Retail Property Deals

Family office snaps up Oxford Street retail asset

20th May 2024

Aspida Capital, a family office specialising in investment and asset management, has completed the acquisition of 105-109 Oxford Street in London for £18.5m in partnership with another family office. The property is let to retail tenants Flying Tiger and Harmony on long-term leases, and produces a passing rent of £1,075,000 per annum. Both tenants had their rents rebased and leases extended during the Covid pandemic, however the property still provides early lease events and asset management opportunities. There is also a planned review for a minimum rent increase in 2025 to £1.25m, which is likely to be higher based on rental tone. The previous owner of the property, Thor Equities, acquired the building in in 2015 for £42m. At that time, the asset had a combined income of £1,127,580 per annum. By 2019, the property had an estimated rental value of £1,638,700, with a market value of over £50m. Antony Antoniou, managing director of Aspida Capital, said: “Oxford Street is reclaiming its crown as the UK’s top retail destination. What started with the Elizabeth Line drawing increased footfall is now being cemented with the £1bn investment in the flagship retail stores for international brands. This acquisition represents a very attractive […]

Phase Eight to upsize at Bluewater

17th May 2024

Phase Eight is set to open an upsized store at Bluewater later this month, following 20 years of trading at the Kent scheme. The fashion retailer’s new store will span 2,499 sq ft, an increase in size of 336% compared to its previous unit at Bluewater. Stocking a range of clothing, shoes, and accessories, the store will feature the retailer’s new store concept, which has been rolled out in other locations since the brand opened at Westfield White City in 2022. Phase Eight began to expand its estate last year with 13 stores across the UK and Europe. It is also planning to open stores in places such Bury St Edmunds, Glasgow, and Dublin later this year. James Waugh, centre director of Bluewater, said: “Here at Bluewater, we are always striving to create the best possible guest experience, so we’re delighted to be welcoming back Phase Eight following its relocation to a larger space. “Phase Eight is among our longest-standing brands, having traded at the centre for over 20 years, so we’re sure our guests will be delighted to be able to shop an even wider array of clothing in the new flagship store.”

B&M snaps up former Manchester Arndale Wilko unit

16th May 2024

B&M is set to open at Manchester Arndale, taking residency in high street rival Wilko’s former unit at the scheme. The discount retailer has signed a five-year lease for the 30,000 sq ft unit, which is set to open later this year at the Manchester scheme. The store will offer a range of products including home goods, groceries, electronics, as well as seasonal items. The arrival of B&M at Manchester Arndale follows a flurry of leasing activity at the scheme over the last few months, including retail lettings to Space NK, Dune, Moss, The North Face, and Sunglass Hut. Black Sheep Coffee, Krispy Kreme, and Lazy Sundae are also amongst recent additions. M&G Real Estate and Global Mutual act as joint asset managers of Manchester Arndale, whilst Metis Real Estate and Time Retail Partners are the centre’s retained letting agents, with Green & Partners retained as lease advisory agents. Steve Gray, head of European retail asset management at Global Mutual, said: “We’re delighted to welcome such a strong household name like B&M to Manchester Arndale. We place great importance in having a truly mixed offer and its fantastic to be able to bring in a retailer that offers a wide […]

Columbia Threadneedle adds retail park duo to portfolio

16th May 2024

Columbia Threadneedle Real Estate has acquired two retail parks on behalf of separate client funds, adding 315,000 sq ft of space to its portfolio.

Primark opens 80,000 sq ft upsized store at Metrocentre

15th May 2024

Primark has opened the doors to its upsized store at Metrocentre in Gateshead – its 13th largest in the UK. The clothing and homeware retailer has added 14,100 sq ft on the ground floor – bringing the total trading area to 80,000 sq ft across two floors. Accounting for non-trading space, the store extends to a total of 100,000 sq ft. The store’s departments have been rearranged and upgraded with new fixtures and fittings as the retailer looks to create a seamless shopping experience. Self-checkout tills, alongside manned tills, have also been introduced to improve the customer experience. Primark’s expansion looks to underpin the retailer as a significant anchor within Metrocentre, which has recently seen investment from other leading retailers such as Zara, Footasylum, and EE, all of which have upsized. Ben Cox, director at scheme asset manager Sovereign Centros from CBRE, said: “Primark is a firm favourite across the retail market as well as within Metrocentre, and this enhanced space really delivers for our visitors. Having been part of the destination for nearly 20 years, this investment highlights Primark’s commitment as an established brand that has had enduring success at Metrocentre. This year alone several of our international powerhouse brands […]

Finisterre opens largest UK store at Covent Garden

14th May 2024

Cornwall-based sustainable product retailer Finisterre has opened its largest UK store at London’s Covent Garden. The 2,702 sq ft flagship store at 47-49 Neal Street becomes the retailer’s 11th store in the UK. The opening follows Finisterre’s move from Covent Garden’s Seven Dials neighbourhood which sees the brand upsize its store by 80%. The store will be stocked with a Finisterre’s garments for men and women, as well as the brand’s wetsuit, swimwear, and accessories ranges. As well as a retail offer, the flagship store will be home to a repairs workshop and a chill out area which has been designed to transform into a 50-seater cinema. Tom Kay, founder of Finisterre, said: “The timing feels good for us to be moving our London flagship store to Neal Street, in Seven Dials, Covent Garden. The open layout and increased size of the store will give our customers the ability to engage with the full product range in one place. It also means that we can run a wider events programme to better cater to our growing community in the capital, enabling more people to get involved in our ocean film screenings, talk nights, and live music. Because of this, it...

Breitling opens Knightsbridge boutique

14th May 2024

Swiss luxury watchmaker Breitling has opened the doors to its newest boutique in London’s Knightsbridge. The 1,144 sq ft space marks an eighth opening in the capital for the brand and its 29th location in the UK. The boutique looks to capture Breitling’s chic industrial aesthetic, featuring signature elements such as a motorbike and pool table. Gavin Murphy, Breitling managing director, said: We are now thrilled to have opened a new two story boutique in one of London’s most esteemed shopping destinations. This will be our 29th boutique and cements our presence within central London. Knightsbridge is a strategic location for the brand with a high concentration of affluent local and international clients where we will be able to fully showcase the spectrum of what Breitling stands for today. Makoto Fukui, fund manager at Schroders Capital, added on behalf of the landlord the Knightsbridge Estate: “We are excited to be welcoming Breitling to The Knightsbridge Estate. With a forward-thinking approach and heritage that resonates with The Knightsbridge Estate, the new boutique is very well placed to strengthen our existing community of leading luxury retailers.” The Knightsbridge Estate is a 3.5-acre island site located between the Harrods and Harvey Nichols department […]

Nike Rise opens at Trinity Leeds

13th May 2024

Nike has opened its latest ‘Nike Rise’ concept store at Trinity Leeds. The sportswear and fashion retailer has taken residency in the 10,000 sq ft former Victoria’s Secret unit on the ground floor. Steven Foster, centre director at Trinity Leeds, said: “It’s incredibly exciting to welcome Nike Rise to Trinity Leeds, offering a first-of-its-kind retail concept with a unique digital experience to help people connect with sport in Leeds, and the local sporting community.  “The launch of Nike Rise – the brand’s only concept store in the region – comes during a particularly exciting time for Trinity Leeds, as we gear up to welcome more big-name brands in the coming months.” The opening follows the arrival of Five Guys at Trinity Leeds last week, with Zara, Jack & Jones, Knoops, and Honi Poke also set to join the scheme’s line-up.

Greggs opens 2,500th store

10th May 2024

Greggs has reached a significant milestone in its expansion strategy, after opening its 2,500th store. The latest opening, located in a petrol forecourt at Sainsbury’s Cobham, is the bakery chain’s eighth in collaboration with the supermarket retailer and brings the total amount of Greggs shops with its supermarket partners to 50. In 2021, Greggs launched its five-year growth plan, in which it set out a target to open over 3,000 shops in the UK in the longer term. In 2024 alone, the bakery operator is planning on opening between 140 and 160 new shops, with a particular focus on expanding its presence within travel hubs and roadside locations. Greggs said the versatility of its brand enables it to open a full range of formats in a variety of locations, with its digital channels helping extend its reach even further.

Victoria Leeds welcomes regional debut for perfume retailer

10th May 2024

Victoria Leeds is set to welcome perfumery manufacturer Le Labo, part of the Estée Lauder Company, for its regional debut. The 1,500 sq ft boutique – which is set to open in July – will be spaced across four floors and offer the brand’s core collection of perfumes and candles. Personalised fragrances will also be available. Meaning ‘the lab’ in French, Le Labo works with craftspeople including flower harvesters, local farmers, candle pourers, and perfumers, to create fragrances to order. The brand – which has an international presence stretching from the USA to Asia and Europe – is continuing to focus its expansion on premium retail destinations. The brand’s new Leeds store, opening on Queen Victoria Street, will join others such as Mulberry, Berry’s Jewellers, and Jimmy Fairly. Rachel Bradburn, leasing director at Victoria Leeds, said: “Le Labo’s focus on handcrafted, high-quality fragrances perfectly complements the character and premium tenant-mix we have curated in Queen Victoria Street and wider Victoria Leeds. Being the destination of choice for such a significant regional debut, is testament to our ongoing success at Victoria Leeds. We are thrilled to welcome Le Labo this summer, as we continue to further enrich the destination’s line-up of best-in-class...

White Stuff signs for Derbion

10th May 2024

Fashion and lifestyle brand White Stuff is set to open a new store at the Derbion retail and leisure destination in Derby. Spanning 1,501 sq ft, the retailer’s new flagship store will stock its range of womenswear, menswear, and accessories, and is set to open in June. This follows news that over £5m is being invested into three new concept stores for JD Sports, New Look, and Ann Summers at Derbion, with JD Sports more than doubling the size of its store to 20,715 sq ft later this year. Beth McDonald, managing director at Derbion, said: “White Stuff is a fantastic brand and we’re delighted that it will be joining our line-up of high street favourites and premium retailers. “We’ve been on a journey of evolution at Derbion with a progressive leasing strategy that optimises the offer from our current retailers whilst attracting new brands. With more exciting names to arrive soon, there is a clear sense of confidence in the centre.” White Stuff’s arrival follows over £5.2m of investment in Derbion throughout 2023. The scheme welcomed 13 new openings including global cosmetics retailer Rituals and lifestyle brand MINISO, alongside a new TAG Heuer Boutique.

M&S set for significant expansion at Leicester’s Fosse Park

9th May 2024

Marks & Spencer has unveiled plans to significantly upsize its existing store at Fosse Park in Leicester. The retailer will take over a neighbouring vacant unit, increasing its presence at the retail park by 11,500 sq ft to over 100,000 sq ft. The larger format store will enable M&S to expand its offer at the scheme to include a wider range of food, clothing, homeware, and beauty. Work has now commenced at the site, and is expected to be completed by the autumn. In the meantime, the store will continue to trade with different departments undergoing changes gradually. Nicole Campbell, senior asset manager at scheme owner The Crown Estate, said: “The M&S Fosse Park expansion signifies both the brand’s resonance with our shoppers and highlights Fosse Park’s position as one of the nation’s most successful shopping destinations. “The expanded M&S and new brands will only increase the appeal of Fosse Park. The M&S decision to invest in Fosse Park through this expansion speaks to the strength of the destination.” New signings at Fosse Park in the last 12 months have included Schuh, Moss Bross, New Look, Dreams, Designer Sofas and Natuzzi.