Posts from October 2024

The owner of Wagamama is looking to secure a £300m refinancing as it seeks to reduce its borrowing costs. The Restaurant Group (TRG) – which also owns the Brunning & Price pub chain – is currently in talks with banks about securing new debt terms as it looks to lower its interest rates, Sky News has reported. Sources told Sky News that the move was reflective of the company’s strong performance since it was taken private last year. The group was acquired by Apollo Global Management in a £701m deal and the end of 2023. This came shortly after the group completed the sale of its “loss making” leisure business, including the Frankie and Benny’s and Chiquito chains, to rival Big Table Group for £1. Earlier this year, Wagamama unveiled plans to open 10 restaurants in 2024 in its first big expansion push since being taken private.

News

Social entertainment venue makes UK debut at Manchester’s Printworks

Spider Box, a next-generation social entertainment concept, has made its UK debut at Manchester’s Printworks leisure and entertainment venue. The 8,000 sq ft venue offers a range of day-to-night activities, targeting an audience which includes families, students, corporate groups, and nightlife enthusiasts. Spider Box Printworks will offer attractions such as racing simulators, music quizzes, live music, karaoke, and a performance area to showcase talent across the north west. In addition, the venue will feature a food and beverage concept with a street food-inspired menu which includes tempura, seafood, grilled dishes, as well as vegan, vegetarian, and gluten-free options. The opening follows Printworks’ recent £27m refurbishment, which included the installation of Europe’s largest digital ceiling and one of the UK’s biggest IMAX screens. Ben Haller, director at DTZ Investors, said: “The quality of customer offer is at the heart of everything we do as landlord. We continually seek partnerships which engage and excite visitors with Spider Box an exciting addition to already enviable entertainment offer found at Printworks. They will give visitors high-energy, interactive experiences that perfectly align with our forward-thinking approach in leisure which reinforces our commitment to keep pace with market trends and consumer demands.” Rob Hetherington, CEO of Spider...

News

JD Wetherspoon takes former ticket office at Fulham Broadway

CBRE Investment Management have agreed a lease with JD Wetherspoon for a new public house at Fulham Broadway. The pub operator has taken the Grade II-listed former ticket office at 472 Fulham Road – which forms part of the Fulham Broadway Shopping Centre – on a 30-year lease. The new pub will be named ‘Walham Green’, paying homage to the original name for Fulham Broadway underground station. The original ticket bar will be retained as a feature in the new bar. The building comprises 7,330 sq ft at ground floor level with 2,196 sq ft at first floor level, including a roof terrace. JD Wetherspoon is expected to open the new pub early next year. GCW acted for CBRE Investment Management.

Deals News

M Core acquires 19 new assets in 2024

Commercial property and investment collective M Core has acquired 19 assets in 2024, completing a total of £144m in investments. The group’s managed portfolio now includes 539 properties and 7,740 units, with a total value of £2.6bn. LCP, part of M Core, has maintained a 95% occupancy rate across its portfolio, which comprises 6,484 units housed in 482 properties with a total value of £2.3bn. So far in 2024, LCP and its managed funds have completed 12 acquisitions totalling £97m in investments. The group’s managed estate totals 482 properties comprising 790,000 sq ft of space, a year-on-year increase of 3%. Highlights include the acquisitions of Bramhall Village Square in Greater Manchester, Princes Square in Glasgow, and Fforest Fach Retail Park in Swansea. Meanwhile Evolve Estates, also part of M Core, has acquired seven assets in 2024, totalling over 1 million sq ft of space and a gross investment of £47m. In the year-to-date, its acquisitions have included The Bridges Shopping Centre in Sunderland, Billingham Town Centre, and Carters Square in Uttoxeter, expanding its portfolio square footage by 35%. Sebastian Macdonald-Hall, chief investment officer (Europe) of M Core, said: “M Core’s impressive UK performance and strategic acquisitions to date reinforce our...

News

Oxygen Activeplay to open 10th indoor activity park at Manchester’s MediaCity

Oxygen Activeplay is set to open its tenth indoor activity park at Peel Retail & Leisure’s Quayside MediaCity in Manchester. Set to open in February 2025, the leisure operator will occupy 26,400 sq ft of the former I’m a Celebrity Jungle Challenge site. Following a £2.5m investment, the new park is set to feature over 30 trampolines and feature Oxygen’s signature ‘Excite Tunnel’, an illuminated, sensory experience. Other facilities at Oxygen MediaCity will include a café over looking the park, as well as dedicated party rooms and areas. The Manchester venue will join Oxygen Activeplay’s other indoor activity parks across England, with other sites located in Acton, Croydon, Derby, Rayleigh (Essex), Reading, Romford, Wilmslow, York, and at The O2 in London. Ben Hey, asset director at Peel Retail & Leisure, said: “We’re really pleased to be welcoming Oxygen to Quayside MediaCity. There’s been a concerted effort over the past 12 months to start bringing more experiential and leisure offerings into the centre as part of the 2030 vision for MediaCity and Oxygen fits the bill perfectly. We have no doubt it will be a hit with the incredible number of families already visiting thanks to the likes of Kargo Mkt,...

News

Reiss makes south west outlet debut at Gloucester Quays

Reiss has opened its first-ever outlet store in the south west of England at Gloucester Quays. The affordable-luxury fashion retailer has taken a 1,800 sq ft unit, located opposite The North Face and adjacent to Skechers. The store offers the brand’s collections of men’s, women’s, and children’s clothing, including formalwear, knitwear, and suits and tailoring. Reiss joins a number of other fashion brands at Gloucester Quays, including M&S, Hobbs, Phase Eight, and Next. Paul Carter, asset director at scheme owner Peel Retail & Leisure, said: “Gloucester Quays is a top 10 UK outlet, and that status means we have a responsibility to house a diverse blend of top-quality retail and leisure. Reiss’s entrance to the scheme is a case-in-point of this commitment; it delivers a strong identity and trademark premium ranges, and the brand clearly believes in how Gloucester Quays can deliver for them in the region with this debut site.” Reiss’ arrival follows the recent opening of Berghaus at Gloucester Quays, with the brand having opened its second standalone store in the UK.

Deals

Sephora to continue northern expansion with Liverpool ONE store

Sephora is looking to continue its expansion across the north of England, with the retailer set to open at Grosvenor’s Liverpool ONE shopping centre next spring. The beauty specialist will take a 6,727 sq ft unit at an entrance to South John Street, offering a range of products across makeup, travel, fragrance, skincare, haircare, grooming, and wellness. The store will become the brand’s eighth in the brand’s growing UK portfolio, which includes stores in Westfield London, Westfield Stratford City, Manchester’s Trafford Centre, Newcastle’s Eldon Square, and Gateshead’s Metrocentre. This winter, the brand will also be opening stores in Birmingham Bullring and Bluewater in Kent. Sarah Boyd, managing director of Sephora UK, said: “By the end of this year, we will have opened seven stores in five regions, and I’m thrilled to share that our regional expansion will continue in 2025, with the first new store opening of the year at Liverpool ONE. We have had immense demand from our fans in Liverpool to open a store in their city, and we are excited to open one in a city that embodies a remarkable energy and boasts a rich and vibrant history that resonates with our brand values. “Liverpool has been a key...

Deals News

Mint Velvet makes city debut at Centre:mk

Mint Velvet has opened its first store in Milton Keynes at the Centre:mk shopping centre. The womenswear retailer has taken a 2,100 sq ft space within Silbury Arcade, offering its range of clothing, accessories, and footwear. Mint Velvet joins a number of other womenswear retailers at Centre:mk, including premium brands such as Reiss, Jigsaw, Phase Eight, and The White Company, as well as leading names in fashion, Mango and H&M. Kevin Duffy, centre director at Centre:mk, said: “With a large affluent catchment area, this new Mint Velvet’s Boutique is a welcome addition to our premium offer which further enables us to cater to our customers’ demand for premium womenswear. The opening of Mint Velvet’s city debut reflects the brand’s confidence in our centre and further reinforces centre:mk’s status as a leading UK shopping destination in the region and beyond.” The opening of Mint Velvet at Centre:mk follows the recent announcement that beauty retailer Space NK will join the scheme in November, also making its debut in Milton Keynes.

Deals News

Former Peterborough Beales department store sold for £4m

A former Beales department store in Peterborough has changed hands for a total consideration of £4m. The property – at Westgate House, 26-38 Westgate – has been acquired by a subsidiary of Bravo Capital from Panther Securities. The asset comprises 138,977 sq ft of space within a large, predominantly detached, department store building arranged over basement, ground, first, and second floors. Planning consent to transform the building into a mixed-use development comprising shops, offices, and 125 residential units has already been obtained. Panther Securities said the property currently produces “negligible” income and its main trading tenant’s letting is on flexible terms and is mainly in place to help mitigate holding costs. The £4m purchase price represents an increase of £1,410,000 on the current book value for the property, which was last independently revalued at £2,590,000 by Carter Jonas on behalf of the Panther Securities’ lenders as at July 2023. The purchase will be facilitated through an upfront payment of £3m, with the remainder to be paid across two £500,000 payments made nine and 18 months after the deal’s completion. Panther Securities said the funds it received from the sale will be initially held for future property investment which has yet to...

Deals News

Legal & General appoints retail boss in management reshuffle

Legal & General has announced two appointments to its group management committee, including the naming of Laura Mason as chief executive officer of retail. Mason – who is currently CEO of private markets – will take up the position in December, succeeding Bernie Hickman who is leaving the company after a 26-year tenure. She will bring group-wide experience to the role, having been part of the founding team of L&G’s alternative assets business. Before joining L&G, Mason spent eight years at Towers Watson, working as a consultant to major life UK life insurers. Bernie Hickman – whom Mason will replace – has held several leadership positions at L&G including managing director of retail protection, group financial controller, investor relations director, managing director of individual retirement, CEO and co-founder of L&G Home Finance and CEO of L&G Insurance, becoming CEO of the retail division at the start of 2022. During his tenure at L&G he has led the growth and development of businesses in workplace savings,annuities, UK and US protection, equity release, and mortgage services. Also taking on a role within the group management committee is Katie Worgan, who will join the business in the first quarter of 2025, taking the newly-created...

News

Pradera Lateral appointed as asset manager at four former Intu malls

SGS has appointed Pradera Lateral as asset manager at four former Intu malls, replacing Global Mutual. The group will take over asset management duties at Lakeside Shopping Centre in Essex, Atria Watford, Victoria Centre in Nottingham, and Braehead Shopping Centre near Glasgow. Lakeside Shopping Centre is a leading regional scheme, spanning 1.6 million sq ft and comprising over 250 shops and restaurants with an extensive leisure offering. Key tenants include M&S, NEXT, Zara, H&M, Primark and Apple. The 1.4 million sq ft Atria Watford is located at the heart of the town centre, and comprises retail, café, bar and restaurant units, and a nine screen Cineworld. Key retailers at the scheme include M&S, Zara, H&M, Apple, Next, Primark. Opening in 1972, the Victoria Centre in Nottingham was opened following the regeneration of a redundant railway station. The asset extends to over 950,000 sq ft and comprises of 120 stores, including anchor tenants John Lewis and House of Fraser. Other key tenants include Next, WHSmith, EE, Republic, Boots and Office. The mixed-use scheme also incorporates 464 flats as well as 36,000 sq ft of offices. Braehead spans 1.1 million sq ft of retail, leisure and food and beverage space, with 7,900 free car spaces and nearby public transport connections....

News

Superdry targets Gen Z with new store concept

Superdry is set to launch a new store concept aimed at the younger generation, as the retailer continues with its turnaround plan. The new ‘Athletics Essential’ concept will debut at Westfield London later this week, Retail Week has reported. The store will largely offer womenswear and target shoppers between the ages of 16 and 27. The Athletic Essentials collection includes products such as matching sets, sweatshirts, hoodies, as well as graphic T-shirts. Julian Dunkerton, founder and chief executive of Superdry, told Retail Week: “The Athletic Essentials store is a really exciting innovation for us, and it’s great to be able to move the brand forward and deliver something fresh to a new generation.” This comes after a tumultuous year for the retailer, which in April announced a restructuring plan to cut rents on 39 of its stores and delist from the London Stock Exchange. The plan was then sanctioned in June.

News

Shock fall in inflation could see retailers hit with £105m business rates hike

Retailers could be hit with a £105m business rates hike next April, says Colliers, following today’s surprise CPI figure showing inflation at 1.7%, the lowest rate in three-and-a-half years. This increase in rates would add to the £336m rise the sector saw in April 2024. Across all sectors, business rates could rise by half a billion pounds next April, adding to the £1.74bn increase seen this year, providing the central coffers with nearly £30 billion in funds. John Webber, head of business rates at Colliers said the year-on-year rises are “unsustainable long term for all sectors of the economy.” “It’s really time the government steps in and properly addresses the multiplier”, he added. Business rates bills rise in line with inflation every year and are based on the CPI figure for the previous September. With today’s announcement that inflation dropped to 1.7% in September, the estimated income for government from business rates in England and Wales is expected to increase from around £29.4 billion in 2024/25 to £29.9 billion 2025/26 from next April. Colliers said the rise in business rates will occur unless the government steps in and freezes the business rates multiplier for all sizes of business. Last year, the...

News

Beauty brand to open new store at Liberty Romford