Posts from May 2026

NewRiver sells Greater Manchester shopping centre to local authority

20th May 2026

NewRiver REIT has sold Ladysmith Shopping Centre in Aston-under-Lyne, Greater Manchester to Tameside Metropolitan Borough Council. The 190,394 sq ft scheme is located adjacent to the town’s Grade II-listed Town Hall, and opens directly onto the recently-opened Market Square, which has undergone a £10.8m investment by Tameside Council to create new public realm and a covered market for street food, markets, and year-round events. The shopping centre is anchored by Boots, Peacocks, and Home Bargains. Tameside Council said the acquisition forms the latest milestone in a £1bn borough-wide regeneration that will reposition the town as one of the UK’s best connected and most investable locations. The council has secured over £250m of public investment to unlock a development pipeline that will look to deliver over 5,000 new homes and experience-led town centres designed for modern living. NewRiver has been retained to lead the scheme’s asset management, alongside managing agents Ashdown Phillips. Nicola Elsworth, director of strategic growth at Tameside Council, said: “Bringing Ladysmith into public ownership is a pivotal moment for Ashton. It gives us the ability to shape one of the town centre’s most important sites, delivering the homes, investment and hospitality this community deserves. Combined with the market transformation,...

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M&S opens 15 new stores in a year

20th May 2026

Marks & Spencer has opened 15 new stores in a year. In the retailer’s preliminary results for the year ending 28th March 2026, M&S said it had opened 12 new food and three new full line stores during the period. The retailer said it is entering 2026/27 with an increased focus on its three core investment programmes of supply chain modernisation, technology transformation, and store rotation. M&S said a pipeline of new, high-volume store openings has been developed. During the last financial year, M&S recorded an adjusted pre-tax profit of £671.4m, a year-on-year decline of 23.8%. Stuart Machin, chief executive of M&S, said: “Retailers face a triple whammy of headwinds with increased taxation, a greater regulatory burden and ongoing global conflict. At M&S we are unshaken by short-term events. We have a clear plan and there is much within our control as we reinvest in value and quality for our customers. “Our job is to protect the magic of M&S while modernising the rest. We’ve now got the momentum to do that at pace. We have a strong culture, a hard-working focused team, and a growth business. There’s an extraordinary opportunity ahead, and we are on it.”

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British Land “well positioned” after retail park occupancy hit 99%

20th May 2026

The chief executive of British Land Simon Carter has said the real estate investment trust (REIT) is well-positioned to capitalise”, as the group sees its retail park occupancy hit 99%. In its final results for the 2025 financial year, the REIT recorded an underlying profit of £294m, a year-on-year increase of 5%. In total, the group leased 3.8 million sq ft, 7.2% ahead of estimated rental value (ERV), with an additional 1.1 million sq ft under offer. Across retail and the group’s London logistics portfolio, the group lease 2.1 million sq ft, completed at 8.4% ahead of ERV with an additional 0.8 million sq ft under offer, 10.3% ahead of ERV. Across British Land’s retail park portfolio, leasing was completed ahead of previous passing rent by 6.3% during the second half of the year. The REIT also saw an increase in portfolio valuation of 2.7% across retail and London urban logistics. Over the course of the year, British Land disposed of £106m of assets at an average of 4% above book value. Post year, the group has exchanged or is under offer on £176m of asset disposals. The REIT also acquired £94m of retail, principally across three retail parks. Simon...

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Global Mutual’s Affinity portfolio hails standout May Bank Holiday weekend

19th May 2026

Global Mutual has hailed a standout May Bank Holiday weekend at its Affinity outlet portfolio, recording increases in leisure-led sales and footfall of up to 252% and 88%, respectively. The group said the results highlight the increasingly important role that leisure, family-focused events, and community engagement now play in driving commercial performance across outlet retail destinations. At Affinity Lancashire, The Wookiees Strike Back Star Wars Day activation featured live character appearances and an interactive themed trail, generating an 87.52% uplift in footfall compared with the previous week, while sales increased by 3.01%. Meanwhile at Affinity Sterling Mills Outlet Shopping, the centre’s Big Bloom Bash event – which combined children’s entertainment, seasonal activities, and family experiences – contributed to an increase in footfall, as well as a 17.80% uplift in total sales when compared to the same period last year, alongside an 8.86% rise in like-for-like sales versus last year. At Affinity Devon, leisure delivered a 252% uplift compared with the same period last year thanks to operators like World of Wonder and Really Wild Planet. Catering also performed strongly, recording a 23% increase, while Gifts & Confectionery saw an uplift of 14%. Finally, Affinity Staffordshire reported strong commercial performance following its May the 4th Star Wars...

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Occupier sought for Margate’s historic Theatre Royal as £6m restoration lined up

19th May 2026

Thanet District Council seeking a theatre operator to take a long-term lease at the historic Theatre Royal in Margate, Kent, as the building undergoes a £6m restoration. Constructed in 1787, the Theatre Royal is the second-oldest operating theatre in Britain and is currently Grade II-listed. A redesign of the building took place in 1874 by Jethro T. Robinson, father-in-law of the renowned Victorian architect Frank Matcham. The theatre is currently being restored at a cost of £6m, with funding from the Government’s Town Deal programme. A planning application and listed building consent have now been submitted for the refurbishment of the theatre, which envision a venue with approximately 480 seats. Thanet District Council is hoping to engage an operator by the end of summer 2026, and has appointed Colliers’ Licensed & Leisure Team to manage the process. The restoration of the Theatre Royal comes amid a wave of regeneration in Margate over the past 20 years. Other initiatives have included Turner Contemporary, designed by world famous architect David Chipperfield, the restoration of Dreamland as a heritage amusement park and music venue, and Tracey Emin’s TKE Studios, created from a former Edwardian bathhouse. The historic Margate Winter Gardens are also currently...

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Guildford retail and office block handed £9.7m price tag

19th May 2026

A mixed-use block in Guildford, Surrey, has been placed on the investment market with an asking price of £9,700,000, reflecting a net initial yield of 10.21%. Eastgate Court, located at 195-205 High Street, comprises 34,582 sq ft of ground floor retail accommodation and office space, arranged around a courtyard. The asset is multi-let to seven tenants with a weighted average unexpired lease term of 1.71 years to break and 3.38 years to expiry, and property produces a passing rent of £998,365 per annum. Retail tenants at Eastgate Court include Toni & Guy, Knight Frank, and Kutchenhaus, while office occupiers include video game developers Larian Studios and Fuse Games. There exists a number of asset management opportunities at the property, including the redevelopment of vacant office space or refurbishment to residential use. There are also 14 flats with their own dedicated entrance from the High Street. These have been sold off long leasehold and are entirely separate to the commercial accommodation. Located 32 miles southwest of Central London, Guildford is a key commuter hub and is one of Surrey’s largest commercial centres. The town is home to the University of Surrey, the Spectrum Leisure Centre, as well as a number of...

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Eurofund acquires £70m Bradford shopping centre

19th May 2026

Eurofund Group has completed the acquisition of The Broadway in Bradford from the scheme’s joint fixed charge receivers. The centre becomes Eurofund’s first-ever wholly-owned investment, with the group also taking over as asset manager. Upon acquisition, Eurofund is planning to invest £10m into an asset enhancement plan as it looks to improve the leasing mix and customer experience. Spanning approximately 570,000 sq ft, The Broadway was originally developed by Westfield and launched in 2015. The scheme is anchored by Primark, JD Sports, H&M, Next, Flip Out, and The Light Cinema. Although the acquisition price was not disclosed, it had been previously reported that Eurofund was looking to acquire the scheme for over £70m. The purchase was funded with financing support from BGO. Ion Saralegui, CEO of Eurofund Group, said: “The acquisition of The Broadway marks a major milestone for Eurofund Group as our first-ever solo investment and a significant step in expanding our UK footprint. It reflects our ambition to act as a proactive investor and developer, focused on retail assets with the potential to become dominant catchment destinations. Building on the successful repositioning of Silverburn, we see a unique opportunity to continue unlocking long-term value and delivering tangible impact.”...

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MINISO relocates Brent Cross Shopping Centre store

18th May 2026

MINISO has relocated into a new store in Brent Cross Shopping Centre in London. The lifestyle retailer’s new space, which opened earlier this month, replaced the brand’s previous store at the London scheme, and stocks a range of vinyl plush collectibles, blind boxes, plushie toys, beauty products, accessories, and snacks. MINISO said the new store offers “an enhanced shopping experience designed to better serve the local community and growing fanbase”. Saad Usman, MINISO UK chief operating officer, said: “We’re thrilled to be unveiling our new and improved store at Brent Cross Shopping Centre. “This relocation marks an exciting step forward for Miniso, allowing us to create a more engaging and dynamic space for our customers. “Brent Cross has always been an important location for us, and this new store enables us to better serve the local community while showcasing even more of the products and collections our fans love.”

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John Lewis unveils new in-store hospitality brand

18th May 2026

John Lewis has unveiled a new hospitality brand that it will introduce to its department stores. The concept, called Platter John Lewis, will replace the department store chain’s The Place To Eat brand across 32 cafés, with the first three refurbished spaces opening this month. This forms part of John Lewis’ £800m multi-year investment in its brand, stores and customer experience, as the retailer looks to focus on giving customers more reasons to visit, meet, and spend time in its shops. Refurbishment is already underway at three John Lewis stores, with Chichester, Reading and Oxford Street the first branches to undergo investment. The latter will undergo the most extensive refurbishment and will reopen in August as the flagship Platter John Lewis. All 32 cafés will be refurbished and rebranded by the end of 2027. There are currently 62 cafés and restaurants across John Lewis’ store estate, with hospitality accounting for over 20% of the business’s in-store transactions. Katie Papakonstantinou, director of services and hospitality for John Lewis, said: “Customers are spending more time in our shops, and food and drink is an increasingly important part of that experience. Platter John Lewis will give customers a more modern, welcoming place to...

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Cotswolds Designer Outlet nears full occupancy within a year of opening

15th May 2026

Cotswolds Designer Outlet in Gloucestershire has welcomed the arrival of Sunglass Hut, as the scheme nears full occupancy less than one year since it opened. One more retailer will open at the scheme later this summer, with the brands joining existing tenants at the outlet shopping centre including BOSS, Levi’s, Reiss, and Sweaty Betty. Costwolds Designer Outlet opened in summer 2025, and has since established itself as a leading shopping destination in the region. Adrian Field, Centre Manager at Cotswolds Designer Outlet, said: “We are delighted to welcome Sunglass Hut to Cotswolds Designer Outlet as we continue to enhance our retail offering for guests. “Since launching last July, we’ve seen consistent interest from a wide range of brands looking to join the line-up, which speaks volumes for the confidence in the destination and its long-term potential.”

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Muse Brasserie makes city debut at Gloucester Quays

15th May 2026

Peel Retail & Leisure has welcomed the arrival of Muse Brasserie at Gloucester Quays, with the French fusion restaurant making its city debut. The operator has opened in a 3,282 sq ft space, adjacent to Nando’s, Pizza Express, and Portivo Lounge. Serving 100 covers, the concept offers a varied seasonal menu that includes a signature dish exclusive to its Gloucester Quays location, the Gloucester Old Spot pork chop served with apple and cider purée, hispi cabbage, and creamy mash. The Gloucester Quays location becomes Muse Brasserie’s third location, joining its other restaurants in the South West in Cheltenham and Bristol. Paul Carter, asset director at Peel Retail & Leisure, said: “Curating a varied and quality F&B line-up is a key element of our leasing strategy, as the strong dining options at Gloucester Quays enable an all-day experience for our guests. The opening of Muse Brasserie follows Banchina Italian’s opening in March, and cements the destination’s position as a leading crossover outlet destination, which continues to attract brand interest from established and emerging operators.” Limon Rahman, founder of Muse Brasserie, added: “Opening at Gloucester Quays is a milestone moment for us, marking the third location for Muse Brasserie in the South...

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Kookaï and K-Way fashion Carnaby Street openings

15th May 2026

Kookaï and K-Way have opened the doors to their new stores on Soho’s Carnaby Street, bolstering the destination’s fashion offering. Occupying 1,800 sq ft, Australian womenswear brand Kookaï has launched its debut permanent UK location at 37 Carnaby Street, following success across Australia, New Zealand and Europe. Meanwhile, K-Way has made its West End debut at 26-27 Carnaby Street. The 14,00 sq ft flagship marks a key stage of expansion for the retailer, which already has a presence across Western Europe. The new store stocks a range of outerwear and accessories for men, women, and children. Both openings build on a number of debuts on and around Carnaby Street, including the latest addition, Edikted, as well as TALA and ALOHAS. Kookaï and K-Way will be joined by Spanish streetwear brand Eme Studios, which has signed for its UK debut at 57 Carnaby Street. William Oliver, director of retail and restaurant leasing at Shaftesbury Capital, said: “Both Kookaï and K-Way are great additions to Carnaby Street, bringing something distinct that will resonate with our visitors and contribute to the street’s constant evolution. Carnaby Street’s mix of best-in-class retailers sets it apart from other retail destinations across the UK – welcoming firsts...

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Landsec: major retail “more attractive than office or residential”

15th May 2026

Landsec has said that “major retail remains more attractive than office or residential development”. In its final results for the year ending 31st March 2026, the real estate investment trust (REIT) said that growing its investment into major retail destinations remains its highest conviction call, citing high income yields and the attractive income growth on offer “for the right assets”. The REIT said that although it had assessed acquisition opportunities over the past twelve months, it chose not to progress any acquisitions during the year but remains “active in assessing future opportunities”. The group also highlighted over £3bn of assets in the hands of parties “who are not natural long-term owners which will likely come to market in the next year or two.” Landsec also said that occupational markets for retail “continue to be characterised by two well established trends: a significant concentration of demand on the very best space coupled with heavy constraints on new supply.” Over the course of the year, Landsec recorded a pre-tax profit of £346m, down from £393m the previous year. The REIT said its like-for-like net rent for the current financial year is expected to grow approximately 3 to 5%, with no signs of...

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Shaftesbury Capital completes 151 leasing transactions in 2026

14th May 2026

Shaftesbury Capital has completed 151 leasing transactions since the beginning of 2026, representing £13.7m of new contracted rent. The Central London-based real estate investment trust said these transactions were completed 18% ahead of previous passing rents. In a trading update released ahead of its annual general meeting, Shaftesbury Capital said that only 2% of estimated rental value (ERV) across its portfolio is available to let, with a further 1.2% currently under offer. Recent transactions within the group’s Covent Garden portfolio include a lease renewal for luxury jewellery brand Tiffany & Co. on James Street, the introduction of Covent Garden Market Bar by Inception Group, as well as the opening of fragrance brand INITIO Parfums Privés in the Market Building. Original dining concept Burro also opened in Floral Court. At Seven Dials, Shaftesbury Capital welcomed the arrival of Code8 Beauty, Percival, MONC, and Islander. On Carnaby Street, the group has introduced seven new concepts this year, including fashion brand Edikted, which opened its first store outside the US, Sephora, which will launch its first West End store this summer, as well as a debut UK location for Kookaï, French outerwear brand K-Way, and an upsized store for Subdued. Vagabond Wines is set to open...

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The Entertainer to open largest store in over a decade at Hatfield’s Galleria

14th May 2026

The Entertainer is set to open its largest store in over a decade later this month at The Galleria outlet centre in Hatfield. The 8,000 sq ft space will be the toys and games retailer’s first to trade under its new sub-brand “The Entertainer, Toys for Less”. It will stock products from brands including Pokémon, One Piece, Toy Story 5, Paw Patrol and Barbie, with the majority selling for 30% less than in the retailer’s other stores. The Entertainer will join a number of leading brands at The Galleria including M&S, Le Creuset, and Waterstones. Andrew Murphy OBE, group chief executive officer of The Entertainer, said: “Our Toys for Less outlet store in Hatfield will be our biggest new store for over a decade and is an important extension to our existing trading approach. While there will be further Toys for Less stores opening later this year, these are very much complimentary to our 150-strong core estate and will not replace them or compete in our existing catchments.” Graham Clark, leasing director at The Galleria Hatfield, added: “We’re delighted to welcome The Entertainer to The Galleria. This exciting new outlet store is a fantastic addition to our retail mix, bringing a much-loved family brand to...

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Agents appointed to lease Buckinghamshire’s historic Bakers House

14th May 2026

Sorbon Estates has appointed Bruce Gillingham Pollard to lead the leasing of the Bakers House building in Marlow, Buckinghamshire. The Grade II-listed building – formerly home to Burgers Artisan Bakery – is being marketed either as a single, combined scheme or two separate lettings: Bakers House comprises a 3,437 sq ft ground floor corner unit with an additional 1,614 sq ft of basement space and a 957 sq ft courtyard area; while Bakers Annexe offers over 1,400 sq ft of space, which could be suitable for F&B, wellness, fitness, or boutique retail uses. Tracey Pollard, founding director at Bruce Gillingham Pollard, said: “Bakers House presents an exceptional opportunity in one of the Thames Valley’s most affluent locations. The building’s historic character, combined with its impressive scale, gives an incoming operator the chance to create a true destination and a concept that stands apart.” Katherine Croom, managing director of Sorbon Estates, added: “We are proud to be able to bring Bakers House back to life following the retirement of the Burgers family business and our recent acquisition of the property. Bakers House offers occupiers an unrivalled opportunity within the vibrant Marlow F&B and retail scene. Its corner position and prominence to...

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Catella APAM makes trio of senior promotions

13th May 2026

Real estate investment and asset manager Catella APAM has announced a trio of senior promotions. Victoria Morgan has been promoted to director, and will join founder and executive director Simon Cooke and managing director Melissa Baldwin on the firm’s senior leadership team. Meanwhile Rhys Williams and William Grenfell have both been promoted from associate director to senior principal. Morgan, who was previously head of asset management, will retain strategic oversight of the firm’s £1.6bn portfolio and continue to lead on client servicing and relationships, while contributing to the broader leadership and direction of the business. She joined Catella APAM in July 2023, initially leading asset management for the southern region before being promoted to head of asset management with full UK oversight. Morgan brings over 19 years of experience across complex and diverse portfolios in the UK and Europe, and has worked across industrial, logistics, office, and specialist asset classes at institutions including CapitaLand. Since joining Catella APAM, Morgan has led the structural transformation of the firm’s asset management function, integrating the asset management and portfolio management teams and bringing together analytical and asset-level expertise. Under her leadership, the team manages 5.4m sq ft across residential, industrial, office, and retail....

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Shaftesbury Capital brings five F&B brands to Covent Garden

13th May 2026

Shaftesbury Capital has completed new signings with five food and beverage brands, all of which will be joining the group’s Covent Garden estate in London. Pizza-by-the-slice concept Carmy’s will make its debut at 1a Monmouth Street this summer, taking a 820 sq ft space. The new concept will offer New York-style pizza slices and will sit on the corner of Shaftesbury Avenue, a key gateway into the Seven Dials neighbourhood. Meanwhile, Frothee is set to open its second London location at 29 Bedfordbury later this month. Known for its matcha coffee, the viral café concept is taking a 400 sq ft unit, offering a range of matcha and cold foam drinks. Also joining the Covent Garden estate is JUNK Burger, which has signed for a 1,600 sq ft space at 19 New Row for its third site in the UK, while JUNK Group’s Puffy Cookies is set to open a 1,200 sq ft store at 3 New Row. Following the success of JUNK Burger, Puffy Cookies launched in 2023 and this latest store will become its third in London. Finally, modern Mediterranean restaurant concept Elia is set to open its first site in the lower level of Covent Garden’s historic,...

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Montreal-born brand GARAGE to continue UK expansion with Trafford Centre launch

12th May 2026

Montreal-born fashion and lifestyle brand GARAGE is set to continue its UK expansion with the opening of a new store at Manchester’s Trafford Centre. The new Trafford Centre store will offer a spacious environment that has been designed to showcase the brand’s full range of clothing. The signing follows the openings of GARAGE’s debut UK stores, located at Bluewater Shopping Centre and on Oxford Street. The brand, which operates 231 stores across North America, also recently signed for its first store in the city at Manchester Arndale. The fashion category has continued to be a standout growth driver at Trafford Centre, with over 50% of total sales growth in 2025 generated by fashion, sportswear and footwear, with those categories up +14% year-on-year. Kate Pearson, director of portfolio leasing at Pradera, Trafford Centre’s asset manager, said: “We are delighted to welcome GARAGE to Trafford Centre, with the store set to open in fall 2026. We have worked closely with the brand over the past 18 months to secure the right opportunity on Lower Peel Avenue, following recent openings of Hollister, Stradivarius and Pureseoul. Our global fashion houses continue to go from strength to strength, and GARAGE further cements Trafford’s position as the...

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Wykeland acquires sole ownership of Lincoln’s Waterside centre

12th May 2026

Commercial property development and investment business Wykeland has acquired sole ownership of Lincoln’s Waterside centre. Wykeland and Lincolnshire Co-op formed a joint venture to acquire the centre in June 2023, and have since delivered a £3m investment programme aimed at revitalising the scheme. Wykeland has now taken full ownership of the scheme, as Lincolnshire Co-op looks to focus its investment into different sectors, including housing and healthcare. Investment during the joint ownership included the creation of a new frontage as well as a rebranding of the centre, aimed at creating a more look and feel. The 130,000 sq ft Waterside centre is home to retailers including H&M, Next, Rituals, The Body Shop, New Look, Superdrug, Accessorize, O2, Office, Trespass, and Apple Premium Partner, Select. H&M, Next and The Body Shop have all recently committed to new or extended leases. Beauty and lifestyle brand Rituals also recently opened its first Lincolnshire store at Waterside, while Lincolnshire-based Seven Districts Coffee also joined the scheme. Dominic Gibbons, managing director of Wykeland, said: “Working with Lincolnshire Co-op to rejuvenate Waterside has been a very positive experience and we’d like to thank the Lincolnshire Co-op team for the valuable contribution they’ve made to everything that...

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