Posts from August 2024

Yorkshire’s Junction 32 celebrates record performance

2nd August 2024

Junction 32 in Castleford, West Yorkshire is celebrating record-breaking performance in the first half of 2024. The outlet shopping centre recorded an 18.4% rise in footfall, as well as a 2.6% increase in revenue when compared to the same period in 2023. Junction 32’s success has been propped up by new store openings and upsizings from key retailers such as Greggs, Pavers, Sports Direct, Mountain Warehouse, and Sofa.com. Outdoors retailer Trespass also recently completed the refit of its store at the scheme. The asset has also benefited from a pivot towards experiential shopping, offering more community engagement and social interaction. This includes the Artisan Craft Fayre taking place once a month and an ongoing busker spot, which have contributed to the uplift in footfall traffic over the last six months. The categories that saw the greatest year-on-year improvements in the first half of 2024 include sports (+6.8%), outdoor (+15%), menswear (+17.5%), home (+15.7%) and Cafes (+6.1%), reflecting an evolution in consumer preferences. Rachel Scott, head of leasing at asset manager Global Mutual, said: “Junction 32’s outstanding performance is down to the centre’s effective strategies resulting in successful openings and expansions of key stores, along with the completion of significant refurbishments. The...

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Evolve Estates snaps up Sunderland shopping centre

1st August 2024

Evolve Estates, part of commercial property and investment collective M Core, has acquired The Bridges Shopping Centre in Sunderland. Spanning 595,000 sq ft, the shopping centre is home to almost 100 units and is anchored by Primark, Next, and Tk Maxx. The scheme is also supplemented by a 938-space car park. Evolve Estates purchased the centre as part of its ongoing acquisition drive which has seen it purchase shopping centres, parades, and retail parks in different parts of the country. Joe O’Keefe, co-founder at Evolve Estates said: “The acquisition of The Bridges Shopping Centre reflects our commitment to investing in high-potential retail assets. “We see significant potential in The Bridges and look forward to working with stakeholders to further diversifying the tenant mix.” JLL, Cited Property, and Montagu Evans acted for Evolve Estates. JLL represented the vendor. This year alone, M Core has acquired has acquired Billingham town centre in County Durham, the Princes Square retail development in Glasgow, a food-anchored convenience centre in Uttoxeter, Staffordshire, and Westhill District Centre, near Aberdeen.

Deals News

Trafford Centre to welcome Manchester-born Caribbean street food brand

1st August 2024

Caribbean street food brand Jerk Junction is set to open its first shopping centre location at Manchester’s Trafford Centre this September. The operator – which started out in Mancunian suburb Chorlton – will occupy a 917 sq ft space in The Orient, located next to HOP Vietnamese. Jerk Junction will offer signature dishes such as jerk chicken, curried goat, and vegetarian options such as ital stew, and its expansion into Trafford Centre highlights an increase in demand for diverse dining options within the retail sector. Russell Loveland, managing director of Pradera Lateral, Trafford Centre’s asset managers, said: “Jerk Junction’s arrival not only enhances our food offering but also highlights our commitment to supporting local businesses. Their unique and authentic Caribbean flavours will undoubtedly be a major draw for both our existing visitors and new customers.” The signing follows the recent news that womenswear brand Hobbs will open its 63rd standalone store in the UK at Trafford Centre this autumn. The 4,000 sq ft store, located on the Upper Regent Crescent, will stock the brand’s mainline range, as well as limited-edition collections.

Deals

Capital & Regional capitalises on “strong levels of demand” in first half of year

1st August 2024

The chief executive of Capital & Regional has said the retail property real estate property trust has been able to capitalise on the continued strong levels of demand from retailers during the first half of 2024. During the six-month period ending 30 June, the REIT completed 48 new lettings and renewals, up from 42 in the first half of 2023. These lettings were completed at a combined average premium of 8.8% to previous rent and 14.1% to estimated rental value. The group’s occupancy rate also increased to 93.9%, up from 93.4% in December, due to the re-letting of three former Wilko units in its portfolio to B&M. Capital & Regional also recorded a 17.1% increase in net rental income to £13.7 million during the period, a year-on-year increase of £2m, reflecting the impact of the group’s acquisition of The Gyle Shopping Centre in Edinburgh which has since been integrated into its portfolio. A further £1m of contracted rent is due to convert to passing rent in the next 12 months as some of Capital & Regional’s occupiers’ rent-free periods end. During the period, the group recorded a 17.1% increase in adjusted profit to £8.2 million, up from £7m in June...

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Mediterranean restaurant to launch largest site to date at Covent Garden

1st August 2024

Eastern Mediterranean restaurant concept Brother Marcus is set to open its largest location to date at The Yards, Covent Garden. Located at 23 Slingsby Place, the two-storey, 4,190 sq ft restaurant will become the operator’s fifth location within the capital. The venue will have two terraces overlooking The Yards’ St Martin’s Courtyard and will have two bars – one on each floor – and an open kitchen. Brother Marcus will look to complement The Yards’ day-to-night offer, with a menu that begins with breakfast, before moving into an all-day mezze offer. Brunch will also be served on weekends. On behalf of Longmartin Properties, a joint venture between Shaftesbury Capital and the Mercers’ Company, Abi Labbett, asset manager at CBRE, said: “Brother Marcus’ selection of The Yards to launch its flagship location and first in central London further endorses our position as one of the finest day-to-night F&B offerings in the capital. This signing nearly completes our strategy of creating a critical mass of leading global concepts delivering authenticity, vibrance and choice, with only one grab-and-go style unit available.” Alex Large and Tas Gaitanos, co-founders of Brother Marcus, added: “After four successful sites across London, we knew we wanted our fifth...

Deals News

Retail asset management veteran launches new firm

1st August 2024

A retail property asset management veteran has today launched a new operating platform, focused on providing asset and development management services across town centres, shopping malls, retail parks, and mixed-use schemes. Sabri Marsaoui, who has previously worked for the likes of Capital & Regional and Crosstree Real Estate Partners, has today launched Blackstar Real Estate. The firm – which has already secured its first two asset management mandates – will aim to partner with private equity firms, institutional investors, family offices, and local authorities to deliver value enhancement and transformational change. Sabri Marsaoui said: “Given the ever-improving investor sentiment for real estate and retail property in particular, this is the perfect time for a new asset/development manager with a clear purpose to come into the market. “Our mission is to create, deliver, and enhance sustainable town centre destinations on behalf of our investors. Our bespoke service is tailored to each individual project, reflecting the specific needs of the asset and the ambitions of our clients.” Blackstar’s expertise covers the shopping, food and beverage, leisure, workspace, co-living, healthcare, purpose-built student accommodation, community space, and public realm sectors. Sabri Marsaoui has two decades of experience in the real estate sector across various...

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