Retail Property Deals

Legal & General acquires Poole Tesco from Abrdn for £46.1m

1st May 2024

A fund managed by Legal & General Investment Management (LGIM) has acquired a Tesco supermarket in Poole from clients of Abrdn for £46.1m. The 95,000 sq ft store is located at the heart of the Poole-Bournemouth conurbation, and is supplemented by a 16-pump petrol station and a 599-space car park. In addition, 19 delivery vans operate from the store as well as a substantial click-and-collect facility. The property is let to Tesco for a further seven years, with the rent subject to annual uplifts in line with the retail price index of 0-4%. Abrdn was advised by Morgan Williams, whilst Montagu Evans advised L&G.  Rob Codling, senior fund manager of LGIM said: “This is a great acquisition for the fund, which we believe will provide a strong return for our investors. The store is well located and its prospects of continued high-performance, suits the long-term investment objectives of our clients.” Mark Girling, partner and supermarket investment specialist at Montagu Evans, added: “The purchase is attractive to our client firstly due to the well located and accessible site at the centre of the Poole Bournemouth conurbation, secondly being a strong trading store for both physical and online sales and thirdly, having the […]

Flannels opens at Norwich’s Chantry Place

1st May 2024

Flannels, the Frasers Group-owned multi-channel retailer, has opened the doors to a 20,000 sq ft store at Chantry Place in Norwich. Real estate asset and investment manager Catella APAM negotiated the lease agreement on behalf of the landlord, Greater Manchester Pension Fund. Lauren Barrie, group head of retail for luxury and premium at Frasers Group, said: “We’re really proud to open our next regional boutique in the heart of Norwich. As we continue to expand and develop our vision, the store brings to life the Flannels brand in a physical space – providing an engaging shopping destination, with the biggest brands in luxury fashion and contemporary streetwear all under one roof.” Associate director of Catella APAM, Nathan Reidy, added: “Following on from the successful launch of Frasers at the end of last year, the opening of Flannels brings this much desired premium offer to the city of Norwich and further cements Chantry Place’s reputation as the location of choice for key retail brands within the city.” Paul McCarthy, general manager at Chantry Place, said: “Flannels brings the best of luxury and designer brands to Norwich. This is a huge milestone for us and will put Norwich firmly on the map...

Motor Fuel Group completes £2.5bn purchase of 337 Morrisons forecourts

1st May 2024

Motor Fuel Group (MFG) has completed on the acquisition of 337 petrol forecourt sites from Morrisons for £2.5bn. The deal also includes the acquisition of over 400 associated sites for ultra-rapid electric vehicle (EV) charging development. Under the terms of the deal, Morrisons will take a minority stake of approximately 20% in MFG and the two groups will enter into commercial and supply agreements. At the time of the deal’s announcement in January, the two groups said that the benefits of the deal would include: Morrisons previously said the proceeds of the sale will fund further investment in its grocery and food-making businesses, as well as significantly strengthening its capital structure. Rami Baitiéh, CEO of Morrisons, said in January: “As the needs of the customer continue to evolve, Morrisons and MFG’s partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarkets. It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefitting from greater focus on investment in Morrisons’ core food business. We are delighted to have such a strong partner in MFG […]

Moss to suit up at Gloucester Quays amid flurry of retail activity

29th April 2024

Menswear retailer Moss is set to open its first store at Peel Retail & Leisure’s Gloucester Quays outlet centre. The signing follows a flurry of retail activity at the scheme – which is celebrating its 15th anniversary – including the upcoming upsize of footwear retailer Skechers. Moss, which has dropped ‘Bros’ from its name to rebrand as a more modern and diverse retailer, has agreed to take 1,948 sq ft of space with the store set to open in May. Central to the store’s offer will be Moss’ spring/summer 2024 collection, as well as new seasonal style solutions to meet a growing demand for suits for workwear, weddings, races, proms, and black tie events. The store will also offer a team of in-store stylists as well as host the brand’s custom-made tailoring service. Meanwhile, Skechers is set to upsize at Gloucester Quays, opening a new 4,500 sq ft store – 50% larger than its previous location – opposite Moss and Timberland. The new store will increase the available range of footwear for men, women, and children. Sporting heritage clothing brand raging bull has also relocated, taking a 1,400 sq ft unit. Paul Carter, asset director at Peel Retail & Leisure, […]

Coppa Club to make Wales debut in Cardiff

26th April 2024

Bar and restaurant chain Coppa Club is set to make its Welsh debut in Cardiff. The operator will open in May in the former David Morgan department store, providing an all-day bar, café and dining venue. The venue – which will be Coppa Club’s 13th nationwide – will be split over two floors, with the ground floor housing its own bar. Upstairs, cocktail bar Atrium will anchor the first floor and will be complemented by a brasserie and two spaces which will be available for private events. A private restaurant and larger dining space are also available. Rebecca Tooth, managing director of Coppa Club, said: “Building on the success of The Bath Townhouse and Guildford Townhouse, we are delighted to be opening our third Townhouse location in one of the most iconic areas of Cardiff. We are fortunate to be opening in a building steeped in history and envision it becoming a real go-to in the city for drinks, dining, and events.” Earlier this year, Coppa Club owner Various Eateries said it was planning to open 13 new sites in its next expansion phase.

Padel Social Club to serve up new courts and club at Southside

26th April 2024

Padel Social Club is set to create six covered padel courts at Southside Shopping Centre in Wandsworth, following approval from councillors. The 30,000 sq ft, two storey venue will be located on the rooftop of the scheme’s car park, and will feature additional amenities such as changing rooms, a wellness area, and an array of food and beverage kiosks. Padel Social Club at Southside Shopping Centre will also feature social spaces such as co-working areas overlooking the courts, open seating within the reception, and an outdoor area with views over Wandsworth. Padel is a fast-paced racket sport that is often described as a mix between tennis and squash. The sport is often played in doubles on an enclosed court, which is roughly one-third of a size of a tennis court. Rebecca Ruddle, centre director at Southside Shopping Centre, said: “We’re excited to be partnering with Padel Social Club to bring the game to Wandsworth. This exciting addition not only revitalises an underutilised space at the centre, but also enhances our bustling leisure offering.  We’re confident that this new facility will bring something new and exciting for our community, and create a vibrant space that fosters connections, whilst introducing a sport that...

The Portman Estate signs five new brands to West End portfolio

25th April 2024

The Portman Estate has announced that five new brands are set to open within its Marylebone portfolio, including Moco Museum’s first location in the UK. Moco Museum will be joined by Maculara, Zula Burger, WatchHouse Coffee, and Mandy Zhang Art. Opening this summer, Moco Museum will open its third largest location in Europe at The Portman Estate’s flagship One Marble Arch development. Taking 25,000 sq ft of space across three floors, the art museum will look to create a new major cultural destination for London. Meanwhile, independent eyecare specialist Maculara will open a debut store at Regent House, Edgware Road in the summer. Offering a range of premium eyewear and eyecare, the new store will sit adjacent to Townhouse Marble Arch and will look to bolster Edgware Road’s retail and amenity offering. Also opening within The Portman Estate’s portfolio is WatchHouse, which will open its 20th coffee house at 60 Seymour Street this summer. Taking 800 sq ft, the independent coffee house aims to champion sustainability and make use of ethical supply chains. Joining the estate’s food and beverage offering is international restaurant brand Zula Burger, which will make its UK debut at 5 Old Quebec Street. Opening this summer, […]

Wiltshire’s The Shires to welcome trio of retailers

25th April 2024

The Shires in Trowbridge, Wiltshire, is preparing to welcome a trio of new retailers, as an existing tenant commits to expanding at the shopping centre. Health and beauty retailer Bodycare has secured 4,262 sq ft of space on the ground and first floors, whilst charity chain Debra UK has committed to a 1,451 sq ft store. Independent creative business Habersashery will also be opening at the scheme. Bakery chain Greggs will be relocating from its existing store at the scheme, taking 3,886 sq ft and effectively doubling its capacity at the shopping centre. Spanning 125,000 sq ft of enclosed retail space, The Shires was acquired by LCP, part of M Core, in 2023. LCP’s changes have included complementary first-hour parking and the introduction of Microshops bringing space for independent businesses. Other retailers at the scheme include JD Sports, Superdrug, Holland and Barrett, H Samuel, F Hinds, Poundland, and TUI. George Watson, asset manager at LCP, said: “LCP acquired The Shires last year and has already welcomed a range of new businesses to the shopping centre, from Microshops to larger thriving businesses new to the area. We are striving to provide a range of business opportunities that encourage economic growth to […]

Escape room and bar concept to make regional debut at Metrocentre

25th April 2024

Escape room and bar concept The Escapologist is set to make its debut in the North East at Gateshead’s Metrocentre. Opening this summer, the concept will occupy a 4,367 sq ft space on the scheme’s Lower Yellow Mall. Joining its existing sites in Leeds and Castleford, The Escapologist will bring a series of themed escape rooms to Metrocentre, with genres such as heists, fantasy, horror, and space. The venue will also have a steampunk-style bar, offering a range of cocktails and mocktails. The Escapologist will complement the existing leisure operators already within Yellow Mall, including Namco Funscape, Clip ‘n Climb, Treetop Golf, and Odeon Cinema, as well as nearby bars and restaurants such as Slim Chickens, Wagamama, and Wingstop. Ben Cox, director at scheme asset manager Sovereign Centros from CBRE, said: “Metrocentre has an evolving leisure offer which is a key strategic focus. As the second biggest shopping centre in the country, we have a great opportunity to make the experience of visiting Metrocentre more compelling by introducing exciting leisure venues alongside the best retail brands. Escape rooms have proven their popularity across the country, so getting a quality operator in The Escapologist will enhance the Yellow Mall leisure offer […]

Swiss Life offloads Nottingham retail park for £18.65m

24th April 2024

Swiss Life Asset Managers has sold a retail warehouse scheme in Nottingham to a private investor for £18.65m. Lady Bay Retail Park occupies a 7.6 acre site and comprises 105,000 sq ft of retail space arranged across 13 units. Key tenants at the freehold scheme include The Range, Hobbycraft, The Food Warehouse, Dreams, Burger King, Subway, and Greggs. The scheme is also supplemented by a 400-space car park. The asset collects a total rent roll of £1,592,829 per annum, representing an average passing rent of £15.09 per sq ft. The £18.65m purchasing price represents a net initial yield of 8%. Font Real Estate advised the purchaser, and has been retained as the scheme’s asset manager. BNP Paribas Real Estate advised Swiss Life Asset Managers.

Oliver Bonas opens largest Kent store at Bluewater

22nd April 2024

Oliver Bonas has opened its largest store yet in Kent at Bluewater shopping centre. The clothing and homewares retailer has taken 3,272 sq ft on the scheme’s Lower Guildhall, opposite John Lewis. The store offers a range of clothing, accessories, and furniture. James Waugh, centre director at Bluewater, said: “Oliver Bonas is a brand that our guests have told us they were keen to shop at in Bluewater for some time, and we’re excited to be finally welcoming them to our retail line-up. “The new store will have been worth the wait for our guests, as we’re proud to say this is the largest Oliver Bonas in the region, with the widest range of products on offer. We know our guests will love the array of designs available in the new store.” Oliver Tress, founder of Oliver Bonas, added: “We are excited to be expanding our presence into Bluewater shopping centre. We’re not just opening a new store; we’re creating an uplifting space where curated design meets community, and we’re inviting people to come and explore, and to discover unique finds and a joyful experience.”

Lidl to continue London expansion with Fulham opening

22nd April 2024

Lidl is set to continue its expansion in London with the opening of a supermarket in Fulham. Opening this summer, the store on North End Road has entered the final stages of development, with a fit-out now underway. The opening forms part of the retailer’s £500m investment into its London estate, with Lidl achieving a market share high of 9.1% in the capital last year, according to Kantar. Grant Shulton, regional head of property for Lidl GB, said: “After all the support we’ve received from members of the community, its exciting to be able to share that we are one step closer to opening the doors to our Fulham store. “We have a clear commitment to providing shoppers with the very best value, and after becoming the third-largest supermarket in London it really reinforces our dedication to ensuring that everyone can eat affordable, high quality food, no matter where they live.” Last year, Lidl said it was targeting 1,100 shops in the UK by the end of 2025.