Posts from October 2024

Scottish commercial agency EYCO has opened a new office in Glasgow, relocating from its previous position at Blythswood Square. The firm’s new office at 204 West George Street will be headed up by Kevin Hughes, a partner in EYCO’s development team. EYCO said it has relocated to a better premises in an improved location, with the intention that it will continue to develop its Glasgow business and make further new appointments over the coming months. This comes after EYCO opened its first office outside of Scotland at Winsley Street in London’s West End, led by Patrick Over, partner. Founded in 1983 as Eric Young & Co, EYCO is currently active on 23 shopping centres and retail parks. The firm also operates a business space team which provides bespoke advice on office property throughout Scotland.

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Touchwood Solihull nearly fully let after signing four new brands

Touchwood in Solihull is nearly at full occupancy after the signing of four retail and dining brands to the scheme. Wing Kingz, House of Tweed, Yankee Candle, and Indico Street Kitchen will all open at the shopping centre within the coming months. Costa Coffee is also set to relocate at Touchwood, opening an upsized store spanning two floors at the beginning of November. The first of the new arrivals to open will be House of Tweed, with the fashion and accessories retailer opening on 1 November. It will be followed by restaurant and bar chain King Wingz, which will open on 16 November for its fourth location. Also joining the scheme in mid-November is Yankee Candle, which will take residency in the former Costa Coffee unit. Finally, Indico Street Kitchen will look to bolster the centre’s dining options when it opens over the next few months. Tony Elvin, general manager of Touchwood, said: “We are thrilled to be welcoming Wing Kingz, House of Tweed, Yankee Candle and Indico Street Kitchen to Touchwood this autumn. “We continue to work hard to enhance our offering with the addition of new retail outlets and restaurants. These latest new openings take our tenant occupancy...

Deals News

Luxury retailer relocates Covent Garden store

Strathberry, the Edinburgh-based luxury leather goods retailer, has relocated its store within Covent Garden’s Market Building. Following the success of its debut store, Strathberry has doubled its presence at Covent Garden, taking a new 1,200 sq ft unit. The upsized unit will enable the brand to expand its offering of exclusive products, signature bags, and luxury accessories. Currently stocked in over 90 locations globally, Strathberry operates three standalone stores, of which Covent Garden is the largest. Strathberry has also opened a new office alongside its upsized store, solidifying the brand’s presence in Covent Garden. William Oliver, retail leasing director at Shaftesbury Capital, said: “Shaftesbury Capital takes great pride in the collaborative, long-term relationships we foster with our partners, and Strathberry’s decision to not only significantly upsize their store, but to also open their new London office in Covent Garden, is testament to this. It’s extremely rewarding to see our partners go from strength to strength within the destination and continue to deepen their commitment to the area.” Guy and Leeanne Hundleby of Strathberry, added: “Whilst Strathberry is an internationally recognised brand, known globally for our elegance, outstanding quality and minimalism, the way in which we operate remains focused on the strong knit...

Deals News

Introducing Data Exchange: a one-stop-shop for finding retail property

Completely Retail, the UK’s leading retail property platform, has announced the launch of Data Exchange, a new all-in-one search tool set to transform the way you find the ideal property. Data Exchange eliminates the need to trawl through multiple agents’ websites, instead listing over 600 agents retail properties in one easy-to-navigate database. It’s streamlined search engine allows users to filter by categories such as unit size, location, rental value, and type of property, enabling them to narrow down properties to find the perfect match. The Data Exchange in list and map view Users will then be able to view the property on Completely Retail, or on the agent’s website, where they can find out key information and relevant contact details. A free trial of the Data Exchange is now available by contacting the Completely Retail team here.

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Autumn Statement: Chancellor must cancel business rates hikes, says Colliers

The Chancellor Rachel Reeves must announce a cancellation of business rates increases at this month’s Autumn Statement if the Government is serious about encouraging growth, Colliers has warned. John Webber, head of business rates at Colliers, said that if no action is taken, more retail and pub chains will go into administration, exacerbated by the £2.4bn retail, leisure, and hospitality relief which is due to come to an end at the same time. Business rates are due to increase in April by 1.7%, in line with the September 2024 rate of inflation. For large businesses – which are currently paying 54.6p to the pound – this will come on top of the 6.7% increase they faced earlier this year. Should the planned increase go ahead, Colliers estimates that businesses in the retail sector will pay over £105 million more in business rates. Colliers has also called on the Government to announce a plan to reduce the business rates multiplier in the long-term. Business rates currently sit at 49.9p and 54.6p to the pound for small and large businesses respectively, compared to the rate of 34p when they were first introduced in 1990. Colliers said that investor confidence could be restored if...

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RICS releases new guidelines on property agency and management principles

The Royal Institute of Chartered Surveyors (RICS) has published a new set of global standards for its members, entitled ‘Property Agency and Management Principles’. This standard, which looks to reflect the changing nature of real estate and the work carried out by RICS members and RICS-regulated firms, covers residential and commercial auctioneering, property agency and management, and mixed-use real estate. The guidelines will become a mandatory requirement for RICS members and RICS-regulated firms. Much of the new standard is focused on requirements for openness and transparency between businesses and clients. The objective of the standard is to protect consumers and enhance the reputation of the industry and the public’s confidence in surveyors. The requirements stem from RICS’ five key rules of conduct for its members: The standard was developed by an group of professionals chaired by Kelly Smith, chief operating officer of letting and management at Allsop, with the document’s authorship led by RICS senior specialist for property, Mairéad Carroll. The standard will become effective from 1 January 2025, and RICS is organising webinars for members over the coming months. Mairéad Carroll, RICS specialist, property, said: “This important standard sets clear expectations for RICS professionals when providing property agency and...

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DTZ acquires Edinburgh Waitrose and Kwik-Fit branches

DTZ Investors has acquired a Waitrose store and a Kwik-Fit branch at Morningside, Edinburgh, in a deal that exceeded the asking price of £18.5m. The two properties are located on the same retail parade, with the Waitrose store comprising 33,347 sq ft of retail space whilst Kwik-Fit occupies the adjacent 12,795 sq ft garage. Knight Frank – which acted for DTZ – said the two properties are amongst the brands’ strongest trading locations. Euan Kelly, capital markets partner at Knight Frank in Edinburgh, said: “Both Waitrose and Kwik-Fit trade exceptionally well from their Morningside locations, with little in the way of nearby competition and an affluent local population. Broadly speaking, supermarkets are performing well, supported by solid fundamentals and long-term average growth of 4.1% in grocery sales, and we’re seeing strong demand from investors for these types of assets. “More generally, the Scottish commercial property investment market has solidified in the last few months. While there is less stock available than we perhaps expected going into the tail end of the year, it is shaping up to be a busy first half to 2025, assuming the macro environment remains stable and interest rates continue on their current trajectory.” Ewan Stewart, acquisitions manager at DTZ Investors,...

Deals News

Nuveen sells Darlington’s Binns building

Nuveen has completed the sale of the former Binns department store building in Darlington, County Durham, for an undisclosed price. The asset – which is currently occupied by way of license by House of Fraser – totals approximately 145,556 sq ft arranged over lower ground, ground, and four upper floors. The property is situated on the junction of Blackwellgate and High Row at the southern end of the town’s main retailing area, and benefits from frontages on to Blackwellgate and Mechanics Yard. It is located less than 200 metres from the Cornmill Shopping Centre, the town’s main shopping destination. Other nearby occupiers include Boyes, Greggs, Caffe Nero, and Darlington Covered Market. With House of Fraser set to vacate the property by December, the building is expected to be repurposed for an alternative use. Options include a new lease for an alternative occupier, the creation of a mixed-use development, or the introduction of a leisure operator. The asset was originally listed with an asking price of £1m, reflecting a capital value of £6.87 sq ft. Cited Property acted for Nuveen, whilst Parker Barras acted for the purchaser.

Deals News

Dunelm to open up to 10 more stores by the end of the year

Dunelm has said it is on track to open between five and ten superstores by the end of its 2025 financial year. The home furnishings retailer – which opened six stores in the last financial year – said the openings would be broadly split between smaller and larger sites. The retailer is also preparing to open its first store in inner London at Westfield London before the end of 2024. The 4,500 sq ft store will look to utilise the high-footfall location to expand the brand’s reach in the capital. In July, the retailer said has said it saw “significant opportunity” for the 2025 financial year, as it was “increasingly confident” in its smaller format stores. This comes as Dunelm releases a trading update for the first quarter of the 2025 financial year, during which it recorded total sales of £403m, a year-on-year increase of 3.5%. During the quarter – which comprised the 13-week period ending 28 September – the retailer saw an uptick in digital sales as a proportion of total sales to 37%, up by 2 percentage points compared to last year. The retailer said that despite some positive lead consumer indicators, it is still seeing volatile trading conditions. However, Dunelm...

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Represent makes Manchester homecoming with debut UK store

Fast-growing fashion brand Represent is set to open its first-ever UK store in its hometown of Manchester. The brand will open the doors to its 5,419 sq ft store on New Cathedral Street on Saturday 26 October, its first permanent space in the UK. Founded in Manchester in 2011 by brothers George and Michael Heaton, Represent has seen its sales grow at an average of 81.4% over the past three years, and is on track for a record £100m turnover by the end of 2024, and £250m turnover by 2028. In June, the brand was named the 68th fastest-growing company in the UK by The Sunday Times. Represent’s Manchester store will be joined by a second UK location early next year, when the brand opens in London’s Soho. The two stores will form a portfolio alongside Represent’s boutique in West Hollywood, Los Angeles, which opened in March. Until this year, Represent had been a primarily online business selling via its website, although its had some dedicated bespoke retail spaces in department stores, including Selfridges, Harrods, and END. The new store on New Cathedral Street will position Represent alongside fellow luxury retailers such as Louis Vuitton, Selfridges, Paul Smith, Canada Goose,...

Deals News

London Designer Outlet brings pair of brands to Wembley Park

London Designer Outlet (LDO) has welcomed a pair of international brands to Wembley Park, with French Connection and Rituals taking space at the outlet shopping destination. Offering a range of womenswear, menswear, accessories, and footwear, French Connection opened the doors to its 1,919 sq ft store last weekend after agreeing a three-year lease. Meanwhile, bath, body, and home products specialist Rituals is set to open its 2,434 sq ft store at the end of October, after signing a 10-year lease. Both stores will be located on Level 1 and will look to complement the nearby brands, which include Levis, Boss, Nike, Tommy Hilfiger, and Calvin Klein. The signings come after the outlet centre reported a record breaking August, with sales growing by 12.5% year-on-year and exceeding £10 million. This was LDO’s strongest-ever sales performance outside of December, and follows a summer which saw sales reach almost £29 million in June, July, and August thanks to a series of major shows and events taking place at Wembley Stadium. Matt Slade, retail director at Quintain, said: “It is great to welcome two more high-quality brands to LDO as we continue to diversify our retail offering. We expect both French Connection and Rituals...

Deals News

Sutton picks development partner for town centre regeneration

Sutton Council has chosen Genr8 Kajima Regeneration as its preferred development partner for the next phase of its town centre regeneration. The proposals for the St Nicholas Shopping Centre, civic offices, Gibson Road car park and Secombe Theatre sites will see the opening of a brand new civic hub in the heart of the town centre. This will look to create a ‘front door’ for residents to access services, as well as a new library and community spaces. The civic hub is expected to be completed by mid-2029. The plans also include improvements to the public realm, as well as the creation of a new retail space and new leisure facilities. This mixture of activities will look to provide Sutton residents and visitors a new experience and strengthen the local economy. Also included in the proposals is the development of 740 new homes – 50% of which will be affordable housing for local families, including nearly 300 homes for social rent. Councillor Barry Lewis, Leader of the London Borough of Sutton, said: “This exciting scheme is a key part of our ambitious plans to build a vibrant and sustainable town centre for all Sutton residents. “These plans will give our...

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UK convenience market poised for further growth

The UK convenience market is poised for further growth, with store numbers set to grow an additional 9% by 2027, according to a new report by Colliers. The international real estate adviser found that – over the last decade – the number of convenience stores in the UK has risen from 5,015 in 2013 to 8,556 in 2024, marking an increase of 71%. Colliers’ report found that growth can be seen across the sector, with all major grocers increasing their exposure to convenience stores over recent years. Co-op currently leads the convenience sector in terms of market share, holding 38%, followed by Tesco Express at 24% and Morrisons’ M Local at 13.5%. Colliers said that the forecasted growth of 9% can be attributed to ambitious expansion plans announced by all grocers. Tesco has projected to open around 70 new stores each year for the next three years, whilst Waitrose is seeking around 100 more stores over the next five years. Meanwhile, Asda is looking to open over 50 standalone Express stores each year for the next three years, whilst Sainsbury’s plans to open between 20 and 30 new Local/Neighbourhood sites each year, also over the course of three years. Adding...

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Recently-completed Leeds retail park hits the market

A recently-completed retail park in Leeds has been placed on the market with an asking price of £18m. St Georges Retail Park was developed by a partnership between Marshall CDP and Rothstone Estates. Its sits on a nearly six-acre site on the Middleton Ringroad, and is home to tenants including B&M, Aldi, McDonalds, Costa, Greggs, Subway, Harrison Family Vets, Card Factory, The Extra Care Charitable Trust, Sbarro, and Vendor Guarantee. The asset was constructed on the site of the former Leeds City Council bus depot, with planning permission to redevelop the area granted in 2019. Mason Partners and Savills are now marketing the completed retail park, with a guide price of £18m for the freehold of the site, representing a net initial yield of 6.35%. Mark Rothery, managing director of Rothstone, said: “We are proud to have delivered St Georges Retail Park and it’s testament to the great location and quality of the development that we have attracted these fantastic businesses here. It has regenerated a former derelict brownfield site and will provide a major economic boost to the local area.” Freddie Guest, director at Savills, added: “Savills is delighted to bring this prime convenience and food-led retail warehouse investment to...

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JTRE’s Triptych Bankside fully let after pair of signings

Triptych Bankside, the mixed-use development on London’s South Bank owned by JTRE London, is now fully let following the signing of two new occupiers. Solo60 – which offers a network of micro-gyms and therapy spaces – has taken a 628 sq ft unit. The new studio becomes the brand’s sixth in London, joining studios in Bank, Shoreditch, Tower Bridge, Spitalfields, and Vauxhall. Meanwhile, Nagare Cafe has taken 1,728 sq ft of space for its second shop in London. Three times the size of its existing site in Spitalfields market, the new flagship store will offer Japanese inspired tea, coffee, Asian baked goods, and small homeware products. The brands join existing retail occupiers at Triptych Bankside including Uncommon Deli and rock climbing and fitness gym, The Font, which has recently agreed a lease to take a further 2,080 sq ft. The expansion will allow the brand to offer further bouldering walls, bookable studio spaces, and event space. Nigel Fleming, managing director at JTRE London, said: “This is an exceptional milestone in our journey at Triptych Bankside, with high demand across retail, office and residential space reflecting the combination of exceptional design, quality and location. The commercial team at Savills and Lunson Mitchenall have worked...

Deals News

Elephant Park diversifies offer with studio concept signing

Membership-based studio concept Qube has is set to open its fourth location in London at Lendlease’s Elephant Park. Qube offers studios for music production and content creation – such as videos and podcasts – and has previously hosted platforms such as YouTube and TikTok, as well as musicians including Lewis Capaldi and Ellie Goulding. Unique to the new space at Elephant Park will be a co-working space that transforms into a bar and DJ booth, which will be overlooked by a separate event space and DJ studio, available for private parties. Spanning 10,500 sq ft in H11a – the site’s eastern gateway – Qube at Elephant Park will also house office suites designed for companies that will benefit from its creative offer. The venue will sit below over 200 homes and above the ground floor commercial space, and will look to add a complementary community offer to Elephant Park. Guy Thomas, head of retail and place assets at Lendlease, said: “Qube will bring something completely different to the table, an offer that we’re really excited to have at Elephant Park. Creativity and community are built into our history here – we created kiosks for local projects as part of the Sayer Street meanwhile...

Deals News

Shopping centres back in demand, says new report

Sentiment within the shopping centre investment market has begun to improve, as a growing number of investors pursue opportunities within the previously out-of-favour sector, according to a report from property consultancy Lambert Smith Hampton (LSH). The report found that whilst there are still serious challenges facing many UK shopping locations, recovering retail occupier demand, stabilising asset values, and an improving debt market are all boosting investor confidence. According to LSH, shopping centre investment volumes hit a seven-year high in 2024, with £1.3bn of assets transacted during Q1-Q3. Whilst local authorities and investors seeking repurposing opportunities have propped up some activity in recent years, this uptick reflects an increasingly broad range of investment rationales and buyer types. The report also found that the prime end of the market has seen a revival in activity, with stakes in two of the UK’s largest shopping centres, Meadowhall and Bluewater, trading earlier this year. LSH said the prime market is being buoyed by the return of several institutional investors and real estate investment trusts that have been absent from shopping centre transactions in recent years. However, LSH found that the most prolific investor in shopping centres this year has been Mike Ashley’s Frasers Group....

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Epsom’s Ashley Centre announces new signing as ProCook opens