Posts from May 2025

Sainsbury’s completes first store conversion of 2025 following acquisitions

2nd May 2025

Sainsbury’s has completed its first store conversion of the year, following the acquisition of 14 retail sites last autumn. The new store, located in Felixstowe, spans 19,000 sq ft and is the supermarket retailer’s first in the Suffolk town. Sainsbury’s said that over the next two years, it will add over 400,000 sq ft of new space to its estate, its most significant expansion push in recent years. This is combined with the retailer’s plans to open another 25 convenience stores during the same period. The new store is part of 14 sites – which are predominantly former Homebase stores – acquired by the retailer in autumn 2024. These also included two stores acquired from East of England Co-op. Patrick Dunne, Sainsbury’s chief property and procurement officer and managing director of Smart Charge, said: “We were delighted to open our fantastic supermarket in Felixstowe, putting Sainsbury’s on the doorstep of customers in the town for the first time. “It was also an exciting moment for our business as the launch marks the first of many brilliant new supermarkets we plan to open over the next two years, following our strategic decision to acquire 14 new sites for conversion into Sainsbury’s...

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Space NK owner launches £300m+ sales process

2nd May 2025

The owner of Space NK has launched a formal sales process which could see the cosmetics retailer change hands for between £300m and £400m. Manzanita Capital, a private investment firm, has reportedly been in touch with prospective bidders regarding a sale of the business, according to Sky News. The firm had previously appointed bankers at Raymon James to oversee a sale of Space NK in April 2024. Manzanita – which has owned the retailer for more than 20 years – had also previously explored a sale of Space NK through Goldman Sachs in 2018, however opted not to go ahead with a sale. Founded in 1993, Space NK trades from over 80 stores in the UK. Earlier this year, the retailer said it would be opening three stores in 2025, located in Bluewater Shopping Centre, Chelmsford, and Highcross Leicester.

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Sri Lankan street food concept to debut in Covent Garden

2nd May 2025

ADOH!, a new Sri Lankan street food concept from the founders of Kolamba, is set to open in London’s Covent Garden this summer. Opening at 36 Maiden Lane, ADOH! is named after a Sri Lankan exclamation used in greeting or surprise. The concept will look to capture the vibrancy of Sri Lankan street food culture in a casual dining setting. ADOH! will be walk-in only with 70 covers inside and a further 12 outside, featuring decor inspired by the visual language of Sri Lanka. The concept will look to build on the success of Kolamba, which previously made its debut on the nearby Kingly Street. The signing will add to the destination’s existing selection of restaurants, neighbouring the likes of Ave Mario, Cinnamon Bazaar, Flat Iron, Sticks’n’Sushi, SUSHISAMBA, thirty7, and The Oystermen. Emma Matus, head of restaurant leasing at Shaftesbury Capital, said: “The diversification of Covent Garden’s F&B line-up continues with another standout signing in ADOH!, which will deliver the theatre of Sri Lankan street food to the centre of London’s theatre scene. Founded by the team behind ever-popular Kolamba, who we welcomed to Kingly Street in 2019, ADOH!’s signing will perfectly complement our unrivalled culinary offer.” The signing follows...

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Popeyes joins F&B line-up at Lakeside Shopping Centre

2nd May 2025

Popeyes is set to join the food and beverage line-up at Lakeside Shopping Centre in Essex. The American fried chicken restaurant has taken a 1,750 sq ft restaurant on level three of the shopping centre, located in The Eatery. Opening next week, the operator will join existing restaurants at Lakeside including Five Guys and Taco Bell. This latest arrival continues a period of renewed expansion for Popeyes, and marks the brand’s 80th opening in the UK. Rob Jewell, managing director of asset management at Pradera Lateral, said: “We are committed to diversifying and elevating dining offerings and retail experiences, and the opening of Popeyes will undoubtedly be a popular addition to the centre. With the ongoing F&B expansions, the addition of Popeyes keeps Lakeside’s food experience exciting, fresh, and full of choice – just another way that the centre is committed to going above and beyond for its visitors.” Tom Crowley, Popeyes UK chief executive officer, added: “2025 is set to be another incredibly exciting year for Popeyes, including the launch of two new restaurants in the Essex area. Our mission has always been to bring our New Orleans spirit to new locations across the UK, and we look forward to sharing...

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Staffordshire shopping centre hits the market with £4.8m price tag

1st May 2025

A shopping centre in Staffordshire has been placed on the market with an asking price of £4,850,000, reflecting a net initial yield of 13%. Spanning 135,783 sq ft, The Octagon Centre in Burton upon Trent is a convenience-led shopping centre anchored by Asda, Tk Maxx, Iceland, and One Beyond. The centre is fully let on the ground floor with just two vacant kiosk units on the first floor. Other tenants at The Octagon Centre – which produces a gross annual income of £1,186,559 per annum – include HMV, Costa Coffee, Savers, Card Factory, The Entertainer, F. Hinds, Shoezone, Subway, and Ryman. Tk Maxx and Iceland, which account for 27% of the centre’s net income, have recently signed five-year reversionary leases at the scheme. The scheme is also supplemented by two landlord-owned and operated car parks, providing a total of 770 spaces. Known as the capital of British brewing, Burton upon Trent is located 12.2 miles south west of Derby, 27.2 miles south west of Nottingham, 29.3 miles north east of Birmingham, and 30.4 miles south east of Stoke-on-Trent. It has a population of 76,270 and a primary catchment of 226,000 people, regarded as ‘moderately affluent’. GCW has been appointed to find...

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Sports retailer joins Northern Ireland outlet scheme

1st May 2025

The Boulevard in Banbridge, Northern Ireland, is welcoming the arrival of sporting goods retailer Sportslocker. Opening on Saturday, the retailer’s 1,300 sq ft store will join existing sports retailers at the outlet centre including Nike, Under Armour, Adidas, ASICS, and Castore. The announcement follows a successful trading period for the Lotus Property-owned scheme, which saw year-on-year increases in sales and footfall of 8% and 38% respectively during the Easter fortnight. The scheme also hosted a number of events during the period, including a pop-up from local homeware and accessories brand, Cohen & Co, following its previous visit to the scheme at the end of last year. Earlier this month, the scheme also welcomed Northern Irish cosmetic brand BPerfect, which has taken a 2,231 sq ft unit for its first ever outlet store. Chris Nelmes, retail director at The Boulevard, said: “The Boulevard has been going from strength to strength so far this year, and with the recent uptick in sales and footfall over Easter, the scheme continues to hold strong against the nationwide downturn. We are delighted to welcome Sportslocker to the scheme and look forward to welcoming the new tenants we have on the horizon, including Hollywood Bowl later...

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Frasers Group opens two stores at Westfield Stratford

1st May 2025

Frasers Group has opened two stores at Westfield Stratford City in East London, as both Sports Direct and FLANNELS join the scheme. Continuing its expansion across London, Sports Direct has opened a two-storey, 20,000 sq ft store, offering a range of apparel, footwear, and equipment for men, women, and children. The store offers products from brands such as Nike, Adidas, PUMA, Under Armour, New Balance, and ASICS, and features a dedicated section for fellow Frasers Group brand GAME. Lauren Barrie, group head of retail at Frasers Group, said: “As one of the world’s most dynamic sports markets, London continues to play a vital role in our strategy. “The opening of our Westfield Stratford City store builds on the momentum from Oxford Street and White City and highlights our ambition to deliver cutting-edge retail experiences in key locations.” Meanwhile, FLANNELS has opened in a 5,000 sq ft space, offering luxury and contemporary fashion brands across menswear, womenswear, footwear, and accessories. Lauren Barrie added: “The relocation of FLANNELS Stratford reflects our continued investment in elevating the customer experience and strengthening our presence in key markets. Despite wider market challenges, we are focused on delivering dynamic environments that meet the evolving expectations of...

Deals News

Supermarket Income REIT completes £90m refinancing

1st May 2025

Supermarket Income REIT, the real estate investment trust focused on investment in grocery properties, has completed a £90m refinancing through a new unsecured debt facility with Barclays. The REIT said the facility will be used to refinance its existing secured debt facilities with Wells Fargo and Bayerische Landesbank of £30m and £55.4m respectively. The two facilities are due to mature in the next 12 months and will now be cancelled in full. The new facility has a maturity of three years, with two one-year extension options at the lender’s discretion. Supermarket Income REIT said it intends to use the value of the existing interest rate hedges on the refinanced Wells Fargo and Bayerische Landesbank facilities to cap the interest rate on the new facility at 5.0% for the three-year term, at no additional cost. Robert Abraham, CEO of Supermarket Income REIT, said: “This new facility continues our relationship with Barclays, a key funding partner to the company. Our strong relationships with existing lenders and the quality of Supermarket Income REIT’s portfolio continue to allow the company to access debt financing at attractive margins.” This refinancing comes after Supermarket Income REIT entered into a joint strategic venture with Blue Owl Capital,...

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Mango leads 23,000 sq ft of lettings at The Lexicon

1st May 2025

Mango has opened at The Lexicon in Bracknell, as the scheme welcomes 23,039 sq ft of new retail, F&B, and leisure lettings. The Spanish fashion brand has taken a 19,210 sq ft store in a flagship letting for the scheme. The retailer bolsters the centre’s fashion offering, which includes the likes of Fenwick, M&S, Tk Maxx, H&M, Next, and Primark. Also joining The Lexicon is Rituals, which is opening a 2,035 sq ft store. The bath, body, and home products retailer joins other health and beauty options at the scheme including Boots, L’Occitane, The Fragrance Shop, and Superdrug. Finally, coffee shop chain Jamaica Blue will join the Bracknell shopping centre after signing for a 1,794 sq ft space. Founded in Australia in 1992, Jamaica Blue now has cafés in seven different countries, with an increasing UK presence. The Lexicon is owned by a joint venture between Schroders Capital and Legal & General Capital. Tom Woolven, asset manager for Schroders Capital’s real estate team, said: “It is great to secure such a strong selection of new arrivals at The Lexicon as we continue to diversify our tenant mix. Both Mango and Rituals are favourites amongst UK shoppers, so they are really...

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