Posts from January 2025

The Gym Group has laid out its latest requirements as it looks to continue its expansion across the UK. The operator – which has over 240 locations across the country – is seeking Class E units ranging between 5,000 and 20,000 sq ft, with three metre floor to ceiling heights. Various asset types will be considered, and suitable units will have a maximum of two floors, with lower ground floors an option. The Gym Group is open to both leasehold and freehold opportunities, with the operator also considering the acquisitions of existing gym operators. Ideal units will be located in highly visible locations with easy access to parking or close proximity to transport hubs. The Gym Group is also looking to open in areas with around 20,000 people within a five-minute drive time. Savills has been appointed to support the group’s expansion across England, Wales, and Scotland, whilst Colliers has been retained to find suitable units in Scotland only. Earlier this year, The Gym Group said it expects to open between 14 and 16 new venues in 2025.

News Requirements

Sorbon Estates acquires former Berkhamsted Costa

Sorbon Estates has acquired a former Costa Coffee store at 162-168 High Street in Berkhamsted, Hertfordshire. The acquisition means the group has completed the site assembly for its proposed refurbishment and extension at 162-192 High Street. Sorbon Estates was advised by TW Keil, which also advised the group on a lease renewal for Fat Face at 176a High Street in December 2024, where a term of five years – without a break – was agreed. TW Keil said that Berkhamsted High street continues to benefit from strong occupational demand, attracting aspirational and lifestyle brands to reinforce its position as a highly sought-after retail destination. The group added that it has further asset management opportunities within the site.

Deals

Loungers shareholders approve £354.4m Fortress takeover

The shareholders of Loungers have backed a takeover by American private equity firm Fortress Investment Group which values the café and bar operator at over £350m. Fortress’ offer values the entire issued, and to be issued, ordinary share capital of Loungers at approximately £354.4m, with an enterprise value of around £366.6m. Loungers operates over 280 sites across the Lounge, Cosy Club, and Brightside brands. Fortress previously said it believes it is a strong partner for Loungers, its management team, its employees and its other stakeholders in the next stage of its 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. An initial agreement between Loungers and Fortress – which also owns the Poundstretcher and Majestic Wines brands – was reached in November 2024, valuing Loungers for almost £340m. However Fortress submitted a higher offer earlier this month. Speaking in November, Alex Reilly, chair of Loungers, said: “We are more ambitious than ever and we see Fortress as being an ideal partner to help us take Loungers into the next phase of its growth journey. We believe that the acquisition represents a compelling proposition for...

News

Gloucester Quays hails record Christmas trading

Peel Retail & Leisure has announced that Gloucester Quays saw record Christmas trading in 2024, capping off a year of growth at the outlet shopping destination. Across November and December, retail sales at Gloucester Quays increased by 6.3% compared to 2023 – which was also a record year – whilst food and beverage sales were up by 7.6%. This Christmas performance was bolstered by a free-to-attend market, which ran for the 12th time and featured over 100 stalls and an ice rink. Overall in 2024, Gloucester Quays saw a year-on-year increase in sales of 7.4%, ahead of the national average increase of 0.7%, according to the British Retail Consortium. This was split between a 6.1% increase for retail and an 8.5% increase for F&B. Retailers such as Next, Skechers, All Saints, Mountain Warehouse, Puma, Crew Clothing, Le Creuset, and Suit Direct saw double-digit growth, boosted by new lettings for the likes of Pret a Manger and Bakers & Baristas. Paul Carter, asset director at Peel Retail & Leisure, said: “There have been various headlines this month about how challenged retail was around Christmas, so to have Gloucester Quays performing so well is a real credit to our team and our brands....

News

LaSalle’s mixed-use redevelopment of Bristol shopping centre green lit

LaSalle Investment Management’s plans to demolish and redevelop the Galleries Shopping Centre in Bristol into a mixed-use scheme have been green lit by councillors. The proposals – submitted in conjunction with Deeley Freed on behalf of Centrica Pension Fund – look to transform the 1990s-era shopping centre into a mixed-use development comprising residential, purpose-built student accommodation (PBSA), office, retail and F&B, leisure, community, and cultural uses. These leisure spaces could include a nightclub, a cinema, and a live music venue. Once complete, the development could deliver up to 450 homes with 750 PBSA beds. The proposed scheme would also be a car-free development, meaning the demolition of 1,007 car parking spaces. Also included in the proposals is the creation of public realm enhancements, a public hub, and an energy centre. The Galleries Shopping Centre was previously sold in 2011 by Capital & Regional and Aviva Investors to HSBC European Active Real Estate Trust for £50 million. When the scheme was acquired by LaSalle Investment Management from InfraRed Capital, it was valued at £32 million. A report for Bristol City Council’s development control committee B read: “The proposed development presents a significant regeneration opportunity to redevelop a deficient city centre shopping centre which...

News

Crew Clothing targets 20 new openings in 2025

Crew Clothing is looking to open at least 20 new stores in 2025, as the fashion retailer reports strong growth during the Christmas period. The brand – which opened 15 stores in 2024 – has already confirmed that it will be opening stores this year in Kendal and Keswick, both in Cumbria, whilst also undertaking a number of refits. This comes as Crew Clothing reported “exceptional growth” over the festive trading period, with sales increasing by 45% year-on-year during the two weeks to Christmas Eve. Net sales within the retailer’s store estate were up by 22%, whilst third party sales increased by 34%, bolstered by partnerships with M&S and John Lewis. Crew Clothing’s results for the fourth quarter as a whole saw a total like-for-like sales increase of 17%, with the retailer reporting a record Black Friday period during which total sales grew by 23%. The retailer said: “With strong results, a clear growth strategy, and unwavering support for British retail and sports, Crew Clothing is well-positioned for further success in 2025.”

News

Superdrug owner appoints new property boss

AS Watson, the owner of Superdrug and Savers, has announced the appointment of Clare Jennings as property director. She will take on the position in May, succeeding Nigel Duxbury who leaves after 20 years in the role. Jennings joined AS Watson in 2018 as a senior regional estates manager before taking on the role of head of estates in 2021. Her new responsibilities include overseeing Superdrug’s expansion strategy, which will see the opening of 30 stores in 2025, with new locations already confirmed in Leeds Briggate and Meadowhall. She will also be in charge of managing the property portfolios of Savers and The Perfume Shop. Clare Jennings said: “I am delighted to be promoted into the role of property director at AS Watson, a business that has brought me so many career highlights already. “I am very passionate about our store estate and for Superdrug in particular, we have strong ambitions in 2025. We aim to open 30 new sites this year, including best-in-class retail park stores in locations like Leeds Briggate and Meadowhall. We will also refit 65 stores to ensure that we continue to offer our customers and communities the very best in modern, up-to-date shopping experiences. “These...

News

Hollywood Bowl “on track” to open 130 centres by 2035

Hollywood Bowl has said it is on track to open 130 centres by 2035, adding that it has a “strong pipeline” of new openings in the 2025 financial year. The bowling operator – which has venues in the UK and Canada – is currently on site at two centres in Preston and Inverness, which are due to open in the coming months. The group will also begin work at two locations in Uxbridge and Reading in February, with both venues set to open later on in 2025. Hollywood Bowl also said it is on track to deliver five refurbishments over the course of the year. This comes as the operator releases a trading update for the 2025 financial year so far, a period during which it opened one venue in Swindon in November. During the period – which spans between 1st October 2024 and 12th January 2025 – the group recorded an increase in revenue of 11.3%, in line with expectations. Total UK revenue during the period was up by 8%, with like-for-like revenues up by 4.5%. Stephen Burns, chief executive officer of Hollywood Bowl, said: “We are pleased to report a strong period of trading, building on the momentum from...

News

Pet retailer to join Swansea retail park

Commercial property and investment company LCP, part of M Core, has agreed a deal with Jollyes that will see the pet retailer join M Parc Fforestfach in Swansea. The signing follows a number of new openings at the retail park towards the end of 2024, including indoor play area Funky Fun Factory and gym operator Anytime Fitness. Established in 1971, Jollyes has over 100 superstores across the UK and offers pet products alongside grooming services. The signing reflects the retailer’s continuing expansion across Wales, with it having recently opened stores in Llanelli, Newport, Cardiff, and Merthyr. Adam Martin, director and head of LCP’s Bristol office, said: “We are delighted to see so much investment into Fforestfach from the private sector in such a short space of time. The most exciting factor for me is the obvious breadth and range of retail operations committing to Fforestfach. It underlines our belief in Fforestfach as a centre, which serves a local community and a broader retail catchment.”

Deals News

Realty Income acquires £220m trio of retail parks from AshbyCapital

American real estate investment trust Realty Income has acquired a portfolio of three UK retail parks from AshbyCapital for more than £220m. The portfolio – which was assembled through separate transactions between 2015 and 2019 – includes assets in Swansea, Leeds, and Glasgow. The largest of the retail parks is Morfa Shopping Park, located near to Swansea’s Liberty Stadium. The 345,000 sq ft scheme is occupied by retailers including Next, JD Sports, and B&Q. Also included in the portfolio is Westside Retail Park in Guiseley, north west of Leeds. The 120,000 sq ft scheme is home to the likes of Currys, Sports Direct, Next, and Tk Maxx. The third and final asset included in the acquisition is Abbotsinch Retail Park in Paisley, near Glasgow. Spanning 265,000 sq ft, the scheme is anchored by B&Q, Dunelm, and DFS. The acquisition follows a £82.5m refinancing of the retail parks, put in place by German Bank Deutsche Hypo in summer 2024. Since acquiring the parks, AshbyCapital has worked with asset manager Quadrant to improve the customer offer, with upgrades including landscaping, public realm projects, and EV charging. Tom Smithers, property director at AshbyCapital, said: “We invested in these parks at a time when...

News

NewRiver occupancy rate ticks up following Capital & Regional acquisition

NewRiver’s core portfolio occupancy rate increased over the most recent quarter, following the group’s acquisition of fellow real estate investment trust Capital & Regional at the end of last year. In an update for the group’s third quarter of the 2025 financial year, released on Wednesday morning, NewRiver’s core occupancy rate was recorded as 98%, up from 97% at the end of September 2024. The group’s combined portfolio occupancy rate (including Capital & Regional assets) reached 96% at the end of the quarter. NewRiver acquired Capital & Regional in December 2024 for £151m, creating a combined portfolio worth £0.9bn. The group said that, across its whole portfolio, it had completed 261,800 sq ft of new lettings and renewals in the third quarter. This brought the total amount of leasing transactions across the REIT’s entire portfolio, including Capital & Regional assets in Q3, to 668,200 sq ft. NewRiver also expanded on its capital partnerships during the quarter, having been appointed to manage Plough Lane Retail Park in Wimbledon. This brings the total number of assets NewRiver manages on behalf of M&G Real Estate to 17 retail parks and two shopping centres. The REIT was also awarded a new public sector mandate,...

News

Zinc Real Estate acquires £62.5m retail portfolio

Zinc Real Estate and DPK Properties have acquired a portfolio of five retail properties for a total of £62.5m. Each of the five assets is anchored by leading grocery retailers, ensuring long-term rental stability. The portfolio comprises: James Andrew International and Memery Crystal acted for the purchaser, whilst Savills represented the vendor.

News

Castore targets up to 10 new stores in 2025 after strong Christmas

Castore is looking to open between five and 10 new stores in 2025 after recording its “strongest ever” Christmas trading period. The sportswear retailer said this performance was driven by strong sales across football shirts and Formula 1 merchandise, with McLaren F1 and Red Bull Racing sales up by 20% year-on-year. Castore also recorded growth across its womenswear range, which saw a year-on-year increase in sales of over 30%. Tom Beahon, co-founder of Castore, said: “We are delighted to deliver such resilient trading in a challenging environment and this positive momentum has continued so far into January. “Our strategy will remain focussed on omnichannel, combining the best of digital, physical stores and third party retail partners to maximise the reach of the Castore brand. Product innovation remains at the heart of Castore’s success and we are excited to launch a number of new ranges to customers and fans this year.” Castore – which operates 25 stores across the UK and Ireland – opened a number of new stores last year in locations such as Centre:mk, Derbion, Braehead Shopping Centre, and The O2 London. Beahon added: “We are optimistic about 2025 despite the macro-economic uncertainties and are forecasting continued profitable growth...

News

Caledonia Park hails record-breaking year

Caledonia Park, the premium designer outlet village in Gretna, Scotland, saw a record-breaking year for sales and performance in 2024. Over the course of the year, the destination also introduced seven new brands and secured a number of long-term renewals. In 2024, Caledonia Park saw total sales surpass 2023 levels, whilst footfall was up by 8% year-on-year. Standout categories included health and beauty and F&B, which saw year-on-year increases in sales of 26% and 16% respectively. The Black Friday weekend was a particularly successful one for the scheme, with sales up by 19.1% compared to the same period the previous year. The centre also welcomed a number of lease renewals from long-standing tenants, including POLO Ralph Lauren, which has committed for another five years, as well as Cadbury, Berghaus, and Levi’s. As well as renewals, Caledonia Park welcomed Scottish outlet debuts from the likes of Ben Sherman, Moss, and Kate Spade New York. Maria Averkina, asset and development manager at Railpen, which manages Caledonia Park, said: “2024 has been a standout year for us as we remain strong in our position as the go-to place for outlet debuts in Scotland. We’ve had record footfall and sales, putting us on a...

News

LCP brings independent gym operator to Solihull shopping centre

LCP, part of property and investment collective M Core, has signed Fast Fitness as the latest tenant at M Chelmsley Wood in Solihull. The independent gym operator has taken a 6,924 sq ft store on a 10-year lease. Having undergone a new fit-out, Fast Fitness provides equipment for cardio, strength training, and functional exercises, with facilities such as lockers, showers, and changing rooms. The gym also benefits from a studio area and a HIIT cardio area, as well as on-site parking for members. Robert Ellis, director at LCP, said: “We’re delighted to welcome Fast Fitness to the scheme. M Chelmsley Wood is a dominant convenience and shopping hub in the heart of the town, with the gym bolstering the scheme’s offer to the local community. We wish the team the best of luck with their new business and launch.” M Chelmsley Wood is home to a number of national retailers including Peacocks, Home Bargains, Sports Direct, Poundland, Boots, Heron Foods and Iceland. It is also anchored by a 75,000 sq ft Asda store. The scheme is currently welcoming a number of changes, including the opening of the new Community Diagnostic Centre (CDC) in Spring 2025. Known as North Solihull CDC, it...

Deals News

Mango to open second Oxford Street flagship

Mango is set to open its second flagship store on London’s Oxford Street, as the Spanish fashion retailer accelerates its expansion plans. The island property at 415-419 Oxford Street spans 17,000 sq ft across ground, basement, and first floors. Nearby retailers include Adidas, Selfridges, Zara, and BOSS. Last year, Mango announced that it would be opening over 20 stores in 2024, including four in London. This is in line with the retailer’s 2024-26 plan to reach a turnover of more than £3.41bn in 2026. Sam Foyle, co-head of global retail at Savills, which acted for the landlord, said: “Mango committing to a second site on one of the world’s most iconic high streets, and breathing life back into this unit, highlights the confidence that retailers have in London. Today’s deal is yet another example of the levels of demand for space on this renowned shopping destination, with our most recent research showing vacancy rates on Oxford Street at just 2.7% – the lowest level since Q2 2019.”

Deals News

British Land appoints chief operating officer

British Land has appointed Emma Cariaga as chief operating officer, succeeding David Walker who became the group’s chief financial officer in 2024. Cariaga was previously joint head of Canada Water, a 50:50 joint venture between British Land and AustralianSuper. In her new position, Cariaga will manage British Land’s property management, sustainability, digital placemaking, marketing and communications, and commercial finance functions. She will continue to lead the real estate investment trust’s residential business, including at Canada Water. Meanwhile David Lockyer, as head of development, will take on additional responsibility for the delivery of the Canada Water project, working alongside Roger Madelin. Lockyer joined British Land in 2010 and became head of hevelopment in 2023. Simon Carter, CEO at British Land, said: “I’m pleased to announce Emma Cariaga as our new chief operating officer. Emma has been instrumental in driving the Canada Water project to this point and will bring her extensive operational and leadership experience to her new role. “With the first phase buildings nearing completion, I am delighted that David will be taking on additional responsibility for the project as part of his role as head of development. As the project becomes more operational, it will thrive under David and Roger’s...

News

HMV owner joins private equity firms eyeing WHSmith’s high street stores

The owner of HMV has joined a number of private equity firms reportedly in the running to acquire WHSmith’s 500 high street stores. Doug Putman – the Canadian businessman who rescued the music and technology retailer from bankruptcy in 2019 – is in discussions with WHSmith’s advisers, The Sun understands. Other names being touted to acquire the retailer’s high street estate include Bensons for Beds owner Alteri and Modella Capital, which owns Hobbycraft. In 2023, HMV owner Putman came close to acquiring embattled retailer Wilko, before the discounter was acquired by The Range. WHSmith confirmed earlier this week that it is exploring potential strategic options for its high street business, including a possible sale. The retailer – which operates around 500 high street stores in the UK – said that it has become focused on its global travel arm, with 85% of its trading profit coming from this division. However, WHSmith said there can be no certainty that any agreement will be reached, and that further updates will be provided as and when appropriate.

News

Merry Hill retail park completes almost 79,000 sq ft of signings and renewals

Merry Hill in Dudley has completed a number of new signings and reinvestments at its lower retail park, covering almost 79,000 sq ft in total. Costa Coffee has agreed to take a 2,800 sq ft space at the retail park, joining the chain’s existing location within Merry Hill shopping centre itself. Meanwhile, mattress and bedroom retailer Bensons for Beds has opened an 8,000 sq ft store, offering a range of beds, furniture, and bedding. These new signings follow renewals from B&M Bargains and Matalan, with both retailers agreeing to extend for another 10 years and recommitting to a combined 68,000 sq ft. Nick Round, senior asset manager at Sovereign Centros from CBRE, on behalf of Merry Hill, said: “The retail park is a vital part of Merry Hill, offering a wider variety of shopping options and experiences from top brands, so these recent additions are a big step toward fully utilising the retail park’s potential. The work done over the last few years across the entirety of Merry Hill means we now have a comprehensive offer at the destination, with brands like Costa and Bensons for Beds aligning perfectly with our community’s needs. This effort has also been vindicated by...

Deals News

Belgian high-end fashion brand to open first UK store at London’s Hanover Square