Posts from December 2024

Charlotte Tilbury is set to open a significantly-upsized store within London’s Covent Garden, following the brand’s success in the area. The makeup, fragrance, and skincare brand will open a 4,300 sq ft store on the corner of the Royal Opera House and James Street early next year. The new store will be triple the size of Charlotte Tilbury’s footprint at its original store on James Street, where it made its bricks-and-mortar debut in 2015. Charlotte Tilbury’s new flagship store adds to the destination’s existing beauty and wellness offer, joining brands such as Aēsop, Chanel, Creed, Diptyque, Elemis, Glossier, Guerlain, Jo Malone London, MAC, Miller Harris, NARS, Penhaligon’s, Space NK, and TOM FORD. Michelle McGrath, executive director of Shaftesbury Capital, said: “Charlotte Tilbury has been a cornerstone of Covent Garden’s beauty offer since it opened in 2015, so we are delighted to announce that it will be strengthening its presence further with this latest upsize and relocation. The continual investment demonstrated from the beauty powerhouse is evidence of the strong collaborative approach between Shaftesbury Capital and our partners, and cements Covent Garden’s position as a leader in the UK beauty and wellness landscape.”

Deals News

EE opens flagship experience store at Norwich’s Chantry Place

Real estate asset and investment manager Catella APAM has completed a 10-year lease agreement with EE to bring the telecommunications brand to Chantry Place in Norwich. Taking a 5,800 sq ft space, EE has opened an ‘experience store’, which features different zones dedicated to different technologies. Customers at the new store are able to explore products such as broadband, smart TVs, speakers, and gaming consoles. Nathan Reidy, associate director at Catella APAM, said: “The opening of EE’s experience store at Chantry Place demonstrates our commitment to creating a dynamic retail environment that continues to cater to the evolving needs of our customers. This addition reinforces the reputation of Chantry Place as a key destination for leading brands and innovative experiences. We are confident that EE’s expanded offer will resonate with visitors and further elevate the centre’s appeal.” Catella APAM acted on behalf of Greater Manchester Pension Fund.

Deals

AEW sells £26m chunk of Coventry retail park

AEW has completed a partial sale of Central Six Retail Park in Coventry to a private investor for £26.25m. The group has offloaded Units 1-11, with the sale price reflecting a net initial yield of 7.49% and a capital value of £213 per square foot. AEW said the sale represents a 60% premium to the purchase price of the entire property, which it acquired in November 2021 for £16.41m. Excluding the remaining units (Units 12, A(1), A(2), and B) which AEW will retain, the sale is expected to generate an internal rate of return in excess of 16%. The sale price will be paid in two tranches; the first instalment of £25,900,000 was paid on 13th December 2024, whilst the second instalment, amounting to £350,000, will be paid on the completion of a new lease of Unit 10 to Superdrug. The purchaser is also contracted to pay a third instalment of £500,000 to AEW, should it complete a letting to an electric vehicle charging operator within the first 18 months of ownership. Central Six Retail Park is now fully let following the completion of three new lettings to Aldi, Iceland, and Whitecross Dental Care, which added £668,000 of annual rental income....

News

Bill’s leads trio of F&B openings at Centre:mk

Bill’s has opened at Centre:mk, leading a trio of new F&B brands arriving at the Milton Keynes shopping destination. The operator has opened a 3,000 sq ft eatery on the corner of Queens Court and Silbury Arcade. The restaurant is Bill’s first new location in six years, with the Richard Caring-backed all-day dining concept set to expand into 2025 and beyond. Also joining Centre:mk is Cornish Bakery, which has made its regional debut after opening a 2,650 sq ft café on Deer Walk. The 82-cover venue becomes the operator’s largest to open this year. Finally, Starbucks has opened its upsized 2,800 sq ft space on Queens Court, as the coffee shop operator recommits to the destination. The three openings are part of a wider wave of investments this year, with 20 brands opening or reinvesting in Centre:mk in 2024, for a total of almost 150,000 sq ft of space. Kevin Duffy, Centre:mk’s centre director, said: “The opening of Bill’s, Cornish Bakery and Starbucks relocation draws 2024 to a brilliant close. Not only does it strengthen the dynamic lineup of dining options we have curated at Centre:mk, but the commitment demonstrated from these leading national and multinational operators further cements our...

Deals News

Sports Direct opens flagship store at Westfield White City

Frasers Group has opened the doors to a new flagship store for Sports Direct at Westfield White City in Shepherd’s Bush. Joining the brand’s first flagship store on London’s Oxford Street, the 29,000 sq ft location spans two floors and features a range of fitness and performance wear, equipment, and footwear from brands such as Nike, Adidas, Under Armour, Puma, and ASICS. Customers will be able discover Sports Direct’s Running Concept, its newly-introduced Outdoor Concept, and dedicated sections set out for various sports categories. Alongside the retailer’s core offering, the store also features brand’s from other Frasers Group-owned companies such as GAME and USC. Michael Murray, chief executive officer at Frasers Group, said: “As a leading global retailer in sports, Sports Direct is committed to providing customers with unparalleled access to the best brands and the best sports retail experience. We understand the importance of evolving to meet consumer needs – especially in a crucial market like London. With this opening, we’re building on the successful formula from our Oxford Street store, bringing another unmatched destination for sports enthusiasts.” Frasers Group secured two major leases in London’s Westfield Shopping Centres earlier this year. With the first store now open, Sports...

Deals News

NewRiver boss hails “transformational period” which sees REIT back in the black

The boss of NewRiver has said the first half of the 2025 financial year has been a “transformational period”, as the real estate investment trust returns to profitability. During the six months ending 30th September, the group recorded a profit after tax of £8.3m, up from a loss of £2.6m during the same period last year. Highlights included NewRiver’s acquisition of Capital & Regional for £151m in December. The group said the transaction created a combined portfolio worth around £900m, an increase of 65% compared to the size of its previous portfolio. The group also acquired asset and development management business Ellandi in July for £5m. NewRiver said the transaction provided its existing capital partnership business with additional scale, diversification, and skill. During the period, NewRiver recorded an occupancy rate of 97%, down from 98%, and said it had completed 406,400 sq ft of new lettings and renewals across its portfolio. Allan Lockhart, chief executive of NewRiver, said: “This has been a transformational period for NewRiver marked by the successful acquisition of Capital & Regional which completed earlier this week. This transaction substantially increases our scale and will deliver significant benefits including a material increase in our earnings. This was clearly...

News

Praxis snaps up Kent mixed-use development

Praxis Group has acquired 63 acres of Kings Hill town centre, a mixed-use development in Kent, adding almost half a million square feet of commercial space to its portfolio. The award-winning mixed use development is set within a landscaped parkland and is home to around 200,000 sq ft of retail and leisure facilities, as well as more than 50 businesses – including Rolex’s UK headquarters – and over 3,200 homes. Praxis said it has worked closely with Kings Hill stakeholders to develop a long-term rebalancing strategy, which will see part of the newly-acquired estate redeveloped alongside an inward investment to upgrade the core office portfolio into sustainable Grade A accommodation. James Hewitt, chief operating officer at Praxis, said: “We are excited to become a significant stakeholder in Kings Hill and believe our active real estate management and placemaking expertise can accelerate the successful evolution of the town.”

News

Kim Kardashian’s Skims eyes former Ted Baker Regent Street store for UK debut

Kim Kardashian’s shapewear brand Skims is in talks to take on Ted Baker’s former flagship store at 245 Regent Street, according to Drapers. If a deal goes ahead, this would mark a permanent UK debut for the brand, which opened its first-ever physical location in Washington D.C. in June. Skims – which was launched in 2019 – is also set to open further stores across the United States in Texas, Florida, and Georgia in the coming months. The brand is currently stocked in the UK in Harrods, Selfridges, and End, and earlier this year launched a menswear pop-up in End’s flagship store in Soho, London. The Regent Street store was vacated by Ted Baker in August, after the brand closed the remainder of its UK locations. The Crown Estate, which owns Regent Street, declined to provide Drapers with a comment, whilst Skims did not respond to the publication’s request for comment.

News

Gloucester Quays completes 11 renewals in 2024

Peel Retail & Leisure has completed 11 renewals with existing tenants at Gloucester Quays in 2024. The renewals form part of a total of 20 deals at the outlet shopping centre, covering over 44,000 sq ft of space. Amongst the brands to renew are kitchenware brand Le Creuset, which invested in a new fit-out, and lifestyle and athletic footwear brand Skechers, which increased its footprint at the scheme by 50%. Other leading names including Clarks, White Stuff, Jack Wills, Suit Direct, and Raging Bull have also recommitted to Gloucester Quays, as have Denby, The Gift Company, Baggage World, and Tresspass. The outlet shopping scheme has also welcomed a number of new brands in 2024 – the year in which it celebrated its 15th anniversary – such as Reiss, Moss, and Berghaus, which opened its second standalone UK store. The centre has also bolstered its food and beverage line-up with brands such as Pret A Manger, Subway, Krispy Kreme, and Bakers & Baristas. Paul Carter, asset director at Peel Retail & Leisure, said: “11 lease renewals is a sign of the strength of Gloucester Quays’ offer, and the ability to retain brands because they succeed here. Complemented by a host of new...

Deals News

Liverpool ONE’s South John Street welcomes quartet of signings

Grosvenor has welcomed a quartet of retail signings at South John Street in Liverpool ONE. Lifestyle brand MINISO has agreed to take a 3,000 sq ft site to make its Liverpool debut. The store will stock the brand’s selection of ‘blind boxes’, collectables, plushies, beauty products, and snacks. Also joining South John Street is personal care brand Bath & Body Works, which is also making its debut in the city. Opening next year in a 3,000 sq ft unit, the store will offer a range of personal care products, candles, and seasonal collections. Meanwhile, Boux Avenue is making its return to South John Street from its temporary home on Liverpool ONE’s Peter’s Lane. The 3,000 sq ft space will showcase the brand’s full range of lingerie, nightwear, loungewear, sportswear, dresses, and swimwear. These three brands will be opening in adjacent units in the store formerly occupied by Victoria’s Secret, which has relocated to a new 4,000 sq ft location, also on South John Street. The new store is one of the retailer’s first in its new concept, and will deliver a range of lingerie, sleepwear, swimwear and athleisure, alongside a collection of fragrances and body care. Rob Deacon, director of...

Deals News

The Corn Exchange Manchester welcomes new centre manager

The Corn Exchange in Manchester has announced the appointment of Dave Pearman as centre manager. Having worked most of his career across the North West of England and Wales, Pearman has 26 years of experience within the retail and property sectors. He has previously held roles managing shopping centres, offices, and commercial spaces. Most recently, Pearman joined Cushman & Wakefield, where he will now lead the Corn Exchange into 2025 as it celebrates its tenth anniversary. Boasting Edwardian architecture which includes an iconic glass dome that dates back to the 1900s, the Corn Exchange was repurposed in 2015 into a food and beverage and entertainment hub. It is now home to 14 restaurants including Banyan Bar & Kitchen, The Cosy Club, Delhi House Café, Garter Bar, Mowgli, Pho, Pizza Express, The Real Greek, Riva Blu, Salvi’s, Tampopo, Vapiano and Zizzi. It is also home to leisure concepts such as Sixes Social Cricket and Escape Hunt, as well as a 114-bed Roomzzz Aparthotel. Dave Pearman said: “I’m extremely excited to take the reins at Manchester’s Corn Exchange. Manchester is a city close to my heart, filled with rich history, culture and diversity and one that is constantly moving forward. Despite wider UK...

News

Burger brand shakes up F&B offer at Bullring & Grand Central

Shake Shack has opened its first restaurant in the Midlands at Hammerson’s Bullring & Grand Central in Birmingham. The New York-based burger restaurant’s 2,866 sq ft space in Grand Central offers the brand’s core menu, featuring the likes of breakfast burgers, its signature ShackBurger, crinkle-cut fries, hot dogs, ShackMeister ale, and milkshakes. Shake Shack becomes the latest in a series of international food and beverage and leisure brands to open in Bullring & Grand Central, including Lane 7, Sandbox, Toca Social, Slim Chickens, Mrs Chew’s Chinese Kitchen, Mowgli and Five Guys. Katy Letch, head of leasing at Hammerson, said: “Shake Shack is the latest international brand to make its debut at Bullring & Grand Central, further adding to the F&B choice available in its unique style. Combined with our existing line-up of leading names in the hospitality sector, together with our comprehensive leisure offer, Bullring & Grand Central is the number one hub for dining and socialising in Birmingham.” Colin O’Kane, managing director at Diverse Dining, operator of the Shake Shack brand in the UK, added: “With locations across London and the South East, expanding the Shake Shack portfolio to new regions in the UK is a key part of our strategic...

Deals News

Nutrition brand makes bricks-and-mortar debut with Liverpool ONE pop-up

Sports nutrition, health, and wellness brand Applied Nutrition has opened its first-ever bricks-and-mortar location with a pop-up store at Liverpool ONE. The brand – which recently floated on the London Stock Exchange – has partnered with performance-wear brand Yelir to combine wellness and fashion in one shopping experience. The pop-up will offer Applied Nutrition’s range of products including pre-workout supplements, protein powders, and vitamins, alongside Yelir’s performance-wear fashion range. The store will trade from Liverpool ONE’s Paradise Street until the middle of January. Applied Nutrition’s pop-up with Yelir becomes the the latest in a series of short-term activations at Liverpool ONE in 2024, joining AllSaints, Montirex, Sisters & Seekers, Noughts and Crosses, Luxe Collective, and Curated Makers. Rob Deacon, director of asset management at Grosvenor, said: “Delivering compelling short-term activations while championing best-in-class local and online brands such as Applied Nutrition and Yelir is one of our key commitments. It is this innovative and agile leasing strategy, paired with our leading line-up of national and multinational brands, that reinforces why Liverpool ONE is a leading retail and entertainment destination in Europe.” Thomas Ryder, CEO of Applied Nutrition, added: “There is growing recognition of the role nutrition plays in health and wellbeing,...

News

British Land continues acquisition spree with Orbital Retail Park purchase

British Land has continued its retail park acquisition spree after purchasing Orbital Retail Park in Cannock, Staffordshire. The asset has been acquired from Clearbell Property Partners, a fund managed by Clearbell Capital, for £27.6m. The purchase comes after British Land recently snapped up a portfolio of seven schemes from Brookfield. The real estate investment trust also announced in September that it had spent £240m on retail parks since April. Spanning 123,215 sq ft, Orbital Retail Park is home to 11 stores across two terraces, with anchor tenants including M&S, Boots, and Pets at Home. Recent entrants to the retail park include Aldi and PureGym, whilst Clearbell has also agreed new lettings to Tapi and Flooring Superstore, with the flooring retailers taking 10,000 sq ft and 4,000 sq ft of space respectively. Situated close to the M6 Toll road, A460, and the West Midlands Designer Outlet, Orbital Retail Park is located in a strong retailing position, sitting adjacent to a Sainsbury’s supermarket as well as Gateway Retail Park. British Land has taken on the asset management of the scheme, and is already in discussions with a major retailer to open a flagship unit in the current Homebase store. Toby Saul, asset...

News

Derbion sees almost 90,000 sq ft worth of leasing activity in 2024

Derbion shopping centre in Derby has seen almost 90,000 sq ft of new openings, upsizes, and relocations in 2024. Over the past 12 months, the East Midlands retail scheme has welcomed seven new arrivals, including established names such as B&M, White Stuff, and Pavers, as well as new and growing brands like Castore, Bloom Juice, The Nines, and Tomato Energy. In total, 89,789 sq ft of openings, upsizes, and relocations have taken place at Derbion this year. This includes leading retailers such as JD Sports, which increased its presence from 9,944 sq ft to 20,175 sq ft, Greggs, which upsized from 638 sq ft to 2,015 sq ft, and Superdrug, which increased the size of its store from 8,559 sq ft to 10,431 sq ft. Meanwhile, brands including New Look, The Perfume Shop, Quiz, and Ann Summers have all relocated within the centre. In total, retailers have invested over £5.87m into their stores in 2024. This takes the total amount invested into Derbion by retailers since 2021 to £35m. This coincides with Derbion’s repositioning and growth strategy which looks to focus on creating an improved fashion and branded offering, alongside better quality restaurant and leisure facilities. To support with this...

News

The Portman Estate introduces trio of independents to Seymour Place

The Portman Estate has announced the arrival of three independent retail and hospitality brands to Seymour Place within its Portman Marylebone neighbourhood in London’s West End. In November, Thai-British restaurant concept AngloThai opened the doors to its 2,500 sq ft space at 22-24 Seymour Place. The 50-cover restaurant is the first permanent launch for the operator, which was founded by husband-and-wife duo John and Desiree Chantarasak. The opening has been completed in partnership with restaurant group MJMK, which also previously introduced KOL to the estate at 9 Seymour Street. Also opening in November was independent bookshop Veranda Books. The 900 sq ft space specialises in international literature and global perspectives. Finally, contemporary nail bar, Show Me Your Nails, opened at 20 Seymour Place this week. Taking a 1,500 sq ft unit, the salon offers a range of nail and beauty products. AngloThai, Veranda Books, and Show Me Your Nails join a range of independent retail and hospitality brands on Seymour Place, including The Italian Greyhound, Lurra, Mandy Zhang Art, ULI, and WatchHouse Cofee, which was recently named Europe’s best coffee shop chain at the 2024 European Coffee & Hospitality Awards. Tom Knight, portfolio director at The Portman Estate, said: “This next...

Deals News

Redevco appoints UK portfolio director

Amsterdam-headquartered real estate manager Redevco has appointed Deborah Green as UK portfolio director. Reporting to Redevco’s deputy chief operating officer of real estate Chris Fleetwood, Green will head up the firm’s London-based UK portfolio team, which manages over £800m worth of real estate. Green joins from Oxford Properties, where as director she led the asset management of the firm’s UK office and retail portfolio. She has over 20 years’ experience within the sector, having held the role of asset manager at Hammerson from 2008 to 2013 and then at British Land until 2017. Chris Fleetwood, deputy COO of real estate at Redevco, said: “Deborah is a highly regarded property professional with deep experience across multiple asset classes and I am delighted that she has joined us at such an exciting time for Redevco and our UK business. She has a strong track record in value creation and is skilled at building resilient portfolios for investor clients.” Deborah Green added: “I am excited to start my new role at Redevco and look forward to working with the excellent team to continue to expand and diversify the portfolio.” This comes following Redevco’s £518m acquisition of a 16-strong retail park portfolio from Oxford Properties....

News

Luton Point welcomes flurry of new signings

Frasers Group, advised by Sovereign Centros from CBRE, has signed several new deals at Luton Point (formerly The Mall Luton) shopping centre. Leading the signings is fashion and home outlet, Choice, which has exchanged on a 13,400 sq ft store with a sales area of 7,000 sq ft. The new store is set to open in the first quarter of 2025. Meanwhile, bakery chain Greggs has agreed to relocate to a larger premises within the scheme, while children’s toy retailer ToyTown recently opened a 6,700 sq ft store at Luton Point. Finally, Indian takeaway restaurant operator Tikka Nation has taken a 1,788 sq ft unit, set to open next year. The businesses join existing tenants at the 900,000 sq ft scheme, such as anchor retailers Primark, H&M, and Tk Maxx. Mark Stapleton, asset manager at Sovereign Centros from CBRE, said: “Luton Point’s position in the heart of the town is underlined by these deals which continue to build on our strong retail and hospitality offer.” Neil Donovan, managing director of Choice, added: “Our new Luton Point store sits in a dominant retail destination offering us a superb trading opportunity and allowing us to showcase our fantastic product range.” NM Real Estate...

Deals News

Hortons Estate offloads Wolverhampton retail parade