Posts from January 2025

A former Wilko store on Bedford High Street has changed hands between two undisclosed parties. The 36,900 sq ft property overlooks St Paul’s Square and is near a variety of occupiers including Lloyds bank, Tesco Express, Vue Cinema, as well as a selection of bars, restaurants and cafés. The upper floors of the three-storey former Wilko store, which has lain vacant since the retailer’s collapse in 2023, are expected to be redeveloped by the new owners. KirkbyDiamond, which acted on behalf of the vendor, said there is early interest from a furniture operator regarding the leasing of the ground floor. Nathan George, associate and head of agency at KirkbyDiamond, said: “While the closure of the Wilko store was undoubtedly a blow, the potential transformation of the building in a fantastic high street location by the new owners is very exciting. “We really enjoyed dealing with this instruction and are very pleased to see another landmark building sold for redevelopment. It follows the sale of the former Debenhams building, which we completed earlier this year, giving the town centre retail sector a double boost moving into the new year. “Before long we hope to have a new tenant trading from the ground...

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Fortress Investment Group increases offer for Loungers takeover

Fortress Investment Group has reached an agreement with the board of Loungers to acquire the hospitality group after submitting an improved offer worth over £350m. In November, the two parties had reached an agreement for Fortress to acquire Loungers for almost £340m. However, the new 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. This represents a premium of 36.6% compared to Loungers’ closing share price before the original bid was made. Fortress – which also owns the Majestic Wines and Poundstretcher brands – said in November that 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. Loungers operates over 280 sites across the Lounge, Cosy Club, and Brightside brands. Alex Reilley, chair of Loungers, said: “We are very pleased that Fortress has decided to increase its offer, making it even more compelling for Loungers Shareholders and reinforcing the Loungers Directors’ recommendation that they should vote...

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Coventry retail park sold as LondonMetric makes £74.2m of disposals

LondonMetric Property has sold a retail park in Coventry as part of several non-core disposals worth £74.2m. Airport Retail Park has been sold for £37.3m to NFU Mutual, reflecting a core net initial yield of 5.5%. The 138,000 sq ft asset is let to 13 occupiers including Currys, Aldi, B&M, and Dunelm and has a weighted average unexpired lease term of six years. The retail park – which produces an average rent of £17.50 per sq ft – was acquired by LondonMetric in 2010 for £18m. Other retail properties that LondonMetric has offloaded include a 35,000 sq ft convenience retail park in Totton, Hampshire and a former Dobbies Garden Centre in Huddersfield for £3.1m. The group has also disposed of two pubs in Preston and Southampton, a Compass training office in Yarnfield in Staffordshire, two offices in Coventry, and two parcels of development land. Since 31st March 2024, LondonMetric has sold a total of 65 assets for £307m. Seperately to the disposals, the group has also acquired seven properties for a total of £50.1m. These include a 54,000 sq ft convenience retail property in Andover let to Wickes, The Range, and KFC, for £12.2m. LondonMetric has also acquired a new, 22,000...

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Victoria Leeds celebrates record-breaking 2024

Redical’s Victoria Leeds shopping centre is celebrating a strong 2024 during which it saw an increase in sales, new brand openings and upsizes, and record-breaking footfall figures. The shopping centre saw a 10.7% increase in December’s seasonal sales and a 10.4% increase in yearly retail sales compared to 2023, ahead of the national averages of 3.2% and 0.7% rises respectively, according to data from the British Retail Consortium. Standout categories at Victoria Leeds included jewellery, with sales up by 20%, health and beauty, which saw sales increase by 15%, and food and beverage, which recorded an increase of 12%. These sales were bolstered by strong leasing activity over the course of the year, with the scheme welcoming 17 openings, regears, renewals, and refits. New additions to Victoria Leeds in 2024 included Le Labo, Barbour, Caffé Concerto, Missoma, and Cambridge Satchel, whilst brands such as Boodles and Hobbs upsized their units. Despite total UK footfall being 2.2% down in 2024 compared to the previous year, Victoria Leeds celebrated a record-breaking year at Victoria Gate, with footfall up by 2.7% against 2023, and footfall increasing across the destination as a whole. Other highlights at Victoria Leeds included a strong Black Friday week,...

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AEW secures trio of lettings at Windsor Royal Centres

AEW has secured a trio of new lettings at the Windsor Royal Centres, choosing retailers which appeal to the local catchment and tourists. British leather bag brand The Cambridge Satchel Company has chosen Windsor Royal Station for its fourth store. The 505 sq ft unit will join the brand’s other locations in Covent Garden, Cambridge, and Leeds. Also joining Windsor Royal Station is Chinese lifestyle retailer MINISO, which has opened a 1,330 sq ft store. The opening marks comes amid continued expansion for the brand, which now operates over 6,000 stores across 100 countries. Finally, home and body products brand Rituals has taken the former Three store at Windsor Yards, which extends to 2,122 sq ft. Nick Warr, partner at joint letting agent GCW, said: “These lettings reflect AEW’s commitment to curating a diverse and dynamic retail environment that resonates with the local community and tourist visitors. “We are thrilled to welcome these exceptional brands to Windsor Royal Centres, enhancing the overall shopping experience and strengthening Windsor’s appeal as a leading retail destination. “With these new additions, Windsor Royal continues to attract high-calibre tenants, delivering a vibrant retail offering for one of the UK’s most prestigious shopping locations.” GCW and...

Deals News

The Gym Group to open up to 16 new locations in 2025

The Gym Group has said it expects to accelerate new site openings to between 14 and 16 new venues in 2025. The openings are set to form part of the gym operator’s long-term plan to open around 50 sites over the next three years. The group – which now operates 245 locations after opening 12 new sites in 2024 – appointed Savills last April to advise on its expansion. This comes as The Gym Group releases a pre-close trading update for 2024, a period during which it saw a year-on-year increase in revenue of 11% to £226.3m. The operator ended the year with 891,000 members, up from 850,000 in 2023, an increase of 5%. Will Orr, CEO of The Gym Group, said: “We have delivered strong progress and momentum in our Next Chapter growth plan, that will result in FY24 profits ahead of the top end of previous guidance. There is plenty more still to come as we execute our plan and we look to 2025 with confidence. We are well prepared for our key member recruitment period in the current quarter and beyond, with our strengthening new site pipeline and our flexible, high value, low cost offer making gym membership...

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British Land appoints leasing agents at Didcot’s Orchard Centre

British Land has appointed Green & Partners a joint leasing agents at The Orchard Centre in Didcot. Spanning 300,000 sq ft, The Orchard Centre is anchored by Sainsbury’s and an M&S Foodhall, with other occupiers including Tk Maxx, Next, H&M, Boots, Mountain Warehouse, Dunelm, Nando’s, and Loungers. The scheme is home to 65 units and supplemented by 875 car parking spaces. Located 15 miles south of Oxford, The Orchard Centre has a catchment area containing over 200,000 people and welcomes an annual footfall of 6.9 million. The scheme is situated seven miles from renowned science and technology hub Harwell Campus, and daily shuttle buses run from the centre to Milton Park, Europe’s second-largest business park. The area’s catchment is skewed towards an affluent population and is set to grow with new housing plans in place nearby. Green & Partners will work alongside Morgan Williams as joint leasing agents.

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New signings announced at Dundee’s Overgate as FRASERS store given launch date

A number of new signings and openings have been announced at The Overgate Centre in Dundee, as the incoming FRASERS concept store’s launch date has been revealed. Mango, the fashion brand which recently delivered record profits, has signed a ten-year lease for a 4,081 sq ft unit on the centre’s ground floor, set to open in April. Meanwhile, Clarks Shoes – which is celebrating its 200th anniversary in 2025 – will also open at The Overgate Centre in April after signing for a 2,160 sq ft store. Already open at the Dundee scheme is British premium sportswear brand Castore, which has taken a 1,649 sq ft store on a five-year lease. The brand has partnerships with the likes of Andy Murray, as well as a number of football, rugby, Formula 1, and cricket teams. Adding to the food and drink offering at The Overgate, bubble tea chain Mooboo Tea has opened on the scheme’s upper level, while American bakery chain Cinnabon is set to open this spring, with both operators taking 10-year leases. This coincides with the relocation of Muffin Break, which has moved into a larger unit on the lower mall adjacent to Five Guys. This comes as Frasers...

Deals News

Landsec hails boost in sales and footfall at end of 2024

Landsec has reported a strong ‘golden quarter’ across its real estate assets, with both footfall and sales increasing across its portfolio during the latter end of 2024. During the quarter, over £800m was spent across Landsec destinations, ahead of the real estate investment trust’s expectations. Overall, spending was up by 3.8% year-on-year, ahead of British Retail Consortium (BRC) benchmarks which recorded an overall sales growth of 0.4% for the same period. In particular, Trinity Leeds saw an increase in sales of 13.1% following the arrival of new tenants, including Nike and Zara, earlier in the year. Footfall across Landsec’s portfolio grew by 1.9% year-on-year during the quarter, up compared to the BRC benchmark which recorded a 2.5% decrease during the same period. In December alone, an extra one million people visited a Landsec retail destination. This follows Landsec’s recent half year results which reported that occupancy at its major retail destinations has exceeded pre-pandemic levels, as brands choose to invest in fewer, but better stores. At Bluewater in Kent, ten new stores were opened, including Sephora, Bershka, and Aesop during the golden quarter alone. Bruce Findlay, managing director for retail at Landsec, said: “Following our recent acquisition of Liverpool ONE,...

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Liverpool ONE reports busiest Christmas in six years

Liverpool ONE has recorded its strongest festive shopping season since 2019 last year, after the shopping centre welcome 22 brands in 2024. The successful period began with the Black Friday week, during which the scheme recorded an increase in footfall of 14% and a growth in sales of 28%. This performance continued into December with footfall increasing by 10%, in comparison to a 2.2% decline for the UK as a whole, according to data from the British Retail Consortium. Sales were also up by 7% during this period. In addition, between Boxing Day and New Year’s Day, Liverpool ONE recorded a 26% year-on-year increase in footfall. Rob Deacon, asset management director at Liverpool ONE, said: “Achieving our best Christmas in six years is a fantastic end to another successful year for Liverpool ONE. Driving our out-performance has been our commitment to providing best-in-class brands and experiences for our visitors, and that will continue in 2025 as we prepare to launch more new stores than at any point since Liverpool ONE opened in 2008.” Brands that opened at Liverpool ONE in 2024 included Zara, which launched an upsized regional flagship, Montirex, which opened its first bricks-and-mortar store, and Flight Club. In total, new...

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GCW makes quartet of new hires and promotions

Property consultancy GCW has bolstered its team after making a pair of promotions and appointing two new team members. Ben Legard and Will Mead – who both work within the firm’s investment team – have been appointed to the positions of associate director and senior surveyor, respectively. Meanwhile, Ewan Stacy has joined GCW’s owner team as a surveyor, coming from Stephen Kane & Co, while Kimran Gill, a recent graduate from the University of Reading, joins as a graduate surveyor in the firm’s occupier team. GCW advises a number of property owners and occupiers across the UK. The firm’s clients include AEW, AXA, Redevco, L&G Investment Management, Crosstree, Dunelm, Pure Seoul, and Superdrug. Simon Morris, joint managing director of GCW said: “It’s always rewarding to see people grow and to recognise the contribution that Ben and Will have made to our business by promoting them. We welcome Ewan and Kimran for what promises to be an even more exciting year for GCW.”

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LCP brings trio of tenants to Washington shopping centre

Commercial property and investment company LCP, part of M Core, has brought a trio of new tenants to M The Galleries, Washington (formerly The Galleries). The scheme welcomed a new food and beverage offering from restaurant operator Loungers, opening as Cantoro Lounge. The 3,968 sq ft restaurant, which opened in December, has been taken on a 15-year lease. Cantoro Lounge forms part of a 30,000 sq ft retail and leisure redevelopment project at the centre, which features four new shopfronts, external cladding, and new landscaping. Also joining M The Galleries is Starbucks, which has opened a drive-through unit following the redevelopment of a vacant plot of land. The coffee shop chain has taken a 15-year lease on the purpose-built 1,840 sq ft unit, which features seating for up to 52 customers, seven EV chargers, and car parking. Finally, gym operator PureGym has also joined the scheme, opening in a 10,812 sq ft space in December. Simon Eatough, director at LCP and asset manager for M The Galleries, said: “It is fantastic to welcome Cantoro Lounge, Starbucks and Pure Gym to M The Galleries. We are delighted to have redeveloped and transformed under-used areas of the scheme to further add to...

Deals News

Lucky Seven: retail and leisure occupational trends in 2025

As we head into 2025, despite the hurdles for the retail and leisure industry as it anticipates significant impact on margins from the Budget, there remain plenty of exciting and active retailers that are navigating the evolving retail landscape – we explore the brands to watch this year.

Insights News

Aviva Investors offloads Sainsbury’s supermarket in Taunton

Aviva Investors has sold a Sainsbury’s supermarket in Taunton, Somerset to an undisclosed buyer. The purpose-built, 50,159 sq ft foodstore on Billet Street is let on a full repairing and insuring lease to Sainsbury’s until September 2032. The supermarket’s current passing rent is £1.31m, reflecting £26.14 per sq ft, and is subject to five-yearly RPI uplifts. The store sits on 2.45 acre site in Taunton town centre and is supplemented by a 244-space car park. Nearby retailers include Savers, Primark, KFC, McDonald’s, Marks & Spencer, and Sports Direct. Taunton is the primary retail, commercial, and administrative centre for the county of Somerset. It has an affluent catchment population and its commercial centre is home to two shopping centres; County Walk and the Orchard Shopping Centre. The final sale price was not disclosed, however the property had been handed a price tag of £17m, reflecting a net initial yield of 7.23%. Colliers acted for Aviva Investors, while JLL acted on behalf of the purchaser.

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Kosher restaurant to open upsized venue in Marylebone

Tony Page’s Island Grill is relocating from Bayswater Road at the Royal Lancaster into a larger restaurant in Marylebone, London. The kosher fine dining concept will reopen as Tony Page Marylebone on Tuesday. Located on the corner of Paddington Street and Chiltern Street, the new 3,460 sq ft venue will be 20% larger than the operator’s previous location with space for 100 diners. The menu will offer signature dishes such as crispy duck salad, mushroom risotto, rib eye steaks, duck à l’orange, and sea bass creviche. Ted Schama, joint managing partner at Shelley Sandzer, which acted for Tony Page, said: “Tony Page really is the gold standard in kosher catering. He represents a real point of culinary difference, and what better place to continue his success than in the West End. It delivers quality kosher food in a welcoming environment, situated in a prime space that will capitalise on central London’s thriving footfall, and will be enjoyed by even more national and international visitors.” This comes after Shelley Sandzer recently secured prime locations for other ventures, including whiskey-focused bar lounge bar and restaurant, Odyssey at Hoxton Square.

Deals

Sosandar reaches agreements to open two new stores

Sosandar is set to open two more UK stores after signing new lease agreements for units in Bath and Harrogate. The womenswear brand said both units meet its criteria of being in “top-tier, thriving” locations, where its customer base over-indexes. The Bath store will be located in SouthGate shopping centre, adjacent to Reiss and Oliver Bonas, while Sosandar’s Harrogate store will be located on James Street, nearby to the likes of Oliver Bonas, White Company, and Mint Velvet. Sosandar – which began as a digital-only brand – opened its first bricks-and-mortar stores last year, and currently trades from four locations. The retailer also sells its products through third-party operators, such as M&S, Next, and Sainsbury’s. This comes as Sosandar releases a trading update for the third quarter of the 2025 financial year, during which it recorded a revenue of £12.2m, a year-on-year decline of £2.1m. However, during the quarter – which covered the three-month period ending 31st December 2024 –revenue was up by approximately 50% against the previous two quarters. Sosandar said that overall trading remains in line with market expectations for the current financial year, with the year starting well despite a challenging macro-environment.

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Proposals for £158m redevelopment of Newbury shopping centre rejected

Plans for a £158m redevelopment of the Kennet Shopping Centre in Newbury, Berkshire, have been rejected by councillors. Developer Lochailort Newbury had submitted an application which would see the 1980s-era shopping centre make way for a eight-storey flat development with 427 new homes. Also included was the creation of approximately 33,500 sq ft of new Class E floorspace. Under the terms of the proposals, the entire shopping centre would be demolished, except for the block housing a Vue Cinema. The applicant said the Kennet Centre is in a state of decline and is in need of “significant” investment and repurposing. West Berkshire Council originally deferred the proposals – which were first submitted in September 2023 – back in October. They have now been refused.

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Liverpool shopping centre redevelopment set for approval

Plans to redevelop the Bootle Strand shopping centre in Liverpool look set to be given the go-ahead by councillors next week. The planning application includes proposals for the creation of a new town square and landscaping work to better connect the scheme with the nearby Salt and Tar events venue. There are also proposals to divide the former M&S building into six individual units. The application will be considered by Sefton Council’s planning committee next Wednesday (15th January). Sefton Council acquired Bootle Strand in 2017 and has since received £20m in funding from the government to towards its redevelopment plans. Councillor Paulette Lappin, Sefton Council’s cabinet member for regeneration, economy and skills, said when the plans were revealed: “We are excited about our ambitious plans for the town, and it is great to see that this is reflected by our residents, business owners and visitors.” A planning report has recommended that the proposals be approved at the meeting.

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Abercrombie & Fitch to open two new London stores

Abercrombie & Fitch is set to open two stores in Central London at the end of January. The fashion retailer will launch the new stores at 325 Oxford Street and 132 Long Acre in Covent Garden. The new locations – which will stock the brand’s menswear and womenswear collections – will be designed with omnichannel shopping capabilities designed to create an enhanced customer experience. The Oxford Street store will also feature a bookable mezzanine lounge with a private fitting room. Scott Clarke-Bryan, managing director of EMEA at Abercrombie & Fitch, said: “Establishing an elevated presence at these iconic shopping destinations is a great way to engage with our customer as we continue to grow Abercrombie in London. “With these stores being pinnacle experiences in such famous shopping areas, we’re looking forward to showcasing our latest product offering and connecting with both new and existing customers in 2025.”

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