Posts from March 2025

Unity Real Estate has secured a new 15-year lease with Gail’s which sees the operator upsize at its very first bakery in Hampstead, North London. Gail’s has renewed at its existing store at 64 Hampstead High Street, and will also be expanding into the adjacent unit at 64A. The upsize adds an additional 1,100 sq ft, bringing the total space to 1,565 sq ft. Gail’s opened its first-every bakery at this location in 2005, and has since expanded to over 170 stores. The expansion will see enhancements to the indoor and outdoor seating, which will look to improve the customer experience and meet increased demand from local customers. Stuart Key, director of Real Estate at Unity Real Estate, stated: “At Unity, we pride ourselves on being a partner to our customers – giving them the opportunity to thrive within our London portfolio of office, retail and residential assets. Gail’s is a shining example of London commercial success. Their journey all started from a humble corner unit on our retail parade in Hampstead. Unity is delighted to be part of the Gail’s story and are thrilled we can retain and expand them long term in their original home.” GCW advised Unity...

Deals News

Shaftesbury Capital welcomes pair of F&B brands to Chinatown London

Shaftesbury Capital has welcomed two food and beverage brands to its Chinatown London neighbourhood. Pastry concept Mrs Bakery and quick service operator Sushi Joy have both launched their debut sites near Leicester square at 12/13 Little Newport Street and 15a Little Newport Street, respectively. Mrs Bakery’s unit spans 1,300 sq ft and joins Chinatown London’s existing collection of pastry concepts, including Chinatown Bakery and Kova Patisserie. The operator offers products including layer toast, taro salted egg drums, chicken floss buns, and a selection of rice bread with flavours including matcha and pandan. Meanwhile, Sushi Joy’s kiosk looks to combine the traditional artistry of sushi making with a modern grab-and-go approach. The brand offers menu items including nigiri, maki rolls, inari, onigiri, and dishes such as salmon nigiri and tempura prawn tacos. Emma Matus, head of restaurant leasing at Shaftesbury Capital, said: “Our focus for Chinatown London is considered evolution, making sure it continues to reflect the many traditions and trends from the ESEA region in careful balance. Mrs Bakery and Sushi Joy bring two distinct offers, joining new openings from the past few months – including Noodle & Beer, Bunsik, and Kung Fu Burger – all of which provide something...

Deals News

Liverpool ONE to welcome first standalone ARNE store

Liverpool ONE shopping centre is set to welcome online fashion brand ARNE for its debut bricks-and-mortar store. Following two previous pop-up stores and one activation at Liverpool ONE, ARNE will now open its first permanent space at the scheme with a 6,750 sq ft flagship on Peter’s Lane. Opening this July, the store will offer the brand’s range of minimalistic clothing and footwear for men and women. Rob Deacon, asset management director at Liverpool ONE – Landsec, said: “As the biggest year of openings since Liverpool ONE first launched in 2008, 2025 has many firsts in store for us. ARNE’s debut permanent store is certainly an exciting first, and one of several brands to put their confidence in us time-and-time again, coming as a direct response to the strength of partnership we have cultivated. ARNE’s pop-up to permanent trajectory paints a picture of Liverpool ONE’s ongoing commitment to adding best-in-class brands to its line-up and is an example of the demand for the best spaces in the UK’s top destinations from digital natives that are looking to expand.” The signing follows the recent news that Swiss watchmaker Breitling has made its Liverpool debut on Paradise Street. Metis and CBRE acted...

Deals News

Slim Chickens to open 5,200 sq ft restaurant at Merry Hill

Slim Chickens is set to open a 5,229 sq ft restaurant at Merry Hill in Dudley this May. The ‘better chicken’ brand’s two-storey restaurant will have space for 175 covers and be located at one of the food court entrances to the scheme. The restaurant will look to strengthen the existing food and beverage offering at Merry Hill, offering a range of fried chicken including tenders and buffalo wings, alongside sandwiches and salads. Ben Blore, head of operations at Slim Chickens, said: “We’re proud to continue our expansion across the UK with this latest signing at Merry Hill. The destination already boasts a diverse and vibrant dining scene with a loyal customer base, so we are looking forward to welcoming customers from across the West Midlands, to enjoy our Southern-inspired comfort food.” Nick Round, senior asset manager at Sovereign Centros from CBRE, on behalf of Merry Hill, added: “The signing of Slim Chickens is a big step for Merry Hill, as we continue to attract great quality F&B. Slim Chickens has proven success, so this commitment highlights Merry Hill’s profitability, and reinforces its appeal as a leading dining and leisure destination for visitors.” The deal follows the recent signings of...

Deals News

WHSmith name to disappear from high streets after sale

The WHSmith name is set to disappear from towns and cities across the UK following a sale of its high street division to Modella Capital worth £76m. The retailer’s entire high street estate – which comprises around 480 stores – will move under Modella Capital’s ownership. All of the stores will continue to trade under the WHSmith brand during a transitionary period, before being rebranded as TGJones. WHSmith’s travel division – which makes up 75% of its revenue and 85% of its trading profit – is not included in the sale. Under Modella Capital’s ownership, the high street business will be led by Sean Toal, its current CEO. WHSmith has been a staple on British high streets since the first store was opened on London’s Little Grosvenor Street in 1792. Carl Cowling, group chief executive of WHSmith, said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on travel. “We have a highly successful travel business, operating in fast growing markets in 32 countries and we are constantly innovating to deliver strong returns and meet our customers’ and partners’ needs. Our Travel...

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Howie Property sells Wakefield drive-through and development plot

28th March 2025

Howie Property has sold a franchised Starbucks drive-through and an adjacent development plot in Wakefield, West Yorkshire to a private buyer. The drive-through aspect of the asset – which is located on at the junction of Doncaster Road and Neil Fox Way – extends to 2,000 sq ft and is held on a full repairing and insuring lease for a term of 20 years from May 2020. According to marketing material, the property produces a rent of £86,250 per annum, subject to five-yearly RPI-linked rent reviews, capped and collared at 1% and 3% respectively. Although the sale price was not disclosed, this aspect of the asset was previously handed a price tag of £1,355,805, reflecting a net initial yield of 6.0%. The development plot aspect comprises a vacant plot which secured planning permission in 2023 for 8,561 sq ft of Use Class E and sui generis space. The approved layout would consist a 3,041 sq ft drive-through unit, a 4,320 sq ft Class E unit, and a 1,290 sui generis unit. This aspect was marketed with an asking price of £1,500,000. Spitfire Property Agency acted for Howie Property, whilst Alexander James and Stevens & Bolton acted for the buyer.

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CBRE appointed as joint leasing agent at Oxford Street’s Mount Royal

28th March 2025

CBRE has been appointed by Great Portland Estates (GPE) as joint leasing agent at its Mount Royal development at 508/540 Oxford Street in London. The commercial real estate firm will work alongside the development’s existing leasing agent Kenningham Retail. Located at the western end of Oxford Street, Mount Royal occupies a prominent corner position between Old Quebec Street and Portman Street. The property extends to 92,100 sq ft across two, and comprises a number of retail units with tenants including TK Maxx, Superdrug, Boots, Holland and Barrett. The development will also welcome the likes of Caffè Concerto, Activate, and Keikoo later this year. Parties interested in taking between 3,000 sq ft and 6,000 sq ft of space at the Oxford Street development have been encouraged by CBRE to engage in discussions with retained agents Peter Flint and Charlie Ready.

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Cheltenham supermarket and drive-through sold for £11m

27th March 2025

A supermarket and drive-through development in Cheltenham, Gloucestershire which totals over 31,000 sq ft has changed hands for £11m. Font Real Estate completed the off-market sale on behalf of an institutional client. The development on Tewkesbury Road sits on a freehold 2.4 acre site approximately 1.9 miles northwest of Cheltenham Town Centre and 2.5 miles southeast of Junction 10 of the M5. It comprises a 29,664 sq ft Lidl store and an adjacent 2,000 sq ft Starbucks drive-through unit, supplemented by a 151-space car park. The development has a weighted average unexpired lease term of 17 years to expiry and 8.5 years to break, with both tenants subject to five-yearly RPI-linked rent reviews. The scheme sits within a large retail cluster, with nearby developments including Gallagher Retail Park, Gallagher Shopping Park, Kingsditch Retail Park, and Centrum Park. Retailers in the area include Sainsbury’s, Iceland, B&M, Halfords, Currys, Dunelm, and The Range. The development was completed in June 2018 on the site of a former car dealership by Hinton Group, on behalf of LaSalle Investment Management. LaSalle then sold the development in July of the same year for £11,753,000 to a private investor.

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Investor targeting WHSmith high street takeover eyes Lakeland acquisition

27th March 2025

An investment vehicle which is one of two parties currently in the race to acquire WHSmith’s high street business is eyeing a takeover of kitchenware retailer Lakeland. Modella Capital is among a number of interested parties vying for a stake in the family-owned retailer, Sky News has reported. A takeover would be the latest in a what is becoming an acquisition spree for Modella, which took control of The Original Factory Shop and Hobbycraft over the past eight months. The sales process for Lakeland began in January after the retailer hired advisers from Teneo, and is said to have also attracted the former owner of HMV Hilco. One other party is said to be interested in an acquistion. A Lakeland spokesperson said in January that the retailer was “considering a number of options to ensure a sustainable and long-term capital structure, which builds on our 60-year heritage as one of the UK’s most innovative homeware retailers”. Lakeland is now understood to be seeking new funding worth up to tens of millions of pounds as it faces further costs including the incoming increase to its national insurance bill. The retailer – which was established as Lakeland Plastics in 1964 and is...

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Supermarket Income appoints senior execs after management internalisation completes

Supermarket Income REIT has appointed two senior executive directors after completing the internalisation of its management function. Rob Abraham and Mike Perkins have been appointed as chief executive officer and chief financial officer respectively, with both joining the board with immediate effect. Supermarket Income REIT is a real estate investment trust focused on omnichannel grocery stores. The company’s supermarkets are let to leading supermarket operators in the UK and Europe. The group previously said the internalisation process could deliver annual cost savings of at least £4m. Nick Hewson, chair of Supermarket Income REIT, said: “I am pleased to welcome Rob and Mike to the board, following the completion of the internalisation of the company’s management function. This represents a significant milestone for the company, as we continue to make progress on our key strategic initiatives, which are designed to enhance earnings and continue to reduce the discount to NAV (net asset value). “Rob and Mike have played an integral role in the business to date, and their deep understanding of [Supermarket Income REIT’s] strategy and operations will ensure a smooth transition and continued delivery of value for our shareholders.“ The appointments come shortly after Supermarket Income REIT reported an...

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Kensington mixed-use investment opportunity handed £26.7m price tag

A mixed-use building in Kensington, London has been placed on the market with a price tag of £26,650,000, reflecting a net initial yield of 5.5%. The property at 129-137 Kensington High Street extends to 24,334 sq ft across five floors and comprises five retail units, a dental practice, and 20 residential flats. The asset generates a gross income of £1,348,337 per annum, with 65% of this coming from its retail tenants, which include Vodafone, Philip Morris International, Rituals, Läderach, and Paris Baguette. It has a commercial weighted average unexpired lease term of 7.0 years to expiry and 4.7 years to tenant break options. Two of the five units trade over both ground and basement levels, while the remaining three trade from ground floor level only. The residential element and dentist suite are arranged over the first to fourth floors, with the residential accommodation including a combination of studios and one and two bed self-contained flats which are let on a mix of assured shorthold tenancies and regulated tenancies. The landlord undertook a comprehensive refurbishment of the external facade in 2022, investing over £800,000. The property is located within the West London borough of Kensington & Chelsea, one of the capital’s...

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Silverburn expands fashion line-up with Hollister signing

Silverburn shopping centre in Glasgow is set to expand its fashion line-up after signing clothing retailer Hollister. The new store, located next to Polestar, will span approximately 5,000 sq ft and is scheduled to open by the summer. The arrival of Hollister will look to strengthen Silverburn’s appeal to fashion-conscious shoppers, while complementing a mix of leading brands already in place. Hollister’s signing at marks a continuation of the Abercrombie & Fitch Co.-owned brand’s expansion across key retail destinations, and further strengthens its presence in Glasgow. Alberto Esguevillas, CEO of UK retail at Eurofund Group, which manages Silverburn, said: “Hollister is a globally recognised brand, and its arrival at Silverburn reinforces the centre’s position as a top-tier retail UK destination. This letting is another step forward in our strategy to enhance Silverburn’s tenant mix with strong, sought-after brands.” The signing of Hollister builds on recent leasing activity at Silverburn, including the upcoming openings of Bershka and Pull&Bear, with further announcements expected in the coming months. Silverburn is owned by Henderson Park.

Deals News

B&M takes former Wilko unit at Leeds’ Crossgates centre

B&M has opened at Praxis’ Crossgates Shopping Centre in Leeds, taking residence in the former Wilko store, which has undergone an extensive refit. The discount retailer has taken a five-year lease for the 30,000 sq ft unit, and will pay a rent of £100,000 per annum. The letting means all seven former Wilko stores within Praxis’ portfolio have been relet following the retailer’s collapse into administration in 2023. Ian Shorrock, head of retail at Praxis, said: “Securing a high volume of lettings across the country to well established organisations reflects our expertise around what occupiers want in town centre assets. Our successful track record of curating best-in-class retail destinations, securing a robust tenant roster and enhancing the operational performance of shopping centres has seen Praxis’ portfolio perform strongly across all market cycles. “Our vertically integrated platform, which manages all operational functions across every individual asset, is positioned to deliver value to all stakeholders, which ultimately creates socially and commercially successful town centres.”

Deals News

UNIQLO to make Glasgow debut

UNIQLO is set to open its second store in Scotland on Glasgow’s Argyle Street, with the fashion retailer set to make its debut in the city. The store will span approximately 23,500 sq ft and is set to open later this year. The signing continues the ongoing transformation of Argyle Street, following from Next’s opening on the street at the end of last year. UNIQLO’s Glasgow store joins the retailer’s other Scottish location in Edinburgh, which opened last year. UNIQLO has over 20 stores in the UK, in locations such as London’s Oxford Street, Covent Garden, and Battersea, as well as regional locations including Manchester, Liverpool, and Oxford. The retailer is also set to make its debut at Bullring in Birmingham for its first store in the Midlands. Savills acted for the landlord Sovereign Centros, whilst Sims Property Consultants acted for UNIQLO.

Deals News

Colliers appoints retail capital markets boss

Colliers has appointed Mark Girling as an executive director and as head of its retail capital markets team. With over 40 years’ of experience within retail and leisure investment, Girling joins Colliers following a career which has included periods at Knight Frank, CBRE, and most recently, a 20-year tenure at Montagu Evans, where he founded the commercial transactions department. With a specialism in retail parks, food stores, and leisure, Girling has previously advised on high-profile acquisitions, disposals, and development fundings for major institutional, government, REIT, developer, and property company investors. He will join Colliers’ 40-strong capital markets team, which also includes experts in in offices, industrial, and living and healthcare, along with dedicated debt and capital advisory professionals who work with the firm’s specialist agency and lease advisory teams. John Munday, CEO of Colliers UK, said: “We’re pleased that Mark has agreed to join Colliers, bringing a significant amount of expertise and transaction management experience, as well as connections in the investment market. His leadership experience will be invaluable for bringing our team and the wider business together to create opportunities and make strategic connections for our clients – in his areas of expertise and beyond.” Mark Girling added: “I’m excited...

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Flight Club owner targets 45 new openings in five years

The owner of competitive socialising concept Flight Club is targeting more than 45 new openings over the next five years. Red Engine, which also owns the Electric Shuffle concept, said it is planning to open six Flight Club and two Electric Shuffle venues this year, bringing its total estate to 39 sites. The group said it hopes to expand its estate to 84 venues by the end of 2030. This comes as Red Engine reports stronger sales amid its increased global expansion. The group revealed on Tuesday that its revenues to £77.1m in 2024, up by 15% compared to the previous year. Steve Moore, chief executive and co-founder of Red Engine, said: “Expanding our footprint is about more than just opening new doors, it’s about considered, strategic growth and ensuring that every new market is the right fit for that community and our brands. “With each new location, we’re watching the global presence of our brands strengthen. “We’re incredibly excited to see what’s next as we continue this journey towards making Flight Club and Electric Shuffle household names across the globe.” Red Engine opened its first venue in 2015 in Shoreditch, and has since expanded to regional locations outside of...

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Wingstop opens fourth restaurant in Leeds