Posts from November 2024

LCP, part of property and investment collective M Core, has announced the signing of three new tenants at Princes Square in Glasgow. Leading the signings is restaurant, bar, and lifestyle shop Zibibbo, which is set to open at the scheme this December. Taking 3,516 sq ft at Units 6-9, the space will feature a bar and mezzanine, with space to accommodate up to 120 guests. Joining Zibibbo is The Whisky Shop, which has signed a 10-year lease for its second store in Glasgow. The specialist whisky retailer will open soon at Unit 16, taking 753 sq ft. Also joining Princes Square is Launch Coffee, a local charity which provides a range of beverages and baked goods. Located at Units 10-11b, the charity has taken 2,341 sq ft of space on a 10-year lease. Since launching in 2018, the charity has provided 750,000 free meals to local children. Alex Williams, senior asset manager and head of Scotland at LCP, said: “Following the excitement of & Other Stories joining the scheme, we are thrilled to now be welcoming Zibibbo, The Whisky Shop and Launch Coffee to Princes Square. The offerings of the three new tenants align perfectly with the existing premium brands...

Deals

Missoma opens largest store to date on Carnaby Street

Demi-fine jewellery brand Missoma has opened its largest store to date on Carnaby Street in London’s West End. Taking a 1,000 sq ft space at 56B Carnaby Street, the brand has opened adjacent to PANGAIA, the material sciences company which launched in the summer. The split-level store delivers the brand’s collections of recycled gold and silver products, including collaborations with brands such as Lucy Williams, Harris Reed, and Savi. It also offers piercing and welding studios designed for customers to shop, explore, and grow their collections. Missoma joins a number of other contemporary jewellery brands nearby, such as Metal Morphosis, House of Astrid & Miyu, and TwoJeys. William Oliver, retail leasing director at Shaftesbury Capital, said: “Missoma is a retailer that understands the importance of a physical store experience, which mirrors our approach when it comes to Carnaby Street. We’ve played a significant part in Missoma’s bricks-and-mortar journey, supporting its growth from online to physical retail. Through our collaborative approach to tenant relationships, we are making sure to hit the right notes across every sector and continue to build an unmatched retail offer in the West End.” This news follows the opening of Astrid & Miyu’s new flagship ‘House Of...

Deals News

Investment group agrees £340m Loungers takeover deal

An investment group which owns the Majestic Wines and Poundstretcher brands has agreed a deal to acquire hospitality group Loungers for almost £340m. Fortress Investment Group has agreed to pay 310 pence per share for Loungers, which operates the Lounge, Cosy Club, and Brightside restaurant and bar concepts. This offer values the entire issued, and to be issued, ordinary share capital of Loungers at approximately £338.3m, with an enterprise value of around £350.5m. This represents a premium of 30.3% compared to Loungers’ closing share price before the bid was made. Fortress – which acquired Poundstretcher in April – said it believes it is a strong partner for Loungers, its management team, its employees and its other stakeholders in the next stage of the group’s growth journey. The investment group added that it believes in Loungers’ growth prospects, and the future of experience-led retail and hospitality offerings in the UK market. This comes as Loungers announces its results for the first half of the 2025 financial year, during which it recorded an increase in revenue of 19.2%, bolstered by 4.7% like-for-like sales growth and a net increase in sites of 35. The group – which operates over 280 sites – also saw...

News

B&Q owner and M&S emerge as bidders for Homebase stores

Marks & Spencer and the parent group of B&Q have emerged as potential bidders to acquire a number of former Homebase stores following the DIY retailer’s collapse into administration. Kingfisher and M&S are among a number of retailers looking to acquire a chunk of the remaining 50 Homebase stores ahead of a deadline on Friday, Sky News has reported. The two companies are believed to be eyeing an acquisition of between 20 and 25 stores. Industry sources told Sky News that Home Bargains was also considering a purchase of a number of Homebase stores. This comes after The Range, owned by CDS Holdings, acquired Homebase’s brand and up to 75 stores earlier this month. The sale brought an end to the six-year ownership of Homebase by Hilco, the retail investor which has previously rescued brands such as HMV. Prior to this, Homebase was owned by Australian group Wesfarmers, which in 2018 launched a company voluntary arrangement leading to the closure of a number of stores and a renegotiation of rent deals. Following the acquisition, 74 Homebase stores were then placed on the market, ranging in size between 15,455 sq ft and 1.19m sq ft. You can find the full list...

News

Loungers opens fourth Brightside restaurant

Hospitality group Loungers has opened its fourth Brightside roadside restaurant at the Ram Jam services in Rutland. Located along the main route between Peterborough and Grantham, the new restaurant forms part of a purpose-built retail development comprising four units, adjacent to a petrol station and a bakery. Brightside – which was launched by Loungers as a means to “reinvigorate roadside dining in the UK” – opened its first three restaurants last year, located in Exeter and Honiton, Devon, and Saltash, Cornwall. Charlie Jones, operations manager at Brightside, said: “We are delighted that our Brightside experience, and our unique reinterpretation of roadside dining, is now available for those heading north. “Ram Jam Services is an incredibly popular stop off for many motorists so this a great opportunity for us to offer them something new and really exciting. “Brightside Ram Jam is on a popular route, only 15 minutes from Rutland Water which attracts almost two million visitors every year. “As well as catering to travellers we are also an excellent choice for those who live nearby, so we’re looking forward to meeting lots of locals too.” Loungers also operates the Lounges and Cosy Club brands. Earlier this year, the group’s chair...

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Nespresso brews up Covent Garden opening

Coffee brand Nespresso is set to open a new boutique store within Shaftesbury Capital’s Covent Garden estate. Located at 34 Henrietta Street on the corner of Covent Garden’s Piazza, the opening of the 1,345 sq ft space next spring will follow the closure of Nespresso’s Regent Street store at the end of 2024. The new location will allow customers to discover a variety of Nespresso tastes and flavours, and browse the brand’s latest selection of products, including capsules, machines, and accessories. The boutique will also feature a dedicated space to highlight the brand’s sustainability progress, as well as a place for customers to drop their used capsules for recycling. Nespresso joins a number of global brands that have chosen Covent Garden to open anchor locations, such as tech giant Apple, beauty brand Glossier, and activewear brand Alo Yoga, which is opening a 5,000 sq ft store at 25a Neal Street. William Oliver, retail leasing director at Shaftesbury Capital, said: “As the UK’s leading destination for flagship locations from world-class brands, Nespresso’s commitment to open a new anchor store in Covent Garden is an ideal fit. Nespresso will add to the Piazza and wider neighbourhood’s already extensive backdrop of innovative lifestyle...

Deals News

Asian bar-restaurant concept to open first European location at Paddington Square

Asian bar and restaurant concept CÉ LA VI is set to open its first location in Europe located atop Paddington Square in West London. Part of the ADMO Lifestyle Holding group, CÉ LA VI will span 17,000 sq ft across levels 17 and 18 of the Renzo Piano Building Workshop-designed building. Opening in summer 2025, the venue will become the highest rooftop restaurant in West London, and will join CÉ LA VI’s existing locations in Singapore, Dubai, Taipei, and Tokyo. The space will feature an indoor bar area which leads through into an upper lounge dining area, an indoor restaurant, and an outdoor dining space. Situated one floor above will be a private dining room, an indoor lounge area, and a cocktail bar. In total, CÉ LA VI will accommodate a total capacity of 425 covers. Sanjay Nandi, CEO of ADMO, said: “We’re excited to bring CÉ LA VI, a rooftop dining and nightlife brand born in Southeast Asia, to London. The opening will mark a milestone for ADMO, signifying the group’s rising prominence within the hospitality industry and growing presence in London’s phenomenal restaurant scene.”

News

Footasylum steps into upsized store at Merry Hill

Footasylum has opened the doors to its upsized store at Merry Hill, tripling its footprint at the Dudley shopping centre. The streetwear retailer has combined its existing unit with an adjacent space to increase its presence from 3,000 sq ft to 10,000 sq ft. The store introduces a number of new features, including a mobile payment system to speed up checkout time, new digital screens, and a refreshed fit-out. Footasylum at Merry Hill also offers a greater range of products across all categories, including the addition of womenswear from brands like Nike and Adidas, as well as exclusive labels such as Forena and Dripmade. Footasylum looks to further diversify Merry Hill’s sports and athleisure offer, joining established retailers such as Shoezone, which recently renewed at the scheme. Alistair Winning, asset manager at Sovereign Centros from CBRE, on behalf of Merry Hill, said: “Merry Hill is a centre where brands not only succeed, but thrive, exemplified by the expansion of Footasylum. This year we have driven record levels of brand investment, with Footasylum now sitting amongst dozens of leading names that have both committed and recommitted to the destination, demonstrating Merry Hill’s transformation and catchment strength.” Footasylum’s upsizing follows the recent...

Deals News

Historic art deco cinema in Worcester handed £1.5m price tag

A Grade-II art deco cinema building in Worcester has been placed on the market with a price tag of £1.5m. Spanning 7,218 sq ft, the former Northwick Cinema on Ombersley Road was designed by Charles E Wilford and constructed in 1938. The cinema’s original interior followed art deco interior designer John Alexander’s plans and the building remains the only surviving and complete example of his work. The building operated as a picturehouse until 1966 before reopening as a bingo hall until 1991 and then as an entertainment centre for five years. The property was purchased in 2004 by David and Helen Gray who began extensive restoration works. Following an 18-month restoration period, the cinema reopened as Grays of Worcester, a furniture store, which remains trading to this day. Fisher German, which is marketing the property, said it expects that the former cinema will appeal to any large retail company as a potential flagship store, or to developers who may wish to redevelop the building. Lauren Allcoat, senior associate at Fisher German, said: “This is a fantastic instruction for Fisher German with the property very much a local landmark. “We have a vast amount of experience in selling similar properties over...

News

Noodle & Beer picks Chinatown for second London location

Chinese hospitality concept Noodle & Beer is set to open its second location in the capital in London Chinatown. Opening in January at 27 Wardour Street, the 950 sq ft restaurant will feature a modern bistro atmosphere on the ground floor, with the lower ground floor offering a more intimate dining setting. The restaurant’s menu will consist of noodle-based dishes, including favourites such as Xian Jian Niu Rou Main, which features stir-fried beef slices with three types of chilli, and Tian-shui Mian, comprising handmade udon noodles served with a sweet and spicy sauce. Visitors will also be able to choose from selection of beers, including local independent products to more well-known Asian beers, on a monthly international rotation. Noodle & Beer has been to cater towards office workers and tourists during the day, before transforming into a more lively and atmospheric space in the evening. Xiaoxiao Wang, founder of Noodle & Beer, said: “Born from a desire to bring the simple pleasures that come from pairing noodles with beer to a new audience, the expansion of Noodle & Beer to Chinatown London is fundamental in achieving this. For the Chinese and ESEA community, Chinatown London is more than just a place...

Deals

Bowling operator Lane7 looks to roll out 10 new venues in two years

Lane7 is expecting to open 10 new venues over the next two years, with the bowling and competitive socialising operator preparing to add 180,000 sq ft of space to its portfolio by the end of 2025. This comes as the Lane7 confirms that it has completed 120,000 sq ft of transactions in 2024, with the operator opening eight new sites across the UK and Europe. The group opened its first European venue in October at Potsdamer Platz in Berlin. Meanwhile, two Dublin venues – at Dundrum and Chatham Street – are due to open in January 2025. In the last few months alone, the operator has signed three new sites with a further six in legals. In the UK, Lane7’s roll out will include two new venues in Newcastle, where it opened its first venue in 2013, as well as further sites for the group’s family-friendly sister brands Gutterball and LevelX. Lane7’s concept blends bowling with alternative gaming, tech-enabled experiences, retro arcade games, and other activities including karaoke booths, beer pong, dart boards, and mini golf, anchored by hospitality, often in collaboration with local food and beverage brands. Tim Wilks, founder of Lane7, said: “Leisure plays a vital role in energising...

News

Reiss opening leads flurry of activity at Metrocentre

Reiss has opened the doors to a new store at Metrocentre, as the Gateshead shopping centre completes 55,000 sq ft of new openings, upsizes, and refits across its Red and Platinum Malls. Spanning 3,933 sq ft in Metrocentre’s Lower Red Mall, the premium fashion brand’s latest location has become its only store in the region to offer its range of childrenswear. Meanwhile, digitally-native fashion brand Sosandar has made its regional debut in the upper Platinum Mall, opening a 2,047 sq ft store. Also joining the scheme is cosmetics brand KIKO Milano, which has opened its largest store in the North East. The brand has taken 1,624 sq ft in the Red Mall, alongside fellow beauty specialist Brows & Nails. Finally, menswear brand Moss has opened a new and refurbished store, as has fellow Red Mall tenant River Island, which has completed a revamp of its 25,500 sq ft space. Both stores are in close proximity to Mango, which recently opened its largest store in the region, taking 6,233 sq ft alongside the likes of Zara, H&M, and anchor brand, Flannels. Ben Cox, director at Sovereign Centros from CBRE, asset manager of Metrocentre, said: “2024 has been a year full of tenant investment, with our accessible premium fashion and retail hubs...

Deals News

P-THREE expands team with senior surveyor appointment

Retail, leisure, and placemaking specialist agency P-THREE has bolstered its leasing team with the appointment of Louise Hannah as senior surveyor. Reporting to P-THREE co-founders Hannah McNamara and Thomas Rose, Louise Hannah will work across the agency’s leasing, consultancy, and occupier representation activity, and will look to expand the firm’s client roster. This includes brands such as Third Space, Metrix UEFA Champions League, F1Arcade, Puttshack, Rosa’s Thai, Crosstown, and Wahaca. She joins from Montagu Evans, where she spent three years as a surveyor and partner for landlords and occupiers. Her tenant representation work included the acquisition of key sites for major global and national brands across London and the UK. Hannah McNamara, co-founder at P-Three, said: “Louise is a valuable addition to our growing team, as we look to help our clients create the next ‘place-to-be’ destinations. Her expertise lies in unlocking the potential in the UK’s retail and leisure sectors by blending strategic agency work, asset management and development consultancy. Louise helps bring destinations to life and we’re excited to have her join our growing team.” Louise Hannah added: “P-Three is helping to create some of the UK’s most dynamic retail and leisure destinations, and is playing a central...

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French investor acquires mixed-use building in London for £18.5m

French investor Sofidy has acquired a mixed-use building in Holborn, London for over £18.5m on behalf of its SCPI Sofidy Europe Invest fund. Located at 36-38 Hatton Garden, the asset comprises 25,123 sq ft of space across five floors. The building has three ground floor retail units as well as a gym at basement level. The upper floors are currently being used for offices. The building sits in London’s Midtown, on a street known for its jewellers, and benefits from nearby occupiers including multinational companies, financial institutions, and technology companies. It is located 200 metres from Farringdon Station, a new transport hub on the Elizabeth line. Jean-Christophe Avellaneda, investment director at Sofidy, said: “Thanks to recent developments in the Farringdon area, including the opening of the Elizabeth Line, the sector should benefit from good growth dynamics in rental prices in the coming years.*” Avison Young acted for Sodify. *translated from French.

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ODEON just the ticket for Bristol’s Cabot Circus

ODEON has signed for a new cinema venue at Hammerson’s Cabot Circus in Bristol. Opening next year, the cinema brand becomes the 10th new occupier to sign at Cabot Circus in 2024, as Hammerson looks to bring new brands and experiences to the central Bristol shopping destination. Hammerson said a cinema was the most requested leisure experience, according to a survey, with the ODEON signing underpinning the group’s vision to create a multi-use destination. Other leisure operators which have recently signed at Cabot Circus include King Pins Bowl – which will open its 16,500 sq ft bowling, gaming, and leisure venue next year – and Treetop Golf, which is set to open in December. Restaurant concept Six by Nico will also soon be opening at Cabot Circus, as well as Honi Poke, which chose the scheme for one of its first locations outside London. Retail signings made in 2024 at Cabot Circus include Marks & Spencer, which is making its return to Bristol city centre, with a fit-out now underway. Meanwhile, Inditex-owned brand Stradivarius and leisure brand Lids opened at the scheme earlier this year. Toby Tait, director of asset management at Hammerson, said: “Cabot Circus is proud of its record...

Deals News

Shaftesbury Capital: West End estates “busy and vibrant” going into Christmas

Shaftesbury Capital has said that its West End estates are “busy and vibrant” ahead of the Christmas period. This comes as the real estate investment trust – which has properties across Covent Garden, Carnaby, Soho, and Chinatown – provides a trading update for the second half of the year. Since July, the group has welcomed 48 new retail and hospitality openings across its estate. In Covent Garden, outdoor brand Peak Performance made its UK debut on Long Acre, whilst Swiss watchmaker Longines and English heritage brand Aspinal are set to open on James Street and in the Market Building respectively. In Seven Dials, eight new brands have been introduced since July, including sustainable menswear brand NN.07, boutique retailer Saint + Sofia, and apparel concept Gandy’s International. In the Carnaby Street area, Shaftesbury Capital has welcomed 17 signings over the recent months, including Brazilian fashion brand Farm Rio and lifestyle brand Barbour. Contemporary jeweller Astrid & Miyu has opened a flagship store on Foubert’s Place, sports brand Saloman has opened on Broadwick Street, whilst Australian beauty brand Grown Alchemist has selected Soho for its first store. A number of new tenants have also added to the group’s hospitality portfolio in Soho in...

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Catella APAM raises £102m for real estate investment

Investment and asset management specialist Catella APAM, a subsidiary of the Catella Group, has launched its inaugural fund as it looks to invest in listed UK property companies. The fund, Catella APAM Strategic Equities, closed with £102.2m in commitments from institutional investors, and will be focused on identifying mispricing within the UK listed real estate sector. Founding shareholder of Catella APAM, Simon Cooke, will lead the fund’s investment strategy alongside the firm’s head of investment and research, Ben Kennedy. They will be supported by Catella APAM’s senior asset and development management teams, which have advised on over £4.5bn of assets within the UK and Ireland since its inception. The fund’s strategy has been designed to target undervalued real estate companies, where underlying asset values have been impacted by recent macroeconomic challenges and shifting demand patterns. Ben Kennedy, head of investment and research at Catella APAM, said: “The real estate sector has become more operationally intensive and complex, as asset owners begin to acknowledge their role in providing a service to customers rather than just passively holding assets. This is likely to create a more disparate distribution of returns as the gap between winners and losers widens. Our access to actionable,...

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Next to triple presence at Kent’s Bluewater

Next is set to triple the size of its presence at Bluewater in Kent, with the retailer relocating to what will be one of its largest stores in the UK. The fashion retailer will be upsizing from its existing 44,600 sq ft store into a 133,000 sq ft space, currently occupied by House of Fraser. The expanded store will offer the brand’s range of clothing for men, women, and children alongside a homeware section and a café. Next will also relocate beauty brand Bath and Body Works into a neighbouring 2,000 sq ft store. This follows a period of strong leasing activity at Bluewater, which has completed 12 new lettings and five upsizes in the last six months. Brands such as Sephora, Pull & Bear, Aesop, and Bershka are all set to open at the scheme before the end of the year. Bluewater is jointly-owned by Landsec, M&G, Royal London, and Schroders. Pablo Sueiras, head of brand account management at Landsec said: “The best brands are investing in bigger, better stores in prime locations. Next is at the forefront of retail innovation which has made it one of the most in demand brands among consumers. Next’s new store will transform...

Deals News

MINISO to make UK outlet debut at London Designer Outlet

MINISO is set to open its first UK outlet store at Wembley Park’s London Designer Outlet (LDO). The lifestyle brand has taken a two-year lease for a 1,341 sq ft store, located adjacent to retailers such as Levi’s, Nike, Boss, and Kurt Geiger. MINISO at London Designer Outlet will offer a range of toys, technology, and stationery from brands such as Hello Kitty and Friends, Disney, BT21, and Minions. Founded in 2013, MINISO has rapidly expanded its portfolio of stores across the UK with more than 30 now open. The brand’s first UK outlet store will look to capture the attention of LDO’s customer base, which is younger than the sector average. The signing comes during a busy period of leasing activity at LDO, with the shopping destination recently welcoming both French Connection and Rituals. The two brands will occupy 1,919 sq ft and 2,434 sq ft respectively, further diversifying LDO’s mix of international retailers. Matt Slade, retail director at Quintain, said: “LDO is the perfect location for MINISO to open its first UK outlet store as they are able to tap into London’s diverse catchment of shoppers whilst taking advantage of the sense of discovery that outlet retail offers....

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M&S lays out plans for 60,000 sq ft store in Ipswich