Posts from September 2024

The Bridges shopping centre in Sunderland has welcomed the arrival of two new tenants, as footwear retailer Deichmann and fashion retailer Quiz join the scheme. This comes following the news that Holland & Barratt will begin a full refurbishment of its store at the centre next month. The Bridges was acquired last month by Evolve Estates, part of commercial property and investment collective M Core. Spanning 595,000 sq ft, the shopping centre is home to almost 100 units and is anchored by Primark, Next, and Tk Maxx. Karen Eve, centre director at The Bridges said: “Retaining and attracting good quality retailers in The Bridges is a long-term strategy. “I am delighted with the addition of our new stores along with the Holland & Barrett refurbishment, which follows in the footsteps of Pandora, which relocated and delivered a brand-new shop fit earlier this year.”

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Menswear brand Skopes opens flagship store at Leeds White Rose

British menswear brand Skopes has opened its largest store yet at White Rose Shopping Centre in Leeds. The new location – which is the brand’s 20th in the UK – marks a homecoming for the retailer, which was founded in Leeds in 1948. The 3,800 sq ft store offers Skopes’ full range of menswear, including suits, outerwear, shirts, footwear, and accessories in a variety of styles, fits, and colours. Skopes opened the first of its next generation concept stores in Westfield London in 2018, and has since continued this at Meadowhall in Sheffield, and at the Metrocentre in Gateshead. The brand is also planning to open additional stores in 2025. Simon Cope, CEO of Skopes, said: “Opening a store in our home city has been on the agenda for a few years and we’ve been waiting for the right location to become available. White Rose Centre has offered us the chance to showcase our full range of clothing, footwear and accessories and to connect with our local customers in a special way.” Mike Barber, head of retail at Skopes, added: “Since we launched our first concept store in Westfield London in 2018, we’ve refined and improved the shopping experience we...

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Peak Performance opens debut UK store at Covent Garden

Scandinavian outdoor brand Peak Performance has opened its debut UK store in London’s Covent Garden. The 1,700 sq ft store at 49 Long Acre offers the brand’s range of ski and outdoor wear as well as additional services, such as an in-store secondhand trade-in system, care and repair services, and professional washing. In line with the brand’s heritage, the store has been fitted out in a Scandinavian-inspired, minimalist style. As part of the store’s launch, Peak Performance hosted a one-day pop-up, transforming the Covent Garden Piazza into the home of a ski rail jam. The event featured demonstrations from some of the world’s top skiers, including Peak Performance athletes Alex Hackel and Theo Thoren. Peak Performance joins a number of performancewear brands at Covent Garden, including Arc’teryx, Carhartt, Finisterre, HOKA, Lululemon, Peloton, Route One, Vivo Barefoot, and the recently-opened flagship store from Swedish footwear brand, Axel Arigato. William Oliver, retail leasing director at Shaftesbury Capital, said: “Peak Performance is the kind of bold, progressive and specialist brand that makes Covent Garden the unrivalled retail destination it is today, so we’re delighted to have welcomed its debut UK store to Long Acre. The neighbourhood is not only home to a host...

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Guinness World Records appoints agents as it eyes competitive socialising debut

Guinness World Records has appointed Savills to help support its ambition to open a debut competitive socialising venue in London. The real estate adviser has been instructed to find suitable locations in Central London spanning between 25,000 and 35,000 sq ft. The new concept – which will be called Guinness World Records VS London – will allow customers to compete in attempts to break official world record titles, and will also offer visitors a range of food and beverage and retail options, primarily targeting families with children aged between seven and 14 years old. This move marks the latest diversification of Guinness World Records’ business, with the group having added TV production and business consultancy to its publisher arm. Jessica Hill, surveyor in UK restaurants and leisure at Savills, said: “As consumer demand for unique, immersive experiences continues to rise, it’s no surprise this brand has seized the opportunity to expand in this market. Guinness World Records is a household name with a huge following across social media and entertainment platforms, putting them in an excellent position for success. We’re focused on finding the ideal London location that not only captures high footfall, but also taps into the city’s status as a...

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Savills supports John Lewis’ plans for BTR scheme in Reading

Savills acted on behalf of the John Lewis Partnership to submit a planning application proposing the creation of a build-to-rent scheme in Reading. The scheme will be the first of its kind from John Lewis outside of London, and will see an investment of £80m to create 215 energy-efficient homes as well as 6,000 sq ft of internal amenity, including space for community uses, external garden areas, and improved public realm. Located adjacent to the A329 and opposite The Oracle shopping centre in the town centre, the site – which is a former distribution warehouse – sits in close proximity to Reading Train Station, providing access to London in under an hour. The new project is set to include a mixture of one, two, and three bedroom homes which will be supplemented by shared areas for fitness, home-working, and socialising. John Lewis said the homes will be highly sustainable, using high performance materials with renewable energy resources. Due to the development’s proximity to the town centre and the availability of the local transport network, the scheme will be car-free, barring accessible spaces. The group added that the proposals reinforce its ambition to create a housing brand designed specifically for renters, in a bid to ease...

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Levy Real Estate advises on £6m Central London restaurant acquisition

Levy Real Estate has advise on the acquisition of a Central London restaurant unit on behalf of an overseas investor. The property on Great Newport Street, in close proximity to Leicester Square, was acquired for just under £6m. The asset is currently let to P.F. Chang’s, with approximately eight years remaining on the lease, and generates an annual rental income of £405,000. The acquisition was secured at a net initial yield of around 6.00%. Levy Real Estate said the deal highlights its expertise in identifying and securing high-quality investment assets in key Central London locations. Portland Leisure Advisers acted on behalf of the vendor.

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Frasers Group opens flagship store at Meadowhall

Frasers Group has opened a new flagship store at Meadowhall shopping centre in Sheffield. The new FRASERS store spans 100,000 sq ft across two floors, and features products from brands including Sports Direct, Sofa.com, USC, Evans Cycles, and GAME. The group said the new opening demonstrates its commitment to physical retail and investment into regional communities. FRASERS has opened in The Avenue, a part of the scheme formerly known as Park Lane which is currently undergoing refurbishment. David Epstein, managing director of premium and luxury at Frasers Group, said: “Our FRASERS Meadowhall flagship store demonstrates the Group’s commitment to setting a new benchmark in retail and creating exceptional shopping destinations. “Driven by our strong partnerships with some of the most renowned premium and lifestyle brands in the industry, we’ve developed an elevated space that combines quality, variety, and innovation. “With an unrivalled offering of the best in fashion, footwear, and accessories as well as our most expansive homeware destination to date, this store creates an engaging and inspiring shopping experience for consumers that showcase the very best of what our brand partners have to offer.”

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Former Co-op HQ at NOMA Manchester set for hotel and restaurant conversion

The former headquarters of The Co-operative Group in the NOMA neighbourhood in Manchester could be transformed into a hotel and restaurant under new proposals. NOMA has unveiled plans to transform the Grade II-listed New Century House into an upscale 196-room hotel, complete with a rooftop terrace bar and restaurant. Conference and leisure facilities would also be created at basement level. The proposed hotel would offer guests access to the city centre’s prime retail and office core, with the 23,000-capacity AO Arena within a five minutes’ walk. The site would also be in close proximity to Victoria Station and Shudehill transport interchange. The 14-storey building of 1960s Modernist design was constructed for the Co-operative Insurance Society before becoming the headquarters of the wider Co-operative Group. The NOMA neighbourhood is home to a number of leading businesses including Amazon, The Co-operative Group, athleisure brand Adanola, Material Source, and Arcadis IBI Group. Global financial services group BNY (Bank of New York Mellon) recently announced that it is relocating its 2,000-strong Manchester team to 4 Angel Square, where it is letting the entire 200,000 sq ft building. The proposed hotel will look to complement the existing neighbourhood next door to New Century Hall, the...

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Government can use retail and leisure sectors to unlock growth, says Revo

The upcoming Autumn Statement gives the government the opportunity to unlock economic growth by supporting the retail and leisure sectors, according to new research by Revo. Revo – the trade body for the retail and leisure real estate sector – has partnered with insight and foresight consultancy Trajectory, as well as over 30 sector figures and academics, to conduct scenario planning, with the objective of identifying how its members can prepare for how the industry might look in 2034. The report will be published in full later this year and looks to present new perspectives on the possible and plausible futures for the UK retail and leisure property industry. Revo’s scenario planning looks at three possibilities of how the industry may look in 2034: Under each of the above scenarios, Revo and its partners have looked at the forces which may be shaping retail and leisure real estate sector in 2034. These include the growth of generative AI to the future-proofing of assets from the risks posed by climate change. Whilst the full report will be launched later this year, the highlights from the research launched at this year’s Revo Conference call on the retail and leisure real estate sector...

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Sportswear brand Castore opens at Braehead Shopping Centre

Castore has continued its UK expansion with the opening of a new store at Braehead Shopping Centre near Glasgow. The 1,482 sq ft store showcases the brand’s range of performance sportswear designed for both men and women. The brand’s arrival at Braehead Shopping Centre forms part of the centre’s ongoing commitment to welcoming brands that align with customer demands. This move allows the brand to connect with a broader audience in a high-footfall environment, whilst offering customers its range of innovative sportswear. Castore’s new store will join a range of other sportswear brands at Braehead Shopping Centre, including JD Sports, Footasylum, and Sports Direct. Ashley Bisland, centre director at Braehead Shopping Centre, said: “We are delighted to welcome Castore to Braehead Shopping Centre and are confident that the new store will thrive with our customers. Their commitment to performance and innovation aligns perfectly with our focus on providing the best retail experience for our shoppers.” Danny Grimshaw, head of retail at Castore, added: “Our new Castore store at Braehead will provide us an opportunity to continue our successful reputation in the region, making us more accessible and helping us to enhance our shopping experience. The centre’s fantastic location will allow us to...

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Agents appointed to market Sheffield’s former Cole Brothers building

Regeneration company Urban Splash has appointed agents to support the marketing of the former Cole Brothers building in Sheffield. Smith Young and Stärka have been appointed to handle the retail and leisure briefs respectively, with both firms working alongside Sheffield-based commercial advisor Colloco. Urban Splash is currently working on proposals to transform the former department store into a mixed-use space. The proposals envision the creation of flexible workspaces, cafes, retail, leisure, cultural uses, and event spaces – all designed to complement a wider ‘Heart of the City’ project. The former Cole Brothers store opened on Barker’s Pool in 1963, before later becoming a John Lewis. It then closed in 2021. Urban Splash secured the lease for the former department store from Sheffield City Council in March. Nathan Cornish, director at Urban Splash said: “We are honoured to be tasked with the redevelopment of another famous Sheffield building. “As we work through our early design plans, we’re keen to find occupiers who share our values and vision for the building. With these carefully selected agents, we hope to curate a vibrant mix of occupiers who will breathe new life into the building. We are seeking out great brands, independents, and businesses...

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Morrisons raises £331m in sale-and-leaseback deal in bid to reduce debt

Morrisons has signed a sale-and-leaseback deal with an undisclosed business which the supermarket retailer has said will generate net proceeds of approximately £331m. Under the terms of the deal, 76 properties will be transferred to the purchaser and then leased back to Morrisons, which is working to reduce a hefty debt pile. Sky News has reported that the buyer is real estate investor Song Capital. Morrisons – which was acquired by US-based firm Clayton, Dubilier & Rice (CD&R) in 2022 for £7bn – most recently reported a debt burden of around £4bn. However, this was down from a peak debt of £6.2bn, after Morrisons completed a £2.5bn sale of its petrol forecourt business to Motor Fuel Group – also owned by CD&R – earlier this year. Morrisons said the acquisition is set to complete on or around 2 October, and that the use of proceeds from the transaction is under consideration. CBRE is reportedly understood to have advised Morrisons on the deal, Sky News has reported.

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Green & Partners welcomes new associate partner

Real estate consultancy Green & Partners has announced the appointment of Alex Murray as associate partner. He joins from Clifton Agency, where he worked in the capital markets team. Prior to this, he had held positions in the leasing and professional services departments at CBRE and CWM, specialising in investment transactions, lease restructuring, and occupier acquisitions. Murray has worked with major landlords and retailer clients to implement asset management strategies in his eight years of experience in the professional sector. In his new role at Green & Partners, he will look to provide insight and technical due diligence on investment transactions, whilst also enhancing the firm’s agency services and occupier client base. Ben Simpson, equity partner at Green & Partners, said: “Having worked closely together for 7 years, it’s great to have Alex back in the team. His breath of experience and diversity of skills across investment, agency and lease advisory disciplines, will enhance our existing market leading service.” Adam Bindman, equity partner, added: “Alex joins at an exciting time for the business following 4 new hires and will help bolster the depth of our tenant rep and landlord advisory business.” Alex Murray said: “I am delighted to join G&P...

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Superbowl leads 27,000 sq ft of new signings at Festival Place

Family-friendly entertainment concept Superbowl UK leads a pair of new leisure and F&B signings at Festival Place in Basingstoke, which between them will take nearly 27,000 sq ft of space. The operator will open a 16,750 sq ft unit at 44-49 Queen Anne’s Walk next summer, opposite the centre’s Apple Store. The concept is centred around 10 bowling lanes, but also incorporates soft play, interactive darts, shuffleboard, and a SEGA Prize Zone. The venue will also include a food and beverage offering, serving classic diner food and a range of alcoholic and soft drinks. Meanwhile, restaurant operator Hans Buffet is set to open next door to Superbowl UK, taking around 10,000 sq ft of space. The concept – which comes from the team behind Bracknell’s Tang’s Buffet – will offer an international menu featuring over 100 dishes. Jack Gordon, director at Sovereign Centros from CBRE, on behalf of Festival Place, said: “These are two landmark signings for Festival Place, that play a big part in the destination’s continued evolution to deliver a more rounded, all-encompassing offer for its visitors. Superbowl UK is well known in the area and will bring families and groups of adults from far and wide, as...

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British Land appoints to newly-created head of real estate and investment role

British Land has announced that Kelly Cleveland – currently head of strategy and investment – has been appointed to the newly-combined role of head of real estate and investment. Cleveland joined British Land in 2011 and has since progressed through the business, working across investment, strategy and treasury before joining the executive committee in 2020. She took on her current position as head of strategy and investment in 2022, and will take on her new role in mid-October. The company’s current head of real estate Darren Richards has resigned from his role and is leaving British Land to join LondonMetric Property as chief investment officer. Simon Carter, chief executive of British Land, said: “Aligning our asset management, leasing and investment activity has become ever more important as we actively recycle capital and seize the opportunities emerging in our markets. Kelly has a wealth of real estate experience, leading key transactions such as the sale of our Meadowhall stake earlier this year and our joint venture partnerships with the likes of Allianz and AustralianSuper. She has also been instrumental in growing our presence in retail parks as we have doubled down on this attractive sub-sector. “I’d like to take this opportunity to thank...

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The Portman Estate unveils plans for new Marylebone retail and leisure destination

The Portman Estate and Derwent London have unveiled plans for the launch of Loxton Walk, a new retail and leisure destination in the heart of Marylebone. Launching in 2025, Loxton Walk is set to create 28,500 sq ft of new retail and leisure space across 17 units. These will be accessible via four avenues from George Street, Blandford Street, Gloucester Street, and Baker Street. The project will feature a central courtyard designed to function as a lively new destination for residents, workers, and visitors to Marylebone. Loxton Walk will feature a variety of spaces, from kiosk units to spaces designed to house flagship restaurants. Units will range in size from 300 sq ft to 5,800 sq ft, and can be combined by operators to create anchor stores. The destination will also be supplemented by dedicated outdoor seating areas and new public realm. Loxton Walk will look to complement The Portman Estate’s ongoing curation of Marylebone. With destinations such as Chiltern Street and Marble Arch, the area recently saw the landmark opening of Moco London, a new cultural destination for London and the third and largest Moco Museum location in Europe. Loxton Walk is part of a wider mixed-use development by...

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Space NK continues expansion at Centre:mk

Beauty retailer Space NK has continued its expansion across the UK after agreeing a deal to open at Centre:mk in Milton Keynes. Opening on Silbury Arcade at the end of November, the 1,721 sq ft store will offer a range of makeup and skincare products. The new Space NK store at Centre:mk will include a dedicated consultation area for makeup and skincare, along with specialist treatment room. Customers will also be able to access personalised beauty consultations and advice from a professional beauty advisor. Brands on offer will include the likes of Tatcha, Drunk Elephant, NARS, Rare Beauty, Hourglass, Kosas, Olaplex, Ultra Violette, Sol De Janeiro, Diptyque, Milk Makeup, Glossier, Laura Mercier, and Aesop. Kevin Duffy, centre director at Centre:mk, said: “The signing of Space NK marks another step in our commitment to offering best-in-class retail experiences. As Space NK’s latest strategic opening, it underscores centre:mk’s reputation as a prime destination for top-tier brands. This addition further solidifies our status as a leading location for popular beauty and wellness retailers, as Space NK joins the likes of H Beauty, Boots, Rituals and L’Occitane.” The signing follows the recent additions of Mango and Reiss at Centre:mk as well as the upcoming...

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Perfumery makes regional debut at Victoria Leeds