Posts from October 2024

Asset management firm Blackstar Real Estate and real estate investor Novara Global Partners have signed an agreement to acquire and manage a £100m real estate portfolio. The joint venture will target commercial real estate with a focus on shopping malls and town centre assets with development potential across the UK. Blackstar Real Estate – which was launched in August by asset management heavyweight Sabri Marsaoui – provides asset management and development services to its partners, which include private equity firms, institutional investors, family offices, and local authorities. Blackstar was recently welcomed by the Association of Town & City Management to its network, with the firm providing support on structural changes to town centres. Novara Global Partners is a real estate investment firm which specialises on the UK and European markets. The firm looks to deliver strong risk-adjusted returns by investing in assets that are well-positioned for current conditions, but also resilient to future market changes, ensuring that investors can achieve sustained performance across multiple sectors. Sabri Marsaoui said: “Together with Novara, we look forward to delivering our full end-to-end service; seeking out those opportunities that will not only meet our investment criteria, but just as importantly, bring about positive change...

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Duo of brands to make city debuts at Manchester Arndale

Cosmetics brand BPerfect and sportswear brand Castore are set to join Manchester Arndale shopping centre, opening their first stores in the city. Castore has taken a 10-year lease for 1,072 sq ft store, whilst BPerfect will take 2,000 sq ft on a five-year lease. Founded in Manchester in 2015, Castore is a leading figure within the sportswear industry, having signed manufacturing deals with the likes of Red Bull Racing, McLaren F1, and the England cricket team. The store will offer the brand’s range of sporting attire as well as branded merchandise. BPerfect is a Northern Irish cosmetics brand founded in 2012. The brand featured on Dragon’s Den in 2017 – where it secured two offers – and offers a variety of makeup, tanning, and beauty products. The brand is stocked in over 2,700 stores across the UK, Ireland, and worldwide. The new Manchester location will be BPerfect’s first megastore in England, adding to a portfolio which includes stores in Belfast, Dublin, and Glasgow. The signings follow the recent announcement that South Korean beauty and skincare retailer PURESEOUL and mattress specialist Emma Sleep will be joining Manchester Arndale, also making their debuts in the city. Scott Linard, portfolio manager for M&G Real...

Deals News

Padel Social Club appoints agents to support nationwide expansion

Padel Social Club has appointed leisure real estate advisory business Stärka as sole agents to support its nationwide expansion. The social padel concept – which launched its first site in Earl’s Court and recently opened at The O2 – is targeting indoor and outdoor spaces ranging between 10,000 sq ft and 40,000 sq ft. The operator takes a flexible approach with its locations and formats, which range from multi-court barns to pop-up or permanent turn-key court installations and activations. Stärka is seeking locations which suit Padel Social Club’s target demographic, and is also looking to secure regional firsts in some of the UK’s most iconic locations. The brand’s concept welcomes players of varied experience, with some venues coming with social and wellness areas, rooftop bars, meeting rooms and co-working spaces, as well as cafés and retail spaces selling specialist equipment and clothing. David Bell, co-founder of Stärka, said: “Our partnership with Padel Social Club has come as a direct result of our previous success in acquiring locations for a number of operators, both established and up-and-coming. Our expertise very much lies in the bespoke and collaborative approach we take with landlords, as well as our ability to truly understand the core nature...

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Harvey Norman opens debut English store at Merry Hill

Harvey Norman has opened its first location in England with a new flagship store at Merry Hill in Dudley. The lifestyle, technology, and home appliance retailer’s 57,000 sq ft space offers its range of furniture, including sofas, dining sets, bedroom suites, and mattresses, as well as smaller items including kitchenware. The store also offers a variety of home appliances, technology, and entertainment from brands such as Dyson, Shark, Apple, Samsung, LG, Miele, and Sage. It also features a dedicated cooking appliance centre, specifically designed for the Merry Hill store. The internationally-renowned Harvey Norman joins over 100 brands that have committed to Merry Hill in a little over two years. Graeme Jones, executive director at Sovereign Centros from CBRE, on behalf of Merry Hill, said: “The arrival of Harvey Norman exemplifies the transformation of Merry Hill over a number of years, going from a centre struggling with vacancy to one that is thriving. Delivering and retaining the right anchors has been key to that – most of our big brands now count Merry Hill as a top 10 performing store nationally, so finding something for this space that could take the destination to the next level has been the focus. We...

Deals News

Asset management firm appointed by The Body Shop to advise on portfolio

Asset management firm Vedra Group has been appointed by The Body Shop to advise on its 113-strong store portfolio. The retailer has recently secured a significant refinancing package, as its new owners look to reclaim its position as a global leader in the ethical beauty sector. This comes as Vedra Group – which was founded in December 2023 by ex-John Lewis property boss Chris Harris – appoints David Wood, formerly of John Lewis and Arcadia, to its team as a consultant. The group also recently appointed former M&Co head of property Kerry Northfold as asset manager. Chris Harris said: “The acquisition of The Body Shop is fantastic news for British retail. Vedra Group are very excited to be working with Rob Wood and the in-house team on the revival of this iconic brand.” The Body Shop’s remaining stores were saved from closure after the cosmetics brand was rescued out of administration by investment firm Aurea. The retailer had fallen into administration in February.

News

Bensons for Beds opens 15 stores in three weeks at ex-Carpetright sites

Bensons for Beds has opened 15 stores in three weeks at former Carpetright locations. In August, the furniture retailer acquired 19 former Carpetright stores following the flooring retailer’s collapse into administration. The acquisitions formed part of Bensons for Beds’ long-term expansion strategy, as it targets up to 40 new stores over the next few years. The retailer has also opened its first high street store in Sutton, and has returned to Northern Ireland for the first time in four years with an opening in Belfast. The new stores are located in: Nick Collard, chief executive of Bensons for Beds, said: “The scale of openings we have managed to take on in the last few weeks is unprecedented by us as a business and is a huge feat for any retail business, particularly in the current economic climate. “Whilst market conditions have remained challenging, Bensons will be well placed to capitalise on a recovery in the market. “This is all due to the continuing transformation of the business to become the leading bed specialist, offering expert advice and fantastic value for money, all going towards helping our customers get a great night’s sleep.”

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PURESEOUL opens at Bullring amid boost in heath and beauty sales

Korean beauty brand PURESEOUL has opened at Hammerson’s Bullring & Grand Central in Birmingham, as the scheme sees a boost in health and beauty sales. The retailer has made its Midlands debut, opening only its second store outside of London on Bullring’s middle level. The 800 sq ft unit stocks over 900 different products across make-up, skincare, and haircare, and offers personalised skincare advice from staff specialising in Korean beauty. The opening comes as health and beauty transactions at Bullring & Grand Central have jumped by 26% year-on-year. In July alone, sales in the category increased by 69% compared to the same period in 2023, making it the best performing category at the scheme. This comes as other health and beauty brands at the centre such as Rituals, Jo Malone, and L’Occitane invested in new cosmetic lines and customers purchased more self-care products. Katy Letch, head of leasing UK at Hammerson, said: “From the all-encompassing luxury experience at Selfridges, premium wellness brands Kiehl’s and L’Occitane, to household names such as Boots and MAC, Bullring & Grand Central is the home of health and beauty in Birmingham. Customer appetite for beauty and wellbeing products reflects the demand we are seeing from...

Deals News

Under Armour opens largest outlet store in Scotland at Caledonia Park

Under Armour has opened its largest outlet store in Scotland at Caledonia Park in Gretna. The sports apparel brand has opened a 3,465 sq ft store at the designer village, complementing the centre’s sportswear offer alongside anchor brands Nike and Adidas. The store offers the brand’s range of sportswear apparel, accessories, and footwear in its ‘Factory House’ retail concept. Under Armour joins other retailers at Caledonia Park, such as Tommy Hilfiger, Calvin Klein, Hobbs, Rituals, and Phase Eight, as well as the recent arrivals of Moss and Swarovski, which both made their Scottish outlet debuts at the centre. Maria Averkina, asset and development Manager at Railpen, said: “Sportswear is a category that continues to carry significant appeal to consumers in the UK, making it a vital part of our outlet offer. We are committed to providing choice and quality across our portfolio for visitors, but also support leading retailers as they expand within the outlet space. Under Armour has a fantastic brand presence, a solid product offer, and a far-reaching demographic of customers, making them a strong and exciting addition to Caledonia Park.” Johnstone Property Consultants and Time Retail Partners act for Caledonia Park.

Deals

Canada Life sells Devon retail park above asking price

Canada Life Asset Management has completed the sale of a retail park in Devon for a final price that exceeded the quoting level. Roundswell Retail Park in Barnstaple had been placed on the market earlier this year with a minimum price tag of £14.5m. Located on a 7.19 acre site, the 73,500 sq ft asset is anchored by Aldi, with other tenants at the scheme including Dunelm, Home Bargains, Sports Direct, McDonalds, and Costa Coffee. At the time the sale was launched in May, the retail park had a weighted average unexpired lease term of 8.56 years to expiry and 7.44 years to break. TW Keil – which acted for Canada Life Asset Management – said the sale received strong depth of bidding. FMX Urban Property Advisers acted for the purchaser.

Deals News

Centre:mk makes quartet of F&B signings

Centre:mk in Milton Keynes has completed signings with a quartet of food and beverage brands, with Bill’s, Chaiiwala, Cornish Bakery, and Starbucks all committing to the scheme. Making its city debut, all-day restaurant concept Bill’s will take a 3,500 sq ft unit on the corner of Centre:mk’s Queens Court and Silbury Arcade. Opening in November, the restaurant will offer a range of day-to-night dishes, and is set to be the first of multiple locations the brand is launching across the UK. Also opening in Milton Keynes for the first time is Indian street food café Chaiiwala, which is taking the former 1,748 sq ft Starbucks unit on Silbury Arcade. Promising a ‘sip of the East’, Chaiiwala Centre:mk will offer hot and cold drinks, all-day breakfasts, wraps, Bombay bowls, roti, and desserts. Meanwhile, Cornish Bakery has selected Centre:mk’s Deer Walk to open its first site in the region. Taking a 2,650 sq ft unit, the brand will offer its range of handmade Cornish pasties, coffee, and pastries. In addition to the new signings, long-standing tenant Starbucks has recommitted to Centre:mk, relocating to a larger 2,800 sq ft unit. The coffee shop will be located opposite the soon-to-launch Bill’s restaurant on Queens...

Deals News

Gaming entertainment company opens flagship store in Doncaster

Gaming entertainment company The Arcade Warehouse has opened a flagship store on Doncaster’s High Street. The operator has taken a 14,000 sq ft open-plan property in close proximity to Doncaster’s historic Mansion House and Frenchgate Shopping Centre. The opening comes after three years of growth for The Arcade Warehouse, which has established bases across Yorkshire, Lincolnshire, and Tyne and Wear. The property was leased by consultancy group Barnsdales, which also let a 4,574 sq ft office unit at Carolina Way office park to IT services and cybersecurity provider, Wavenet. Jason Barnsdale, managing director of Barnsdales, said: “I’m very happy to welcome The Arcade Warehouse and Wavenet into our growing portfolio of commercial property leases throughout Doncaster, South Yorkshire and the UK. “The commercial property market is truly starting to recover from the unsettling impact of a tough few years and these lettings are a testament to the fact that the market is adapting towards experience and infrastructure-led enterprises like these two businesses.“ Caton Airey, regional manager of The Arcade Warehouse, added: “We’ve been looking to establish a foothold in Doncaster for years now, but the right property was proving quite evasive. Barnsdales showed us around the high street premises and we simply fell...

Deals News

White Stuff picks Gatwick for airport debut

White Stuff is set to open its first store within an airport next month within London Gatwick’s North Terminal. Taking a 1,044 sq ft space, the fashion retailer will offer a range of womenswear and menswear including holiday items such as swimwear, summer dresses, t-shirts, shorts, and linen. White Stuff has recently been ramping up its expansion across the UK, and now operates 123 stores and 54 concessions nationwide. Tracey Verghese, trading director at White Stuff, said: “Opening our first airport store is a major milestone for White Stuff, introducing our brand to many more customers every year. Our unique designs and quality fabrics will be a great addition to London Gatwick’s portfolio of brands. “London Gatwick marks our eighth opening or relocation in 2024, as we continue to extend White Stuff’s reach and customer base. We can’t wait to meet all the travellers, especially those who may not have experienced White Stuff before.” London Gatwick has invested over £10 million into its newly redeveloped North Terminal departure lounge, which now features contemporary seating and flooring as well as a new orientation zone. Bozena Stoiceva, account lead speciality retail at London Gatwick, added: “We are really excited to be welcoming White Stuff’s...

Deals

LCP brings Cake Inn to two locations across the West Midlands

LCP, part of property and investment collective M Core, has signed Cake Inn to two locations across the West Midlands. The desserts retailer has signed a two-year lease for a kiosk at the Wulfrun Shopping Centre in Wolverhampton and a three-year lease for a unit at Dudley’s Churchill Shopping Centre. Cake Inn will be the first operator to bring eggless cakes to the city centres, catering to diverse dietary preferences. The investment sees a six-figure sum committed to the two shopping centres, and underlines the brand’s commitment to the area. Plans are already underway for the retailer to open additional units as part of a wider investment strategy. Kristien Neve, asset manager at LCP, said: “We are thrilled to welcome Cake Inn to our centres. Their unique offering of eggless cakes is a fantastic addition that aligns with our commitment to providing diverse and high-quality options for our shoppers. This investment not only enhances the food choices available at Wulfrun but also supports our local economy by creating new job opportunities. We look forward to a successful partnership with Cake Inn.”

Deals

Cinema operator set for growth following acquisition

Cinema and entertainment operator The Light is set for growth after being acquired by hospitality entrepreneur Luke Johnson and Risk Capital Partners. The deal has been facilitated with a co-investment from Melcorpo and is supported by a new banking facility which will enable the business to invest over £15m into expansion. The Light – which currently operates 13 venues – is planning to double its size over the next two years. The operator provides a core cinema offering, alongside bowling, mini golf, interactive darts, climbing and karaoke. Luke Johnson said: “I have spent 40 years building businesses in the leisure and hospitality sectors, ranging from Pizza Express to Gail’s. We think the combination of cinema together with competitive socialising is a compelling offer for both consumers and landlords and believe the disruption facing the cinema industry provides opportunities. “The Light model offers a long-term, exciting solution to the challenges facing high street and existing cinema locations rather than short term fixes. “Risk Capital Partners is thrilled to be part of the next phase of The Light’s journey, harnessing the power of cinema to bring their game-changing offer to more places across the UK.” James Morris, chief executive at The Light,...

News

Loungers to join Merry Hill’s leisure quarter

Hospitality operator Loungers is set to join the leisure quarter at Merry Hill in Dudley, operating under its Lounges brand. Opening in January 2025, Toledo Lounge will take a 3,200 sq ft space – adding a casual dining offer to the destination’s nearly-completed 55,000 sq ft leisure quarter. The venue will serve Lounges’ all-day menu, which includes a drinks offer that transitions from breakfast hot drinks into evening cocktails. Since opening its first location in 2007, Lounges has evolved through ambitious growth plans which saw it open its 200th site last year. Toledo Lounge will join anchor tenant Hollywood Bowl at Merry Hill’s leisure quarter, as well as fellow casual dining restaurants ASK Italian, Wagamama, Wingstop, and Bon Pan Asia. Following the leisure quarter’s full launch in September 2023, leisure and restaurants have been the two highest growth categories for sales at the destination. Alistair Winning, asset manager at Sovereign Centros from CBRE, said: “Several dining brands have been added to Merry Hill’s new leisure quarter in the past 12 months, and Lounges are another who will help shape this vibrant hub for eating and entertainment. Lounges relaxed environment will fit seamlessly with Merry Hill’s vision to create a welcoming...

Deals News

Blackstar joins ATCM in mission to revitalise town centres

The Association of Town & City Management (ATCM) has welcomed Blackstar Real Estate to its network, with the firm set to provide support on structural changes to town centres. Blackstar – which was launched in August by Sabri Marsaoui – will work with owners, investors, and local authorities on town centre evolution. The firm will provide expertise on the role of retail within the current market, as well as insight on food and beverage, co-living, health, community space, and public realm. Ojay McDonald, CEO of ATCM, said: “It has long been our desire to see those who manage buildings in town centres work hand-in-glove with those who manage the spaces between buildings to end fragmentation. Blackstar joining ATCM is a huge step forward. “Blackstar gets it. They understand the ultimate goal of ensuring place management and property interests are round the same table working to the same vision. It is why Sabri was originally invited to be part of the Advisory Council.” Sabri Marsaoui, founder of Blackstar, added: “I am delighted to be working alongside Ojay and the ATCM Board leading the discussions and bringing about positive change for our town centres up and down the country.”

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Evolve Estates signs two new tenants to Scottish shopping centre