Retail Property Deals

ODEON to anchor Scarborough’s Brunswick Centre transformation

9th September 2024

Property regeneration and placemaking specialist Scarborough Group International (SGI) has announced that ODEON will anchor its redevelopment of the Brunswick Centre in Scarborough. The cinema operator previously operated in Scarborough from 1936 to 1988, having been located near to the Brunswick Centre where the Stephen Joseph Theatre now stands. Once complete, SGI’s development will offer 20 units ranging between 250 sq ft and 20,000 sq ft across three floors, providing space for national and regional F&B brands and leisure concepts. SGI will now launch the next phase of its letting strategy at Completely Retail Marketplace, the UK’s premier retail, leisure and hospitality event, which is taking place in London on 24 September 2024. Mark Jackson of SGI, said: “Bringing ODEON back to Scarborough after an absence of more than three decades is a key milestone in our vision to transform the Brunswick Centre into a premier leisure-led destination. “With ODEON Luxe, residents and visitors will no longer have to travel over an hour to York for a premium cinema experience, bringing greater convenience and entertainment options right to their doorstep. “Once complete, the transformed Brunswick Centre will fill some obvious gaps in the leisure and entertainment offer in the town […]

Evolve Estates adds two retail assets to portfolio

6th September 2024

Evolve Estates, part of commercial property and investment collective M Core, has announced the acquisition of two retail assets. The assets – which amount to a total area of 16,218 sq ft – are located in Teddington, London, and Farnham, Surrey. The Teddington asset comprises a ground floor retail parade, fully let to Boots, Costa, Holland & Barrett, Boots Opticians, and Carpetright. In Farnham, Evolve Estates has acquired a single-let building occupied by Bill’s on a long lease with an expiry in 2041. Evolve Estates said both acquisitions align with its strategy of acquiring high-quality and income-generating assets in strategic locations. The group said the properties provide strong tenant agreements and will help to further enhance the offerings of each local area. Danny O’Keefe, co-founder of Evolve Estates, said: “We are delighted to add these prime retail assets to our growing portfolio. These acquisitions represent excellent opportunities to enhance value and create long-term returns for our investors.  “The strong tenant mix and strategic locations of these retail properties make them ideal additions to our ever-expanding portfolio.” Jackson Criss acted as the agent for vendor whilst Cited Property acted for Evolve Estates.

Big Mamma Group picks Birmingham for first UK restaurant outside of London

6th September 2024

Restaurant operator Big Mamma Group is set to open its first UK venue outside of London at the Paradise Birmingham mixed-use development. Operating under the La Bellezza brand, the restaurant will occupy a 4,800 sq ft site at Two Chamberlain Square, accommodating 150 covers including a 25-seater terrace. Big Mamma is the second major food and beverage operator to be announced in Chamberlain Square in recent weeks, with Cow & Sow set to open its first restaurant outside of Bristol at the destination in the coming months. Victoria Broadhead, head of leasing at Bruce Gillingham Pollard, which acted for the landlord MEPC, said: “Big Mamma and Cow and Sow choosing Chamberlain Square shows how much of a draw Paradise is for top F&B operators, as we continue to create a mix of food uses from the best of international and independent brands. Delighted to have acted for our client MEPC to bring these exciting restaurants to Birmingham.”

Character.com to open first full-line store at Kingston’s Bentall Centre

6th September 2024

Children’s clothing retailer Character.com is set to open its first full-line store at The Bentall Centre in Kingston upon Thames. The retailer has committed to a five-year lease for a 3,000 sq ft store on the lower ground floor level of the centre. The store features a range of licensed merchandise, featuring brands such as Disney, Bluey, Peppa Pig, and Paw Patrol, amongst others. Character.com’s opening at The Bentall Centre forms part of the retailer’s wider UK expansion strategy. Savills – which advised on the Kingston signing – is assisting the brand with its plans for expansion, which includes the opening of three more stores this year. Michael Lockhart, director in retail at Savills London, said: “We are delighted to have assisted Character.com on the acquisition of their first full line physical store. Kingston upon Thames is a thriving, family focused retail destination, making it an ideal strategic location for Character.com’s latest store. We look forward to continuing to work with Chracter.com as they embark on the transition from a successful pure play retailer to an omnichannel business, with an exciting acquisition programme lined up over the next 12 to 18 months.”

Pizza Pilgrims takes slice of King’s Road

6th September 2024

The Sloane Stanley Estate has announced that Neapolitan pizza brand, Pizza Pilgrims, has signed for a new restaurant site at 219 King’s Road, Chelsea. Opening in mid-November, the 2,200 sq ft space will look to provide a Capri-inspired experience for customers. Serving as a gateway into the Sloane Stanley Estate, Pizza Pilgrims on King’s Road will accommodate 80 covers inside and out, and will offer an intimate basement dining room that can be transformed into a ‘Cinema Paradiso’, adding an experiential element to the restaurant. Pizza Pilgrims joins a number of independent restaurant’s within Sloane Stanley’s estate, such as the recently opened Alley Cats, Dez Amore, and Josephine, as well as the imminent launch of Fantomas in the coming weeks. Hannah Grievson, property director at Sloane Stanley, said: “219 King’s Road is one of our most prominent units on the Estate, and so needed an operator that would deliver a real ‘wow’ factor. Pizza Pilgrims are experts in creating spaces that deliver high-quality food and a vibrant atmosphere. We are excited to see its Capri vision come to life on the King’s Road.” Pizza Pilgrims will join a number retailers and operators across King’s Road and Fulham Road, as well […]

Wagamama cooks up opening at The Springs Leeds

6th September 2024

Wagamama is set to open its 10th restaurant this year after signing for a new unit at The Springs retail and leisure centre in Thorpe Park, Leeds. The pan-Asian restaurant chain has agreed a 15-year lease for a 3,482 sq ft unit opposite ODEON and Nandos. The new restaurant is set to open in October and will accommodate 120 internal and 30 external covers. Rachel Vickers, senior commercial manager at Scarborough Group International (SGI), developer and asset manager of The Springs and Thorpe Park Leeds, said: “We’re delighted to announce that Wagamama is coming to The Springs Leeds.  This incredibly popular brand perfectly complements our customer base, enhancing our status as a vibrant destination for food and drink. The Springs has established itself as the go to place for shopping and leisure, not least because of its highly accessible location thanks to recent major improvements to local infrastructure. “The Springs is one the best performing out of town locations across the entire UK for many of our store operators.  This is because we have a transient visitor profile as well as an established working community of over 7,500 people on the business park. New neighbouring residential communities, both existing and planned,...

Wickes signs for Stoford’s Spa Park in Leamington Spa

5th September 2024

Commercial property developer Stoford has let a unit in Leamington Spa to DIY and trade retailer Wickes on a fifteen-year lease. The 38,650 sq ft unit – which is located at Spa Park near the M40 – is a net zero carbon building with BREEAM Excellent and EPC A ratings. It is one of nine new environmentally sustainable assets that have been developed by Stoford. Combined, the units deliver around 500,000 sq ft of new office, research and development, production, and distribution space. Wickes joins a number of occupiers at Spa Park including Berry Global, Bladon Micro Turbines, Liberty Commodities Limited, Martin Sprocket & Gear, and Opus International Products. Two units – which range between 30,715 and 51,064 sq ft in size – remain at the scheme and are immediately available. Edward Peel, director at Stoford: “Spa Park is an incredibly strong location that delivers best-in-class, sustainable units in a well-connected site. We have attracted some outstanding occupiers, with seven new units already let, and our latest transaction to Wickes is a further vote of confidence in the scheme.” Stoford was represented by M1 Agency. CBRE, Bromwich Hardy, and M1 Agency are the retained agents at Spa Park.

Astrid & Miyu flagship leads trio of Soho openings

5th September 2024

Shaftesbury Capital has announced a trio of openings in its Soho estate, including a flagship store for Astrid & Miyu. The jewellery brand has opened a new store at 5-7 Foubert’s Place, in what is a significant upsize for the brand in Soho. Operating as House of Astrid & Miyu, the store offers a range of consciously-created jewellery along with new collection. In-store experiences include ear-piercing, tattooing, engraving, and welding. Sharon Solis, director of retail at Astrid & Miyu, said: “Foubert’s Place was always a dream destination for our retail expansion, with a huge heartwarming response when we first opened our smaller unit a few years ago, and we’ve enjoyed being here so much that when the opportunity came to us to upsize on the same street, we jumped at it. The growth we have achieved in the past few years has been so rewarding, and that’s what made our new House of Astrid & Miyu (HOAM) London flagship possible. It also means we can continue to serve the Soho and Carnaby Street customers that have contributed to that growth, with an even better experience and array of services than before.” Meanwhile, eyewear brand Jimmy Fairly has opened just a […]

Swarovski opens first outlet store in Scotland at Caledonia Park

5th September 2024

Swarovksi has opened its first outlet store in Scotland at Railpen’s Caledonia Park in Gretna. Spanning 1,000 sq ft, the jeweller’s standalone boutique sits adjacent to a number of premium brands at the outlet. The new store – which is Caledonia Park’s first dedicated jewellery space – offers Swarovski’s core collections in an environment boasting the brand’s signature blue colour throughout its design. Swarovski joins several high-end brands at Caledonia Park, such as Rituals, Calvin Klein, Tommy Hilfiger, POLO Ralph Lauren, Nike, Adidas, and Moss. Maria Averkina, asset and development manager at Railpen, said “Swarovski is a brand familiar to so many people, and a household name that truly represents luxury and quality with cutting edge design and innovation. Swarovski selecting Caledonia Park to host its first outlet in Scotland, and its only new outlet in the UK this year, is a testament to the portfolio of brands we have curated and the shopping experience that we deliver, following in the footsteps of several other leading retailers choosing to debut here.” This news follows the recent opening of Moss at Caledonia Park, which has launched a 2,984 sq ft store, its first outlet in Scotland. Johnstone Property Consultants and Time Retail […]

British Land splashes £240m on retail park acquisitions

5th September 2024

British Land has acquired £240m worth of retail parks, as the real estate investment trust looks to reinvest the £360m it made from the sale of its stake in Meadowhall Shopping Centre. The six assets – which were all acquired since April – have a weighted average unexpired lease term of five years. The retail parks include: The group said that the £240m total purchase price reflects a blended net equivalent yield of 7.4%. Simon Carter, chief executive of British Land, said: “We are seeing good opportunities to allocate capital into retail parks, and have swiftly delivered our plan to fully offset the earnings dilution from the £360m Meadowhall disposal with the acquisition of £240m of high quality retail parks at attractive yields. With low capex requirements, parks offer attractive cash returns and, with 99% occupancy, our portfolio is delivering strong rental growth.” In March 2023, British Land announced that it had completed £120m worth of retail park deals, acquiring three sites and offloading its 50% stake in another.

Evolve Estates strengthens Halifax scheme with new signing and renewals

4th September 2024

Evolve Estates, part of M Core, has completed two lease renewals and a new lease agreement at Woolshops Shopping Centre in Halifax. Phone retailer Cell Buddy is set to join the scheme, signing a five-year lease for a 925 sq ft space within the shopping centre. Meanwhile, independent café Gardiners has recommitted to the scheme, extending the lease for its 1,793 sq ft unit by an additional seven years. Bank of Scotland has also renewed at Woolshops, extending by five years on the lease for its 5,077 sq ft branch on Market Street. Philip M Murphy, head of property and transactions at Evolve Estates, said: “We’re pleased to welcome Cell Buddy to Woolshops by M and extend our relationships with Gardiners and Bank of Scotland. “These agreements demonstrate the ongoing appeal of Woolshops by M for established businesses seeking a strategic location and for new entrants looking to expand their presence in Halifax.”

B&M set to open at Atria Watford

4th September 2024

B&M is preparing to open a new store at Atria Watford, taking residency in part of the former John Lewis department store. The discount retailer will be opening the doors to its new 21,092 sq ft store on Thursday. The store will offer a range including groceries, health and beauty products, homeware, electrical and DIY products, toys, games, and gifts. A spokesperson for B&M said the opening is an “important step” in the retailer’s store expansion plans. Simon Plumb, centre director at Atria Watford, added: “We’re delighted that B&M has chosen Atria Watford for its latest opening, adding its name to our roster of over 200 stores. B&M is a very welcome addition to the centre and a brand that we are confident will resonate with our customers.” Other operators which have taken space in the former John Lewis department store include Dunelm, Poundland, Choice Discount, Peacocks, Bonmarché, and indoor adventure park concept Flip Out. Atria Watford spans 1.4m sq ft and is home to hundreds of brands– including small independents as well as household names such as ZARA, NEXT, Mango, Uniqlo and Hollister.