Retail Property Deals

Trio of tenants sign for Chelsea’s One Twenty King’s Road

10th July 2024

London-based real estate investment firm Crosstree Real Estate Partners has signed a trio of tenants to its One Twenty King’s Road Development in Chelsea. Crosstree has transformed the formerly redundant and out-of-date Kings Walk Shopping Centre into a green mixed-use development, which has seen the space increase from 55,000 sq ft to 84,000 sq ft to incorporate a wide mix of uses, including retail, office, and leisure space. Leading the signings is Whole Foods Market, the Amazon-owned multinational supermarket chain, which has signed a 15-year lease to occupy 21,000 sq ft on the ground floor and basement. Also joining the development is apparel, footwear, and accessories group BasicNet, which has signed a 10-year lease for 6,500 sq ft of space. The store will showcase the likes of outerwear brand K-WAY, trainer brand Superga, and heritage leather shoe brand Sebago. In addition, Crosstree has also let 37,000 sq ft of office space to a single global corporate occupier on the first to fourth floors. James Clarke, development director at Crosstree Real Estate Partners, said: “One Twenty King’s Road follows our One Berkeley Street development in Mayfair in bringing a high quality, highly sustainable mixed-use development to a prime London location. While […]

Japanese restaurant concept debuts at Covent Garden’s The Yards

9th July 2024

Japanese temaki and sashimi concept UKIYO has opened its debut restaurant at The Yards, Covent Garden. The 1,636 sq ft restaurant at 8 Slingsby Place spans two floors, catering to 16 diners with a basement space set to open in September, which will feature 10-20 covers in an intimate dining space. The concept is an interpretation of a typical Japanese eatery, featuring a minimal walk-in, sit-at-the-bar experience. Headed up by chef Konstantin Tshkay, UKIYO will focuses on Japanese hand rolls such as King Crab California, Yellowtail, and Spicy Tuna, as well as a tasting menu, Nigiri & Sashimi, and desserts. UKIYO becomes the latest of a number of independent restaurants to join The Yards, sitting alongside pan-Asian concept Gura Gura, Burmese restaurant Lahpet, and established names Dishoom and Le Bab. On behalf of Longmartin Properties, a joint venture between Shaftesbury Capital and the Mercers’ Compant, Abi Labbett, asset manager at CBRE, said: “UKIYO’s selection of The Yards for its debut UK site further strengthens our position as one of the finest day-to-night F&B offerings in the capital. The brand adds another highly exciting addition to our varied selection of restaurants, celebrating an assortment of cuisines from around the globe, and...

MINISO to open 29th UK store at Newcastle’s Eldon Square

8th July 2024

Lifestyle retailer MINISO is set to open its 29th store in the UK at Eldon Square in Newcastle this summer. Located on the scheme’s Upper Mall opposite John Lewis, the 1,700 sq ft store will feature the retailer’s ranges of toys, beauty products, and food. The new store will aim to target an audience ranging from Gen Z’s and students to families with children as well as young professionals. MINISO Eldon Square will feature themed collections from the likes of Hello Kitty & Friends, Disney, and Pokémon, and is predicted to bring an uplift in footfall to the Newcastle shopping destination. Saad Usman, chief operations officer at MINISO, said: “We are incredibly excited to expand our presence in the North East by opening MINISO’s latest store at Eldon Square in Newcastle. This new location marks the second MINISO store in Newcastle, following the successful opening of MINISO Gateshead in 2022. Eldon Square has always been a premier shopping destination and we are thrilled to bring more affordable and high-quality products to shoppers across the UK.’ Cormac Hamilton, general manager of Eldon Square, added: “The new addition of MINISO aligns perfectly with Eldon Square’s strategy of curating an exciting tenant mix that resonates with […]

LaSalle offloads South London retail park for over £60m

8th July 2024

LaSalleI Investment Management has completed the sale of the Tandem Centre retail park in Colliers Wood, South London, to clients of Abrdn in a deal worth over £60m. Located 8 miles from Central London, the Tandem Centre comprises 117,752 sq ft of space and is part of a wider regionally dominant retail centre. The scheme is anchored by Lidl with a lease expiry in 2045 and five-yearly retail price index-linked rent reviews. Other tenants include Next, Tk Maxx, Clarks, JD Sports, Sports Direct, Homesense, Starbucks, and Nando’s. It is located adjacent to a 130,000 sq ft M&S store, a 105,000 sq ft Sainsbury’s supermarket, and the 67,333 sq ft Priory Retail Park. Miles Marten, investment partner at Park Place Retail, which acted for Lasalle, said: “The marketing and sale of this scheme has demonstrated there is strong institutional demand for high quality retail park assets. The strength of the sector and the potential for rental growth is now being recognised by a growing number of investors. Many thanks to our clients LaSalle Investment Management, and it was great to work with the team at Abrdn and their agent, Freddie MacColl at Knight Frank.”

Apple opens second ‘next generation’ store in Milton Keynes

8th July 2024

Apple has opened its second ‘next generation’ store at Midsummer Place shopping centre in Milton Keynes. The relocated store will span 13,000 sq ft – an upsize of 8,000 sq ft – and will become the first next generation Apple store in the UK outside of London. The signing follows a number of new recent lettings and expansions at the centre. This includes the introduction of bowling concept Lane7 – which will launch its largest location yet at Midsummer Place and is set to open alongside Frasers in the final quarter of the year. These brands are set to complement the scheme’s current fashion offer, alongside the recent introduction of new F&B food pods to at the recently transformed Boulevard. Simon Anderson, director of asset management at Ellandi, said: “There has been a strong start to this year with a wave of new lettings at Midsummer Place. These are testament to continued occupier interest in the scheme and complement the existing brand offer in place. “Apple’s choice to open the second of its next generation stores in the UK at Midsummer Place is testament to the strength of this evolving line-up, as well as Milton Keynes’ diverse shopper demographics.”

M&S to open flagship stores in Bristol and Bath

8th July 2024

Marks & Spencer is set to open two new flagship stores in the South West in Bristol and Bath. The retailer will return to Bristol City Centre with the opening of an 80,000 sq ft space in Cabot Circus, following a £21m investment. The Bristol store – which will offer a range of M&S food, clothing, and beauty products – will join M&S’s other stores in the city including in Avonmeads, Eastgate, Imperial Park, Whiteladies Road, Cribbs Causeway, and Longwell Green. Work is currently underway to transform the Cribbs Causeway store. Stuart Machin, CEO of M&S, said: “It’s brilliant to be announcing our return to Bristol city centre today. At Cabot Circus, we’re able to create a flagship store which delivers the best possible shopping experience for customers and showcases the very best of M&S. Our store rotation programme is all about ensuring we have the right stores in the right place and with the right space to excite and inspire our customers, including in city centres. This £21m investment will allow us to do just that while expanding our footprint across the South West.” Rita-Rose Gagné, CEO of scheme owner Hammerson, said, “We are delighted to continue expanding our partnership with M&S...

Frasers Group buys Doncaster shopping centre

5th July 2024

The Frenchgate Centre in Doncaster, previously called the Arndale Centre, has been sold to Frasers Group for an undisclosed amount. The shopping centre is home to major brands such as Next, H&M and TK Maxx and is conveniently located near the main railway and bus stations. Frasers Group sees this deal as a sign of their belief in the future of physical stores. Michael Murray, CEO of Frasers Group, said that buying the Frenchgate Centre shows the company’s commitment to investing in physical stores. The group plans to use the space to expand their current Sports Direct store and to bring in other brands they own, like USC and Evans Cycles. The shopping centre opened in 1968 with a large extension added in 2006, connecting it to a new transport interchange. One of the biggest stores in the expansion was a Debenhams which closed in 2021, although plans were approved last year to turn the space into a cinema.

Castore makes centre:mk debut

4th July 2024

Castore, a high-end sportswear brand focused on performance, has officially opened its first regional flagship store at centre:mk, a premier shopping destination in the UK. The flagship store offers Castore’s complete mainline range, including clothing for men, women, and children. Additionally, celebrating their connection to Milton Keynes‘ sporting heroes, the store features a selection of teamwear for McLaren Racing and Oracle Red Bull Racing. This partnership is particularly fitting since Red Bull Racing’s Factory is located within Milton Keynes itself. Occupying 865 sq ft, Castore’s new flagship is one of the first to showcase their latest design concept, created by Ink Associates. This design aims to capture the essence of athletes’ determination, hard work, and perseverance through its unique features. Castore collaborates with world-class athletes and brands to push the boundaries of innovation and achieve peak performance. Their technically advanced sportswear fabrics are worn by a range of individuals and teams, including the England Cricket team, tennis stars Andy Murray and Owen Farrell through their partnership with the Lawn Tennis Association, Oracle Red Bull Racing, and many more. FMX Urban Property Advisers and Time Retail Partners are Centre:mk’s retained letting agents.

NewRiver acquires asset and development management firm

4th July 2024

NewRiver has announced the acquisition of Ellandi Management Limited (‘Ellandi’), an asset and development management business focused on UK retail and regeneration. Co-founders and owners of Ellandi, Morgan Garfield and Mark Robinson, will join NewRiver as Head of Capital Partnerships and Head of Regeneration, respectively. The acquisition strengthens NewRiver’s existing Capital Partnership business and is consistent with their strategy to deliver earnings growth in a capital-light way through utilising Ellandi’s experience in managing destination shopping centers and regeneration projects. Ellandi brings a portfolio of 16 shopping centre asset management mandates, covering over 6.3m sq ft, with 10 different partners. Ellandi also brings extensive experience working with public sector owners to deliver regeneration, with current projects including the regeneration of Blackpool Town Centre and Strand Shopping Centre in Bootle. Ellandi’s portfolio also includes Highcross, The Broadway and Merry Hill The combined Capital Partnership business will have significantly increased scale, with Assets Under Management (“AUM”) of £1.5bn across a portfolio of 21 shopping centres and 18 retail parks, with 13 different partners. Including NewRiver’s wholly owned portfolio of retail assets, this increases to total AUM of £2.0bn across a portfolio of 44 shopping centres and 29 retail parks and an existing fee […]

EE opens second Manchester store as it commits £6m to bricks-and-mortar retail

2nd July 2024

EE has opened its second ‘Experience’ store in Manchester, as part of a £6m commitment from the mobile network operator to bricks-and-mortar retail this year. This comes a year after EE’s first Experience launch in Manchester, which saw a 25% boost in footfall compared to previous stores in the area. The store at 33 Market Street is one of 10 new Experience stores set to open across the UK this year, and features a ‘Welcome Zone’, a ‘Gaming Zone, a ‘Basecamp’, and ‘Tech Live’, which allows customers to test technology before making a purchase. This comes following research from EE which finds that Manchester is the UK’s most ‘plugged-in’ city, with residents owning more smart devices and spending more hours online than anywhere else in the country. The research found that people living in or near Manchester now have an average of 5 smart devices in their home or on their person, compared to a national average of 4. Asif Aziz, retail director at EE, said: “Our research shows Manchester is one of the most plugged-in cities in the UK, and more devices mean more opportunities to get the most out of all that connected tech. Almost a year on from...

ELEMIS opens first standalone UK store at Covent Garden

28th June 2024

Global beauty brand ELEMIS has opened its first standalone store in the UK at Shaftesbury Capital’s Seven Dials neighbourhood in Covent Garden. Spanning 1,000 sq ft, the store at 23 Monmouth Street joins Covent Garden’s significant line-up of cosmetics and beauty brands. The store will boast interactive features such as a product play table with digital halo screens, an in-store scent experience, and an LED kinetic wall surrounding the treatment area. ELEMIS’s new Monmouth Street location has been designed with sustainable materials and features a specialised multi-brand ‘Beauty Swap & Drop’ recycling area, allowing customers to recycle existing product packaging in exchange for complimentary products. ELEMIS joins a host of beauty retailers at Covent Garden, including Charlotte Tilbury, Chanel, Glossier, Guerlain, NARS, and Tom Ford, as well those also on Monmouth Street, including Aesop, DECIEM, Kiehl’s, and Le Labo. Michelle McGrath, executive director at Shaftesbury Capital, said: “Marking yet another debut from a globally renowned retailer, Covent Garden is the perfect destination for a leading beauty pioneer to flourish and innovate with its debut standalone store. This expansion underscores Covent Garden’s reputation as a premier destination for ground-breaking beauty experiences and is further evidence of the continued momentum of leasing activity in […]

Rituals doubles presence at Manchester Arndale with new lease signed

27th June 2024

Rituals is set to double its presence at Manchester Arndale after signing a new 10-year lease. The beauty retailer will relocate to a 2,194 sq ft store on New Cannon Street, which will be twice as large as its current unit on the lower mall. The upsized store will allow Rituals to offer more customers its range of personal wellbeing products, and helps cement Manchester Arndale as the North West’s go-to destination for cosmetics brands. Earlier this year, the centre agreed a 10-year lease with Space NK, which will open later this year and bring its range of products including skincare, cosmetics, and gadgets. As well as cosmetics retailers, Manchester Arndale has welcomed a number of fashion brands over the last few months, with French Connection, Lounge Underwear, and Nike all opening new stores at the scheme. The centre has also added several F&B and leisure operators with King Pins, Sides, and HOP Vietnamese joining the line-up. Joint asset managers Global Mutual and M&G Real Estate said they are close to agreeing new leases with several retailers over the final remaining spaces at Manchester Arndale, as the centre nears 100% occupancy. Steve Gray, head of European retail asset management at...