Posts from November 2024

Related Argent has appointed Kenningham Retail as the sole agents to lease the retail, leisure, and F&B offer at Brent Cross Town. Brent Cross Town is a 180-acre park town which is being designed and developed by a partnership between Related Argent and Barnet Council. Once complete, the development will comprise a new high street which offers retail, leisure, and F&B, as well as 3 million sq ft of commercial space with the capacity for 25,000 office workers. The first phase of Brent Cross’ retail and leisure spaces includes 26 units totalling 65,000 sq ft, and will serve Brent Cross Town’s existing community as well as its new residents. The new business district will be anchored by Sheffield Hallam University, which is opening its first university outside of Yorkshire at the development. Brent Cross Town will also include 6,700 homes, comprising a mixture of affordable, market sale and build-to-rent homes, alongside later living homes, co-living spaces, and student accommodation. The new development connects with St Pancras International in 12 minutes via the new Brent Cross West Thameslink Station, which opened its doors in December 2023.

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M&S ramps up store acquisitions

Marks & Spencer has acquired ten new sites in “high quality” locations, as the retailer looks to accelerate its store rotation programme. The food, clothing, and homeware retailer’s CEO said that although the new locations have given the brand “impetus” to expand, it “want[s] to go faster”. This comes as M&S releases a half-year report for the period comprising the 26 weeks ending 28 September, during which it opened two food halls in new full line stores as well as three standalone locations. The new food stores average around 14,000 sq ft in size, compared to the retailer’s current average of 8,000 sq ft, enabling customers to shop a wider range of products. M&S said sales at these stores had outperformed their targets by around 8%. The retailer also completed four refurbishments, or ‘renewals’, with a further eight planned for the second half. M&S’s renewal stores that opened in 2023 saw a sales increase of 9%. During the period, M&S also trialed new store formats, including the introduction of the full M&S range to a smaller 7,000 sq ft store in Sidcup, with “encouraging” results. M&S anticipates the eight food stores opened in the 2024 financial year will generate annualised...

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Coffee shop brand brews up Yorkshire outlet centre opening

Coffee shop brand 200 Degrees is set to open a new location at Junction 32 Shopping Outlet in Castleford, West Yorkshire. Opening this December, the 1,250 sq ft store will be the brand’s 22nd site across the UK and its sixth across Yorkshire. 200 Degrees – which opened its first location in Nottingham in 2012 – will cater to approximately 80 covers including both indoor and outdoor seating options. The coffee shop will offer a range of beverages as well as a food menu which includes sandwiches, sausage rolls, pastries and sweet treats. Will Kenney, commercial director of 200 Degrees, said: “We’ve seen from the popularity of our other coffee shops in the area that the good people of Yorkshire love 200 Degrees Coffee. We’re excited about joining the existing businesses in the shopping outlet and the exciting brands which are also opening there in the coming months.” Darren Winter, centre director at Junction 32, added: “We are thrilled to welcome 200 Degrees to Junction 32. With its delicious sweet treats and stunning beverage selection, we have no doubt it will become a firm favourite with our visitors and will make for the perfect place to stop off at whilst they...

Deals

Aesop to open first store in the North at Victoria Leeds

Australian luxury skincare brand Aesop is set to open its first store in the North of England at Victoria Leeds. Located in Victoria Quarter, the 753 sq ft store will open in January 2025 and showcase the brand’s full range of fragrance, skin, hair and body care products. A certified B Corporation, Aesop at Victoria Leeds will look to honour the heritage of the Grade II-listed space whilst also reflecting the brand’s craftsmanship and ethos. Rachel Bradburn, leasing director at Victoria Leeds, said: “Aesop choosing Victoria Leeds for their first store in the North of England strengthens our position as the premier destination for luxury brands. It’s a testament to our discerning customer base, but also to Aesop’s thoughtful approach in selecting locations where they can integrate seamlessly into the local community. We’re excited to see their unique store design come to life when the store opens, further enhancing our distinctive retail offering.” Ryad Djellas, general manager, Aesop, European Zone, added: “We have been eager to open our first signature store in the North for some time now and were delighted when the opportunity within the historied County Arcade presented itself. The design of our spaces matters deeply to us....

Deals News

Beauty brand takes slice of former Silverburn Debenhams unit

Harrods-owned beauty brand H beauty is set to open its sixth location at Silverburn in Glasgow. Taking 22,500 sq ft of space, the brand will occupy part of the former Debenhams department store, which has now been re-let following a repurposing exercise. The new store will offer a range of make-up, skincare, and fragrances from a variety of brands. This latest signing follows a number of recent additions at Silverburn, including retailers The White Company, TAG Heuer, All Saints, Polestar, and Rituals, as well as an upsize from Zara. F&B and leisure tenants which have joined the scheme recently include King Pins, Bread Meets Bread, and The Real Greek. Silverburn is joint-owned by Henderson Park and Eurofund Group. Christophe Kuhbier, head of investments, Europe, at Henderson Park, said: “Best-in-class shopping centres like Silverburn have thrived in recent years with improved footfall and increased consumer spending fuelling renewed confidence from retailers. We are seeing strong appetite for space from a broad range of occupiers as we continue to increase occupancy levels and perfect the asset’s high quality tenant mix. This latest letting is a continuation of our business plan to create value and deliver rental growth while firmly securing Silverburn’s position...

Deals News

Landsec acquires remaining interest in Salford’s MediaCity

Landsec has taken full control of MediaCity in Salford after acquiring Peel Group’s remaining 25% interest in the mixed-use development. The real estate investment trust has also acquired television facility dock10 and the estate’s 218-bed hotel, both of which were wholly-owned by Peel. The acquisition is based on a cash consideration of £22m plus an assumption of £61m of secured debt. This overall consideration of £83m represents a discount to the latest book value of Landsec’s original 75% interest in MediaCity. Landsec said his discount reflects the value of contracted future income from “wrapper” leases to Peel, which it will surrender as part of the transaction. The group added that – taking the new value alongside the value of the hotel and studios into account – the transaction is broadly in line with the latest book value of the estate and earnings neutral in the near term. Landsec said the transaction provides it with full control of MediaCity and the ability to implement its plans for the estate, plus the potential to deliver significant new residential space at the land immediately adjacent to MediaCity. Mike Hood, CEO of Landsec U+I, said: “MediaCity has huge potential. Through our increased ownership, we can...

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Catella APAM gets green light for Wolverhampton leisure hub

Plans to create a new leisure hub at the Mander Centre in Wolverhampton have been given the go-ahead by councillors. Submitted by real estate and investment manager Catella APAM, the proposals outline the creation of a new mixed-use concept venue from entertainment and leisure operator Superbowl UK. This will open in early 2025 and include 12 bowling lanes, a soft play area, interactive darts, a bar and diner, and a SEGA Prize Zone Arcade. Superbowl UK’s plans to bring the empty retail space back to life align with the council’s vision for the city centre, with a focus on better connectivity, more homes, jobs, skills and learning opportunities, and investment in the visitor economy. The development will be set over 17,000 sq ft across multiple units, and will enable an estimated £500,000 of landlord works to be completed by Catella APAM’s retrofit and principal contracting business, Vantage. Harry Wilce, asset manager at Catella APAM, said: “We are delighted to welcome Superbowl UK to the Mander Centre as the main anchor for our leisure offer to improve the customer offer at the centre and extend the operating hours, generating significant increase in footfall for the city centre.” Councillor Chris Burden, City...

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North East outlet centre sees surge in retail and F&B sales

Dalton Park Outlet, the outlet shopping destination in Seaham, County Durham, has reported a surge in sales across the centre. The scheme – which is asset managed by Global Mutual – has recorded an increase in total transactions of 19.8% since January, with food and beverage sales up by 9.4%. Key contributors to the F&B growth include brands such as Costa Coffee, Greggs, Etto Caffé, and Bakers + Baristas, all of which have seen an uplift in sales. The outlet centre has also looked to support local businesses as part of its food and leisure offering. North-East-owned independent burrito bar Zapatista joined Dalton Park Outlet’s dining options earlier this year, whilst the recent launch of minigolf experience The Hole in Wand has diversified the centre’s family appeal. Retailers at the outlet centre include the likes of Levi’s, Calvin Klein, Adidas, Tommy Hilfiger, Marks & Spencer and Le Creuset. Nicky Lovell, head of outlets and business development at Global Mutual, said: “We’re delighted to see such a strong performance across the board at Dalton Park Outlet. This year, we’ve invested time and money into ensuring our new openings across both retail and leisure meet with what our visitors are looking for. ...

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Cotswolds Designer Outlet appoints centre manager ahead of spring opening

Developer Robert Hitchins has announced the appointment of Adrian Field as centre manager at Cotswolds Designer Outlet, the currently under-development retail and F&B destination in Tewkesbury. This comes as the outlet shopping destination’s construction programme reaches the one-year milestone, with the development set to open in spring 2025. Field brings expertise of managing town and city centre destinations, shopping centres, and Business Improvement Districts (BIDs), having worked in locations such as Cardiff, Worcester, Malvern, Warwick, and Redditch. He will look to add valuable insights into the leadership of Cotswolds Designer Outlet, drawing on his experience of working with stakeholders and retail and F&B brands to deliver inward investment, promote destinations, and establish a compelling customer experience to drive footfall and create a positive impact in the region. Adrian Field said: “I’m delighted to join Cotswolds Designer Outlet at such an important milestone in the project programme. Living in the region, I’ve been following the project closely and with great interest, and I believe it’s set to play an important role in contributing to the local economy. Seeing the development come to life on-site is inspiring, and the strong interest from top brands reaffirms its potential as a premier destination. My focus...

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Bracknell’s The Lexicon welcomes 30,000 sq ft of new lettings

The Lexicon in Bracknell has completed around 30,000 sq ft of new lettings, with the likes of Dunelm, Levi’s, and Tesco Express all joining the scheme. Levi’s has brought its range of denim to the retail centre after agreeing a lease for a 3,885 sq ft store, which opened in October. Also joining the Lexicon is a major international fashion brand, which has signed terms for a flagship letting of 6,200 sq ft of space. These lettings expand The Lexicon’s fashion offering which currently includes retailers such as M&S, Fenwick, Superdry, H&M, Hobbs, Primark, Next, Phase Eight, Charles Tyrwhitt, TK Maxx, and River Island. Meanwhile, home furnishing retailer Dunelm and supermarket Tesco Express have joined the scheme’s Princess Square, taking 15,000 sq ft and 2,599 sq ft respectively. The Lexicon is also set to welcome Optical Centre to Braccan Walk, which has taken a 2,144 sq ft unit. Founded over 30 years ago in France, Optical Centre has become a leading brand in optics and hearing. The new arrivals coincide with a number of lease renewals at the Bracknell scheme. These include Mobile Blitz, Foot Locker, and McDonald’s, with the latter committing until 2038. Meanwhile, jewellery brand Beaverbrooks has recently...

Deals News

French mountain sports brand makes UK debut with two London stores

Salomon, a French brand specialising in mountain sports apparel, has made its UK debut with two new stores in London. The brand has opened its first flagship store in the UK at Covent Garden’s The Yards. Located at 125 Long Acre, St Martin’s Courtyard, the 3,268 sq ft store offers the Salomon’s range of footwear, apparel, and equipment for mountain sports including running, hiking, skiing, and snowboarding. In addition to the Covent Garden store, Salomon is set to open its first ‘Sportstyle’ store in the London neighbourhood of Soho later this month, offering an extensive range of the brand’s footwear. Located at 18 Broadwick Street, the 1,500 sq ft store will look to further strengthen Soho’s offer, sitting a stone’s throw away from fellow international retailer Axel Arigato, as well as brands which have made national debuts in the neighbourhood, such as PANGAIA and Adidas Originals. Jamie Thipthorpe, asset management director at CBRE, on behalf of Longmartin Properties, said: “Salomon’s selection of The Yards, Covent Garden, for its debut UK flagship, cements the destination’s reputation as the first-choice location for first-class brands. “In line with The Yards’ ethos, Salomon focuses on transforming and enhancing its customer’s experiences and we are excited...

Deals News

Landsec submits plans to regenerate Lewisham Shopping Centre

LandsecU+I, the regeneration arm of FTSE100 real estate developer Landsec, has submitted a planning application proposing the redevelopment of Lewisham Shopping Centre. Under the proposals, the 1970s-era shopping centre will be redeveloped into a new town centre district. If approved, the masterplan will look to deliver 1,700 new homes alongside 445 co-living residencies and up to 660 student beds. The development will also feature a pedestrianised high street lined with restaurants, cafés, and bars as well as a 500-person live music venue. The new district will be set around eight acres of green space and public realm, including an urban meadow sitting at the heart of the masterplan. Landsec said the plans have been designed to prioritise the retention of the existing shopping centre where possible, allowing it to remain open for the local community and for development to be delivered in incremental phases. Mike Hood, CEO of Landsec U+I, said: “This submission marks an important milestone to create a new green centre for Lewisham. A place that people will love, that brings immense social and economic change, thousands of much-needed homes, and a beautiful green meadow on top of a revived shopping centre. “For the last 20 years our...

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Hanover Green makes trio of new hires

Specialist retail and restaurant agency Hanover Green has bolstered its team with the appointment of three new hires. Alex Tentori and William Knight join as senior surveyors from Newmark, whilst Nicola Avery takes on the newly-created business coordinator role. Hanover Green now has a total of 13 staff, making it the largest independent landlord-focused London retail and restaurant agency. Matt Hyland, head of agency at Hanover Green, said: “We are really pleased to bring in Alex, Will and Nic into the company. The most important part of any business is its people, and we are lucky to have a fantastic team working on behalf of great clients on some of the best retail and restaurant instructions in London. “Alex Tentori will work alongside Alex Mann in our market leading F&B division and William Knight will join our retail agency group. Both will work on instructions for clients including Shaftesbury Capital, Grosvenor, BEAM, Tribeca Holdings, and The Mercers’ Company amongst others. Nicola has fantastic experience in the industry across retail and F&B and is taking up a new role as business coordinator, assisting in all areas of the running the business so we can focus on providing all our clients with...

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New whiskey concept makes debut at Hoxton Square

Whiskey-focused bar and lounge concept Odyssey has opened its debut space at 1 Hoxton Square in London. Occupying a 3,000 sq ft unit, Odyssey’s two-storey space features a main bar area situated downstairs and a casual hosting area upstairs with space for 190 covers. As well as boasting over 600 bourbons, Odyssey at Hoston Square also offers an array of cocktails as well as food menu which includes a number of small plates. Specialist leisure and F&B agency Shelley Sandzer acted for Odyssey. Nick Weir, joint managing partner at Shelley Sandzer, said: “Shoreditch’s standout night-time economy and its reputation as one of the trendiest parts of London make it a the perfect place for Odyssey to kickstart its presence in the capital. Whether you are looking for a casual stop-in or a specialist whiskey experience, Odyssey will be a standout addition to a neighbourhood already known for its diverse hospitality offer.” Tony Vega, co-founder of Odyssey, added: “This has been a concept that we’ve talked about for many years now, and it’s great to finally see it come to fruition at 1 Hoxton Square. This location was a no brainer for us, and want to thank Shelley Sandzer for their...

Deals News

Multi-Realm appointed operating partner at Midlands retail and leisure destination

Multi-Realm, which specialises in the management of retail and leisure destinations, has been awarded the operating mandate for the Trentham Estate in the West Midlands. The Trentham Estate – which is owned by funds managed by Blackstone – is a leisure and shopping destination set within a 725-acre site near Stoke-on-Trent. Features of the estate include gardens, an outdoor shopping village, restaurants and cafés, and a garden centre. Previously managed by St. Modwen, Multi-Realm will now manage the entire estate, operating all parts of the retail, leisure, and events businesses. The group will focus on providing property and asset management, leasing, development, and operating consultancy services. A key part of the estate is the 96,498 sq ft outdoor Shopping Village, which is home to 80 national, regional, and independent brands. In addition, there is a further retail anchor in the 64,749 sq ft Blue Diamond garden centre. Multi-Realm will work with the existing team at Trentham Estate to bolster the destination, applying its experience in leasing and asset management as it looks to further improve the overall visitor experience. Dan Mason, managing director of Multi-Realm, said: “We are delighted to be appointed on such a prestigious asset and very much look forward to...

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Rituals to open at Epsom’s Ashley Centre

Beauty and wellbeing brand Rituals is set to open a new store at The Ashley Centre in Epsom later this week. Taking a 3,199 sq ft store near the scheme’s entrance and adjacent to GAIL’s Bakery, the brand will offer its signature range of products in a unique fit-out. The news follows the recent announcement that kitchenware brand ProCook has opened at the Ashley Centre, whilst lifestyle brand Oliver Bonas will also arrive at the scheme within the coming weeks. Louisa Butters, head of asset management UK at CBRE Investment Management, said: “Rituals adds a luxury name to the Ashley Centre and is a brand that puts the customer shopping experience first. Its statement fit out and broad appeal is exactly the kind of brand we’re looking for to continue to drive forward our aspirational leasing strategy, and complements the wider destination as we near completion of our extensive centre refurbishment.” This also follows the news that Primark is set to open a 44,000 sq ft store adjacent to the scheme’s central square, which is currently undergoing a £7 million refurbishment. The store is expected to open later in 2025. GCW and Lunson Mitchenall represent the Ashley Centre.

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Korean street food brand opens seventh UK restaurant in Chinatown London

Korean street food brand Bunsik has opened its seventh restaurant in the UK in London’s Chinatown. The brand – which is known for its viral Korean corn dogs and strong social media presence – has taken a 900 sq ft unit at 31 Wardour Street. Since launching in 2021, Bunsik has gained a loyal following through online engagement, racking up over one million likes on TikTok. The new restaurant joins the brand’s other locations in central London and Manchester, with Bunsik set to continue its expansion across the UK via franchise opportunities in 2025. Bunsik’s menu at its Chinatown London location will include items such as the ramyun corn dog, fried kimbap, cup bap, and ddukbokki, as well as halal and vegetarian options. Jae Cho, founder of Bunsik, said, “Opening in Chinatown is a significant milestone for us. The area’s cultural vibrancy is the perfect setting to showcase our evolving brand and menu.”

Deals

Southside Shopping Centre welcomes three new brands

Southside Shopping Centre in Wandsworth, West London, has welcomed the arrival of three new retailers. Leading the new arrivals is The Pop Up Club, which returns to the scheme after a successful run at Southside last year. The retailer showcases produce from creative independent brands, featuring hand-crafted products including eco-friendly candles, clothing, art, and home decor. Also joining the scheme is Espresso Vibes, which will open a kiosk adjacent to Accessorize. The brand brings a range of specialty coffee from the likes of El Salvador, Brazil, Colombia, and Uganda. Rounding off the new arrivals is London-based Foresthaven. The lifestyle brand will open a 1,554 sq ft store on the scheme’s ground floor in the beginning of November, offering homeware, jewellery, clothing, and furniture. Meanwhile, existing tenants at Southside, The Fragrance Shop, GET Free Books and H&M, are upsizing and growing their presence at the shopping centre. H&M’s new 23,000 sq ft store offers the brands range of womenswear, menswear, and childrenswear as well as an array of homeware and beauty products. The Fragrance Shop has recently expanded its offering following a store makeover. The new and larger 1,200 sq ft store opened in September , providing visitors a greater choice of perfumes alongside an enhanced in-store...

Deals News

M&G puts £37m West End estate on the market

M&G has placed a mixed-use estate in Fitzrovia, London on the market with an asking price of £37m. The Portland & Riding Estate consists of three properties on Great Portland Street and Riding House Street, comprising 36,410 sq ft of retail, office, and residential accommodation originally developed by Great Portland Estates. The estate’s retail provision comprises seven units totalling 11,404 sq ft sq ft at a topped-up rent of £465,000 per annum. Tenants include The Whiskey Exchange, Townhouse, Clutch Europe, Aperture London, and Body20. The total topped-up passing rent of the estate is £2,072,505 per annum, representing an average rent of £56.92 per sq ft. The site benefits from excellent transport links, with Oxford Circus station within a 5-minute walk. A number of asset management opportunities are available at the estate, including occupational lease extensions, a breakup of the various components, and driving the retail income. A purchase at the minimum asking price of £37m would reflect a net initial yield of 5.24% and a capital value of £1,016 per sq ft. Knight Frank has been appointed to find a suitable purchaser for the properties. M&G acquired the estate from Great Portland Estates in 2018 for £48.3m.

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Leeds retail space changes hands for £4.7m