Retail Property Deals

Asda opens 11,000 sq ft store in Greater Manchester

29th May 2024

Asda has opened the doors to an 11,000 sq ft store in Hale Barns, Greater Manchester, representing one of its largest openings in recent years. The new store represents the latest in a series of investments Asda has made to grow its store estate as part of a long-term strategy to become the UK’s second-largest supermarket. Asda said it had made a seven-figure investment to acquire the lease and refit the store. The store will feature a bakery and a grab-and-go takeaway, and will be the first in Asda’s portfolio to feature an ‘Extra Special’ deli counter. The supermarket is also supplemented by a car park with over 160 car parking spaces. The opening follows the recent expansion of Asda’s convenience estate, which has seen the retailer reach over 1,000 UK stores for the first time in its 59-year history, following the conversion of all 470 convenience stores it had acquired from EG Group and the Co-op in the last two years to Asda Express.

L’ETO opens at Covent Garden’s The Yards

29th May 2024

International restaurant and café brand L’ETO has opened the doors to its latest location within The Yards, Covent Garden. Spanning 3,500 sq ft, the new location at 138 Long Acre is situated between Buns From Home and Aqua Restaurant Group’s latest venue, Luci. L’ETO at The Yards will offer a menu featuring cakes, pastries, breakfasts, main courses for lunch, and a range of cocktails. The operator becomes The Yard’s latest addition to its range of F&B concepts, contributing to its day-to-night offer. On behalf of Longmartin Properties, a joint venture between Shaftesbury Capital and the Mercers’ Company, Abi Labbett, asset manager at CBRE, said: “The launch of L’ETO marks yet another key addition to The Yards portfolio of the very best in F&B, joining the destination’s line-up of global concepts including Dishoom, Lahpet and Gura Gura. L’ETO’s picturesque design and creative menu is a seamless fit for The Yards’ vibrant community and further strengthens its position as a leading day-to-night dining destination in the heart of Covent Garden.” Hanover Green acted for The Yards, whilst L’ETO was represented by Ludgate Commercial.

The City’s Royal Exchange nearly fully let following new arrivals

28th May 2024

The Royal Exchange in the City of London has now reached 96% occupancy following the arrival of four new tenants at the scheme. Skincare specialist Dr David Jack has taken a 10-year lease for a new store and clinic fronting onto Threadneedle Street, which is set to open this summer. Meanwhile, Rosslyn Coffee has signed a 15-year lease for the neighbouring unit. Also set to open at The Royal Exchange is luxury footwear brand Horatio, which will make its bricks-and-mortar debut on Cornhill, as well as bespoke tailor Sartoria dei Duchi, which will relocate from Jermyn Street to the remaining internal retail unit. The new signings complement recent long-term commitments at The Royal Exchange from the likes of Tiffany & Co., Bremont, Omega, Montblanc, and Hermès. Former D&D CEO Des Gunewardena will also soon open his Engel and Jang restaurant, bar, and event space concept within The Royal Exchange’s mezzanine area. Andrew Hilston, managing director of The Ardent Companies UK, which acquired the retail element of the scheme in 2022, said: “It’s great to welcome these four new arrivals, and particularly exciting to see The Royal Exchange approach full occupancy as a result. With its range of luxury retailers, new […]

Mango signs for Norwich’s Chantry Place

28th May 2024

Mango is set to open a new store on the upper ground floor of Norwich’s Chantry Place. The 4,300 sq ft space will stock the fashion retailer’s range of womenswear, and feature the brand’s ‘New Med’ store concept, taking inspiration from Mango’s Mediterranean origins. The store will feature elements such as eco-friendly lighting, heating, and ventilation, as well as natural paint. Daniel López, director of expansion and franchising at Mango, said the UK is one of the brand’s “priority markets” for international growth. Real estate asset and investment manager Catella APAM completed the deal on behalf of its client, Greater Manchester Pension Fund. Nathan Reidy, associate director of Catella APAM, said: “The agreed letting to Mango underlines the appeal of both Chantry Place and the city of Norwich as key locations for leading fashion brands. We believe they will have a strong synergy with our customers.” The deal marks a continuation of Mango’s expansion, with the retailer opening the doors to a new store at Angel Central in Islington last week.

The Mall Luton secures raft of new lettings

28th May 2024

The Mall in Luton is welcoming a number of new tenants, with Popeyes, BIM’S, Change Group, and Utilita all taking space at the Frasers Group-owned scheme. Fried chicken restaurant Popeyes, which has let 3,300 sq ft of space at the scheme, opened last week. Meanwhile, burger specialist BIM’S has taken 4,100 sq ft. The Change Group, a retail foreign exchange and bureau de change company, has taken 1,300 sq ft whilst Utilita, an energy and gas supplier, has let 1,400 sq ft. Poppy Radford, associate director of scheme asset manager Sovereign Centros from CBRE, said: “This is an exciting step forward for The Mall in Luton, with a spree of national brands secured for the four retail units. The arrival of these four retailers to the centre will cement its popularity and widen its offering, and we expect these brands and services will be well received by the local community.” The Mall Luton was acquired by Frasers Group last year for £58m from Capital & Regional.

Søstrene Grene makes Hampshire debut at Festival Place

28th May 2024

Søstrene Grene has opened its first store in Hampshire at Basingstoke’s Festival Place. Spanning 14,546 sq ft, the store incorporates the homeware retailer’s Scandinavian aesthetic, with the opening continuing the rollout of the brand’s ‘Retail for the Senses’ concept. The store – which has a labyrinth-like layout – will offer a range of products across home décor, hobby supplies, children’s toys, furniture, and kitchen essentials. Søstrene Grene joins a number of recent accessible premium lifestyle additions to Festival Place, including local homeware and gifts retailer Fig & Fox, and luxury wellbeing brand Rituals. Poppy Radford, asset manager at Sovereign Centros from CBRE, said: “The addition of another sought-after lifestyle brand in Søstrene Grene is another milestone moment for Festival Place, as we continue to expand the centre’s offer of quality, accessible premium retailers. Community is at the forefront of our strategy, and the entrance of a customer-focused, experience-led brand in Søstrene Grene, for a Hampshire debut, delivers exactly what our visitors want from Festival Place.” This news also follows the recent openings of UK health food store, Grape Tree, and beauty and cosmetics specialists, Aimy Beauty, at Festival Place. Lunson Mitchenall and GCW represent Festival Place.

Castore makes London outlet debut at The O2

24th May 2024

Premium sportswear brand Castore has opened at Outlet Shopping at The O2, opening its first outlet store in London. The brand – which specialises in advanced engineering and unique technical fabrics – has opened in a 1,302 sq ft unit on the outlet’s upper level, adjacent to Reiss. The new store offers a range of collections across menswear and womenswear, as well as a dedicated junior’s section. Since its founding in 2015, Castore has formed partnerships with a number of big sporting names, such as McLaren Racing, Red Bull Racing, England Cricket, and Andy Murray. It has also recently announced a collaboration with Umbro, working exclusively with its partners in the English Premier League. Castore will join a range of premium sportswear brands at Outlet Shopping at The O2, including Adidas, New Balance, Nike, and Under Armour. The O2‘s sportswear category has witnessed a like-for-like net sales growth of 18% versus the same period in 2023 (1st January – 21st May), and an average transaction value increase of 8.9%. Louisa Dalgleish, leasing director at Outlet Shopping at The O2, said: “Our sportswear category at The O2 consistently performs at an exceptional standard, and our new opening with Castore further highlights […]

Two F&B operators arrive at Castle Quarter’s street food space

23rd May 2024

Norwich’s Castle Quarter is set to welcome two new food and beverage concepts to Castle Social, its ‘market hall’ style street food space. Roast dinner wraps company Giant Yorkie Roast Co and Tex-Mex concept Gringos Nachos Factory are the latest operators to join Castle Social, with both businesses opening their first permanent kitchens. Castle Quarter has continued its reposition towards welcoming social, leisure, and lifestyle operators whilst retaining its core retail tenants. This has seen competitive socialising brands such as Boom Battle Bar and Escape Hunt arrive at the centre. The scheme saw visitor numbers increase by 9% in 2023 compared to the previous year, seven times higher than the increase in Norwich as a whole (+1.2%) and over twice the rates of the East of England region (+3.5%) and the UK (+3.1%). Footfall, dwell time, and car park usage increased in every month in 2023 year-on-year, and at least 75% of occupiers saw higher trading figures compared to 2022. Will Ashdown, asset manager at RivingtonHark, said: “Castle Social provides a unique space in Norwich, both for visitors to enjoy and street food operators to try out new concepts, something that is strengthened by the arrival of Giant Yorkie Roast […]

Shaftesbury Capital kick-starts Kung Fu Burger concept in London’s Chinatown

22nd May 2024

Shaftesbury Capital and restauranteur Alex Wu have partnered for the fourth time in Chinatown London, with the signing of Chinese burger concept Kung Fu Burger. Inspired by the street food phenomenon sweeping the East and South East Asia regions, Kung Fu Burger’a 100 sq ft kiosk at 104 Shaftesbury Avenue will serve a range of burgers with a variety of fillings including shredded pork belly, chicken, and vegetables. The new opening follows on the success of Alex Xu’s other ventures in Chinatown London, with hand-pulled noodle restaurant Kung Fu Noodle, bubble tea brand Happy Lemon, and Taiwanese dessert parlour Meet Fresh – which will neighbour Kung Fu Burger – all calling the destination home. Alex Xu, founder of Kung Fu Burger, said: “Chinatown London has proven time and time again to be the perfect location in the capital to launch a concept inspired by the ESEA region, and I have seen the destination evolve over the years into a cultural hub reflective of the Far East. Kung Fu Burger brings the Chinese inspired burger trend to London, and given the ongoing success of Happy Lemon, Meet Fresh, and Kung Fu Noodle, I have great confidence in this latest operation within […]

Michelin-starred chef to head up new King’s Road concept

22nd May 2024

The Sloane Stanley Estate is set to welcome a new restaurant concept headed-up by Michelin-starred chef Chris Denney. Opening this summer, gastronomic concept Fantomas will take a 2,000 sq ft unit on Chelsea’s King’s Road, providing space for 80 covers. The concept, led by George Bukhov-Weinstein and Ilya Demichev, will serve a modern European cuisine incorporating elements of Asian flavours, particularly Japanese. Bukhov-Weinstein and Demichev have worked together on a number of successful restaurants such as Wild Tavern, Beast, Belvedere, and most recently Lita Bistro. Fantomas will join other restaurant concepts within The Sloane Stanley Estate such as the recently-opened Josephine by Claude Bosi on Fulham Road, as well as Beaufort House and Bluebird on King’s Road. Hannah Grievson, property director at Sloane Stanley, said: “The community of Chelsea goes hand-in-hand with high-quality, premium concepts that are distinctive, attractive, and consistent. Fantomas will no doubt deliver all three, adding yet another exceptional concept to our estate as we continue to enrich and grow our F&B offer, complementing the recent opening of restaurants such as Josephine and the upcoming arrival of Dez Amore.” This latest announcement follows the news that beauty and wellness retailer Margaret Dabbs has selected the King’s Road...

The Whiteley 80% pre-let following four new signings

22nd May 2024

The Whiteley has signed leases with four new commercial tenants, bringing the landmark development of the former London department store to 80% pre-let. Chinese contemporary art gallery 3812 Gallery, which has locations in Hong Kong and London, is set to open in a 2,800 sq ft unit, relocating from its existing location at St James’. Also signing for The Whiteley is delicatessen Melrose and Morgan, which will take a 3,500 sq ft space. Already operating at Primrose Hill and Hampstead Village, the brand’s new location at The Whiteley will become its flagship store. Meanwhile, Turkish restaurant brand Cleo will make its London debut, opening an all-day brasserie within a 1,600 sq ft unit at The Whiteley. Located on the corner of the building’s restored historic dome, the restaurant will overlook the central courtyard, making use of the high ceilings and natural light. Finally, boutique café Yuum will take a 1,000 sq ft unit, offering a selection of mochi, Japanese matcha and yuzu, Brazilian açai, and coffee. Led by development manager Finchatton and joint investment partners MARK and C C Land, The Whiteley is undergoing a £1.2bn transformation into a residential, retail, and hospitality destination. The new signings mean the development […]

Swarovski to make Scottish outlet debut at Caledonia Park

22nd May 2024

Luxury jewellery brand Swarovski is set to make its Scottish outlet debut at Caledonia Park, Gretna. Spanning 1,000 sq ft, the Swarovski boutique is set to open this summer and will offer a range of jewellery, complemented by a watch line and phone accessories. The store will showcase the brand’s latest outlet concept, featuring a blend of metallic finishes in the brand’s signature shade of blue. Swarovski will become the first standalone jewellery store at Caledonia Park, joining other Scottish outlet debutants such as Rituals, Hobbs, and Kate Spade New York. Maria Averkina, asset and development manager at scheme owner Railpen, said: “Swarovski is a brilliant addition to Caledonia Park, marking yet another Scottish outlet debut for the scheme. The retailer continues to build on our vision of creating a portfolio of key aspirational brands and delivers a premium jewellery offer for customers in a sophisticated store environment.” The news follows the opening of the newly-refitted BOSS store at Caledonia Park, which opened at the end of March. Johnstone Property Consultants and Time Retail Partners acted for Caledonia Park on the Swarovski deal.