 35 store openings in 2024. New stores in Waltham Cross, Hertfordshire, and Olney Park, Milton Keynes, are set to open in the next month, whilst stores in Aberdare in Wales, Broughty Ferry in Dundee and Leytonstone in London will welcome Aldi stores in the near future. The openings form part of the retailer’s long-term target of 1,500 UK stores, with Aldi investing £550m into its store estate in 2024 alone. Jonathan Neale, real estate managing director at Aldi UK, said: “At Aldi, we want to ensure that high quality yet affordable food is available to everyone which is why we are continuing to expand across the UK. “We have already opened several new stores this year, from Skelmersdale in Lancashire and Newport in Wales to Castle Gresley in Derbyshire and High Wycombe in Buckinghamshire, and now we’re excited to bring Aldi to even more communities over the coming months.” The full list of Aldi stores opening in the UK over the coming months includes: Last month, the retailer unveiled its updated list of priority locations, following a public consultation.

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MINISO to open 29th UK store at Newcastle’s Eldon Square

8th July 2024

Lifestyle retailer MINISO is set to open its 29th store in the UK at Eldon Square in Newcastle this summer. Located on the scheme’s Upper Mall opposite John Lewis, the 1,700 sq ft store will feature the retailer’s ranges of toys, beauty products, and food. The new store will aim to target an audience ranging from Gen Z’s and students to families with children as well as young professionals. MINISO Eldon Square will feature themed collections from the likes of Hello Kitty & Friends, Disney, and Pokémon, and is predicted to bring an uplift in footfall to the Newcastle shopping destination. Saad Usman, chief operations officer at MINISO, said: “We are incredibly excited to expand our presence in the North East by opening MINISO’s latest store at Eldon Square in Newcastle. This new location marks the second MINISO store in Newcastle, following the successful opening of MINISO Gateshead in 2022. Eldon Square has always been a premier shopping destination and we are thrilled to bring more affordable and high-quality products to shoppers across the UK.’ Cormac Hamilton, general manager of Eldon Square, added: “The new addition of MINISO aligns perfectly with Eldon Square’s strategy of curating an exciting tenant mix that resonates with...

Deals News

LaSalle offloads South London retail park for over £60m

8th July 2024

LaSalleI Investment Management has completed the sale of the Tandem Centre retail park in Colliers Wood, South London, to clients of Abrdn in a deal worth over £60m. Located 8 miles from Central London, the Tandem Centre comprises 117,752 sq ft of space and is part of a wider regionally dominant retail centre. The scheme is anchored by Lidl with a lease expiry in 2045 and five-yearly retail price index-linked rent reviews. Other tenants include Next, Tk Maxx, Clarks, JD Sports, Sports Direct, Homesense, Starbucks, and Nando’s. It is located adjacent to a 130,000 sq ft M&S store, a 105,000 sq ft Sainsbury’s supermarket, and the 67,333 sq ft Priory Retail Park. Miles Marten, investment partner at Park Place Retail, which acted for Lasalle, said: “The marketing and sale of this scheme has demonstrated there is strong institutional demand for high quality retail park assets. The strength of the sector and the potential for rental growth is now being recognised by a growing number of investors. Many thanks to our clients LaSalle Investment Management, and it was great to work with the team at Abrdn and their agent, Freddie MacColl at Knight Frank.”

Deals News

Apple opens second ‘next generation’ store in Milton Keynes

8th July 2024

Apple has opened its second ‘next generation’ store at Midsummer Place shopping centre in Milton Keynes. The relocated store will span 13,000 sq ft – an upsize of 8,000 sq ft – and will become the first next generation Apple store in the UK outside of London. The signing follows a number of new recent lettings and expansions at the centre. This includes the introduction of bowling concept Lane7 – which will launch its largest location yet at Midsummer Place and is set to open alongside Frasers in the final quarter of the year. These brands are set to complement the scheme’s current fashion offer, alongside the recent introduction of new F&B food pods to at the recently transformed Boulevard. Simon Anderson, director of asset management at Ellandi, said: “There has been a strong start to this year with a wave of new lettings at Midsummer Place. These are testament to continued occupier interest in the scheme and complement the existing brand offer in place. “Apple’s choice to open the second of its next generation stores in the UK at Midsummer Place is testament to the strength of this evolving line-up, as well as Milton Keynes’ diverse shopper demographics.”

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M&S to open flagship stores in Bristol and Bath

8th July 2024

Marks & Spencer is set to open two new flagship stores in the South West in Bristol and Bath. The retailer will return to Bristol City Centre with the opening of an 80,000 sq ft space in Cabot Circus, following a £21m investment. The Bristol store – which will offer a range of M&S food, clothing, and beauty products – will join M&S’s other stores in the city including in Avonmeads, Eastgate, Imperial Park, Whiteladies Road, Cribbs Causeway, and Longwell Green. Work is currently underway to transform the Cribbs Causeway store. Stuart Machin, CEO of M&S, said: “It’s brilliant to be announcing our return to Bristol city centre today. At Cabot Circus, we’re able to create a flagship store which delivers the best possible shopping experience for customers and showcases the very best of M&S. Our store rotation programme is all about ensuring we have the right stores in the right place and with the right space to excite and inspire our customers, including in city centres. This £21m investment will allow us to do just that while expanding our footprint across the South West.” Rita-Rose Gagné, CEO of scheme owner Hammerson, said, “We are delighted to continue expanding our partnership with M&S...

Deals News

Frasers Group buys Doncaster shopping centre

5th July 2024

The Frenchgate Centre in Doncaster, previously called the Arndale Centre, has been sold to Frasers Group for an undisclosed amount. The shopping centre is home to major brands such as Next, H&M and TK Maxx and is conveniently located near the main railway and bus stations. Frasers Group sees this deal as a sign of their belief in the future of physical stores. Michael Murray, CEO of Frasers Group, said that buying the Frenchgate Centre shows the company’s commitment to investing in physical stores. The group plans to use the space to expand their current Sports Direct store and to bring in other brands they own, like USC and Evans Cycles. The shopping centre opened in 1968 with a large extension added in 2006, connecting it to a new transport interchange. One of the biggest stores in the expansion was a Debenhams which closed in 2021, although plans were approved last year to turn the space into a cinema.

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Castore makes centre:mk debut

4th July 2024

Castore, a high-end sportswear brand focused on performance, has officially opened its first regional flagship store at centre:mk, a premier shopping destination in the UK. The flagship store offers Castore’s complete mainline range, including clothing for men, women, and children. Additionally, celebrating their connection to Milton Keynes‘ sporting heroes, the store features a selection of teamwear for McLaren Racing and Oracle Red Bull Racing. This partnership is particularly fitting since Red Bull Racing’s Factory is located within Milton Keynes itself. Occupying 865 sq ft, Castore’s new flagship is one of the first to showcase their latest design concept, created by Ink Associates. This design aims to capture the essence of athletes’ determination, hard work, and perseverance through its unique features. Castore collaborates with world-class athletes and brands to push the boundaries of innovation and achieve peak performance. Their technically advanced sportswear fabrics are worn by a range of individuals and teams, including the England Cricket team, tennis stars Andy Murray and Owen Farrell through their partnership with the Lawn Tennis Association, Oracle Red Bull Racing, and many more. FMX Urban Property Advisers and Time Retail Partners are Centre:mk’s retained letting agents.

Deals News

Stärka searches for perfect tenant for Victoria Exchange

4th July 2024

LondonMetric Property Plc has appointed Stärka to find a tenant for a large commercial space in Manchester. The 100,000 sq ft opportunity is part of the Victoria Exchange Leisure District which boasts an annual footfall of 13.2m, and located right next to the AO Arena. The space itself is easily accessible from both Trinity Way and Manchester Victoria Station. Currently, the space is divided into two floors. The ground floor offers 50,000 sq ft of space, with the remaining area spread across a mezzanine level. Recognizing that some tenants might not need the entire space, the owners have incorporated flexibility into the leasing agreement. This allows for the creation of multiple, individual units that better suit the needs of various tenants. There is also a direct link to a 980-space car park where there is scope to activate up to 1.7 acres of roof terrace, providing views across Manchester’s skyline that would suit premium dining operators or experiential food and beverage concepts. The launch of this leasing opportunity comes on the heels of a report that identified Manchester as a prime location for experiential leisure businesses, with the capacity to accommodate up to 415,000 sq ft of new experiential leisure...

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NewRiver acquires asset and development management firm

4th July 2024

NewRiver has announced the acquisition of Ellandi Management Limited (‘Ellandi’), an asset and development management business focused on UK retail and regeneration. Co-founders and owners of Ellandi, Morgan Garfield and Mark Robinson, will join NewRiver as Head of Capital Partnerships and Head of Regeneration, respectively. The acquisition strengthens NewRiver’s existing Capital Partnership business and is consistent with their strategy to deliver earnings growth in a capital-light way through utilising Ellandi’s experience in managing destination shopping centers and regeneration projects. Ellandi brings a portfolio of 16 shopping centre asset management mandates, covering over 6.3m sq ft, with 10 different partners. Ellandi also brings extensive experience working with public sector owners to deliver regeneration, with current projects including the regeneration of Blackpool Town Centre and Strand Shopping Centre in Bootle. Ellandi’s portfolio also includes Highcross, The Broadway and Merry Hill The combined Capital Partnership business will have significantly increased scale, with Assets Under Management (“AUM”) of £1.5bn across a portfolio of 21 shopping centres and 18 retail parks, with 13 different partners. Including NewRiver’s wholly owned portfolio of retail assets, this increases to total AUM of £2.0bn across a portfolio of 44 shopping centres and 29 retail parks and an existing fee...

Deals News

Harrogate retail investment handed £4.7m price tag

3rd July 2024

A multi-unit retail investment in the spa town of Harrogate, North Yorkshire, has been placed on the market with a price tag of £4.7m. The asset at 17-23 Parliament Street totals 19,283 sq ft of retail and F&B space, currently let to four tenants including Five Guys, Mitchells & Butlers, and Marston’s, plus a rental guarantee. The property currently produces an annual rental income of £400,982, with passing rents within the property generally reflecting around £20 per sq ft and dating from the letting of the property following its refurbishment and extension in 2015/16. The asset is situated within a highly prominent island position within the core leisure, café, and bar location in location. It is also in close proximity to the prime retailing locations of Cambridge Street and James Street, as well as the famous Bettys Café Tea Rooms. The surrounding area is home to Montpellier Quarter, which accommodates numerous fashion boutiques. FMX Urban Property Advisers, which has been appointed to market the property alongside CRRE Property Advice, said the £4.7m price tag represents a net initial yield of 8%, rising to 9.09% in December 2026.

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EE opens second Manchester store as it commits £6m to bricks-and-mortar retail

2nd July 2024

EE has opened its second ‘Experience’ store in Manchester, as part of a £6m commitment from the mobile network operator to bricks-and-mortar retail this year. This comes a year after EE’s first Experience launch in Manchester, which saw a 25% boost in footfall compared to previous stores in the area. The store at 33 Market Street is one of 10 new Experience stores set to open across the UK this year, and features a ‘Welcome Zone’, a ‘Gaming Zone, a ‘Basecamp’, and ‘Tech Live’, which allows customers to test technology before making a purchase. This comes following research from EE which finds that Manchester is the UK’s most ‘plugged-in’ city, with residents owning more smart devices and spending more hours online than anywhere else in the country. The research found that people living in or near Manchester now have an average of 5 smart devices in their home or on their person, compared to a national average of 4. Asif Aziz, retail director at EE, said: “Our research shows Manchester is one of the most plugged-in cities in the UK, and more devices mean more opportunities to get the most out of all that connected tech. Almost a year on from...

Deals News

Canning Town Lidl development hits the market

2nd July 2024

A Lidl store at the Hallsville Quarter regeneration project in Canning Town, London, has been placed on the market with an asking price of £6.25m. The 15,985 sq ft unit comprises a brand new, purpose built foodstore below a modern residential scheme, which has been sold off. Let to Lidl on a 25-year lease with a tenant break at 20 years, the unit will be handed over to the supermarket retailer in September with the opening expected in the final quarter of the year. The property produces an annual rent of £350,000 per annum and is also subject to five-yearly rent reviews. The wider Hallsville Quarter development, which is being lead by Linkcity, is at the heart of Canning Town’s regeneration. The £600m development will aim to provide the area with with a new and dynamic town centre with a traditional high street feel, mixed-tenure housing, parking facilities, and open public spaces. The scheme is currently being delivered over five phases, with the third phase set to complete by the end of 2024. Once complete, Hallsville Quarter is set to provide around 300,000 sq ft of commercial space, 1,148 new homes, 375 student beds, a 196-bed hotel, and 400 car...

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Frasers Group targets full ownership of Exeter’s Princesshay

1st July 2024

Frasers Group is in talks to purchase full ownership of Princesshay shopping centre in Exeter, according to reports. The Times Reports that the Mike Ashley-founded retail group is in seperate discussions with joint owners Nuveen and The Crown Estate regarding a purchase of their respective 50% stakes in the scheme. If both negotiations go through, it is estimated that Frasers Group would invest around £80m into the shopping centre, which generates over £9.1m of gross income each year. The 400,000 sq ft asset comprises retail units, food and beverage and leisure space, and offices. Key tenants include Next, Zara, and Reiss, with F&B operators at the scheme including Nando’s, Wagamama, and Yo! Sushi. Nuveen purchased its stake in Princesshay from Landsec a decade ago. Earlier this year, it was reported that the US-based asset management firm had placed its stake on the market, with Savills appointed to handle the sale. Frasers Group has previously purchased retail assets of this size. Last year, acquisitions included The Mall in Luton and the Junction 32 outlet centre in Castleford, Yorkshire.

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Roko puts four fitness clubs on the market

1st July 2024

Roko Health Clubs has appointed Savills to market four health and fitness clubs, to be sold either individually or all together. The sites have been placed on the market with the following guide prices: Chiswick, £1.25m; Gillingham, £3m; Nottingham, £2.85m; and York, £1.1m. Each of the clubs has an approximate built footprint of between 26,000 sq ft and 43,000 sq ft. The facilities at the clubs include 20m swimming pools, spa areas, jacuzzi pools, learner pools, open plan gym floors, studio rooms, cafés, and ancillary spaces. Three of the assets are held on long leaseholds with between 104 and 108 years remaining, with Chiswick being offered on a short leasehold basis with 18 years unexpired. All four of the clubs operate under the Roko brand, and have multiple revenue streams including memberships, concessions, day nurseries, beauty treatment rooms, swimming lessons, personal training, and studio hire. The health clubs have operated successfully as individual venues, however Savills said they could be integrated into existing health and fitness portfolios. Alternatively, the sites could be purchased together to form the basis of a new independent group operation. Ian Simpson, head of leisure and trading at Savills, said: “The health and fitness sector continues to...

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