Retail Property Deals

Restaurant-led hotel brand to make UK debut at Covent Garden

8th April 2024

Shaftesbury Capital has announced that boutique hotel brand ERGON House is set to open its first hotel outside of Greece at Covent Garden. The restaurant-led hotel will open a 20,000 sq ft location in a newly-refurbished listed building at 26 King Street, offering a blend of living and restaurant spaces alongside culinary experiences. The venue will host over 20 hotel rooms, a private gym, and a 2,220 sq ft rooftop restaurant with an al fresco terrace, offering views of the London skyline. With food the focus at the hotel, ERGON House will offer a number of culinary experiences to the public, including an Agora marketplace for traders to bring their produce directly to visitors. ERGON – which has a portfolio including 25 company-owned and franchised delis, restaurants, markets, and hotels across Greece, the UK, Cyprus, and the Middle East – is looking to grow its presence throughout Europe. Opening next year, EGON House at Covent Garden will join a number of brands on King Street including Creed, Jo Malone London, Polo Ralph Lauren, Reformation and Petersham Nurseries, along with restaurant Clos Maggiore, and the recent arrival of Arc’teryx’s new flagship store. Michelle McGrath, executive director, Shaftesbury Capital, said: “Making places […]

Zara upsize leads series of openings at Bullring & Grand Central

8th April 2024

Zara is set to significantly upsize its store at Hammerson’s Bullring & Grand Central, as the Birmingham scheme welcomes a number of new tenants. The fashion retailer will take 51,000 sq ft across the top floor of the former Debenhams department store and an adjacent two-storey unit on Bullring’s upper level. The two stores will offer the retailer’s full range of menswear, womenswear, and childrenswear, and will feature an ‘Automated Collection Point’, self-service, and dedicated refund tills. Zara’s upsizing completes the repurposing of the former Debenhams store, with the lower floors now occupied by M&S and TOCA Social. The retailer’s renewal also follows the openings of fellow Inditex-owned brands Bershka and Pull&Bear at the scheme last year. Also joining Zara at Bullring & Grand Central this year is Swiss watch brand Swatch, which opens its debut standalone store in the city. Located on Link Street, the 800 sq ft store will have over 500 watches on display from a range of collections. Meanwhile, footwear brand Clarks is relocating within Bullring to open its ‘modern workshop’ concept in a 4,500 sq ft unit on the lower level. Additionally, the scheme will welcome Mexican restaurant Zambrero, which takes a 580 sq ft...

Borough Yards welcomes five sustainable retailers

5th April 2024

Five sustainable retailers are set to join Southwark’s Borough Yards neighbourhood, taking residency on the soon-to-open Stonecutters Lane. The newly-announced retailers comprise vegan skincare brand Sknfed, handmade decor specialist La Lune London, Linnet Jewellery, eyewear brand Pop Specs, and ethical slow fashion label Handmade Stories. For most of the brands, opening at Borough Yards marks their first standalone location in the UK. The new entrants will join the existing retail offering at Borough Yards, which includes the like of skincare brand Malin + Goetz, chocolatier Le Chocolat Alain Ducasse, and handcrafted knife brand Kitchen Provisions, as well as F&B operators such as Bancone, Barrafina, Akara, Parrillan, and Brother Marcus, as well as Everyman Cinema. Lily Lin, managing director at developer MARK, said: “As the concluding piece of the Borough Yards project, Stonecutters Lane introduces an added layer to our leisure, culture, and shopping ensemble. It’s envisioned as a springboard for burgeoning independent and artisan retailers, positioned in an area renowned for creative dynamism, high footfall, and consumer spending.” Located two minutes from London Bridge station, Borough Yards is home to 50 shops, eateries, bars, and cultural experiences, housed within restored Victorian railway arches. Bruce Gillingham Pollard and CBRE act as commercial leasing agents […]

Edinburgh’s Omni Centre snapped up by investment group

5th April 2024

International investment group Triple B has acquired Edinburgh retail and leisure venue The Omni Centre from Nuveen for an undisclosed value. Located at the top of Leith Walk, the asset is home to tenants such as JD Wetherspoon, The Glasshouse Hotel, Nuffield Health Club, Nando’s, Vue Cinema, Boom Battle Bar, and the recently opened Edinburgh Street Food market. The asset was placed on the market last year with an asking price of £65m. Triple B – which was founded by the family behind shoe brand Bata – said the acquisition would further expand its portfolio of investments across key European markets. Thomas A. Bata, director of Triple B, said, “We are thrilled to welcome Omni Centre Edinburgh into the Triple B portfolio. This acquisition aligns with our mission to invest in projects that foster meaningful experiences for communities. Omni Edinburgh has established itself as a cornerstone of leisure and entertainment in Scotland, and we are excited to build upon its success.” Scott Dwyer, senior real estate advisor at Triple B, added: “Our commitment to authenticity, global vision, innovation, responsible capitalism, and entrepreneurship forms the foundation of our approach. We see tremendous potential and synergies with Omni Edinburgh and are committed to investing in its […]

JD Wetherspoon to open £2.5m pub at Waterloo Station

4th April 2024

JD Wetherspoon is set to invest £2.5m opening a new pub at Waterloo Station, called The Lion and the Unicorn. Last year, the pub operator submitted plans to open a pub across four units on the upper ground floor of The Sidings, Waterloo Station’s new shopping and leisure complex. The pub – which is set to open this summer – will offer views in from the station concourse. JD Wetherspoon chairman and founder, Sir Tim Martin, said: “We are looking forward to opening our new pub. We are confident it will appeal to a wide range of people and be a great asset to the station itself.” London & Continental Railways’ asset management director, Sian Evans, added: “The Sidings at Waterloo is set to become one of London’s leading leisure and entertainment destinations. The new Wetherspoon pub will provide another great reason for people to visit.” In March, JD Wetherspoon said it had potential for about 1,000 pubs in the UK, despite reducing the size of its estate over the last decade.

KIKO Milano to open fourth London store at Angel Central

4th April 2024

Cosmetics brand KIKO Milano is set to open its fourth store in London at Angel Central in Islington. Taking a 818 sq ft unit, the Italian retailer will sit adjacent to Rituals and MUJI, with the store offering the brand’s full product range and in-store make-up services. This comes as Angel Central celebrates a Fitwel 2-star rating for the re-certification of the scheme this year, which asset manager CBRE Investment Management said represents a continued commitment to health and wellbeing across the centre. Louisa Butters, head of retail asset management UK at CBRE Investment Management, said: “KIKO Milano is a fantastic brand to add to our retail mix and responds to visitor appetite for more beauty and skincare which you can’t find anywhere else in the surrounding area. We are constantly looking at how we can elevate the centre to deliver even more for consumers, and extending our beauty offer is key to our overarching vision. We look forward to welcoming KIKO to the scheme next month, with many other exciting openings on the horizon for this year.” Paul Devin, country director of the UK and Ireland at KIKO Milano, added: “As we continue our rapid expansion plans across the...

Chopstix serves up at The O2’s Entertainment District

3rd April 2024

The Entertainment District at The O2 has reached full leasing completion after pan-Asian quick-service restaurant brand Chopstix opened over the Easter weekend. The 1,991 sq ft restaurant features brand new digital screens, as well as Chopstix’s signature interiors. Customers will be able to order Chopstix favourites such as its Caramel Drizzle Chicken, Sweet & Sour Chicken, and vegan topping All Leaf No Beef Teriyaki. The fully-leased Entertainment District helps support The O2‘s position as one of the leading destinations in the capital for retailers, operators, and visitors. Janine Constantin-Russell, managing director at the Entertainment District and Outlet Shopping at The O2, said: “We are pleased to welcome Chopstix to The O2, marking the final piece to the puzzle as we celebrate a fully-leased Entertainment District and commend the success that we have achieved over the last few years. Grab-and-go was an area that we were keen on expanding to deliver a variety of F&B concepts for visitors, and mixed with our fantastic leisure operators and high-quality dining offers, Chopstix complements the destination and reaffirms our position as being one of London’s most desirable retail, F&B, and leisure locations.” In 2023, The O2 welcomed the likes of JD Wetherspoon’s ‘The Stargazer’ pub, a […]

Phase Eight returns to Edinburgh for fourth store in Scotland

3rd April 2024

Phase Eight has returned to Edinburgh with a new opening on George Street, its fourth standalone store in Scotland. The 3,444 sq ft store forms part of the fashion retailer’s expansion strategy which saw it open 13 new stores last year across the UK and Europe. The retailer has also opened new stores at Cribbs Causeway and in Kingston earlier this year, and is planning further openings at places such as Bluewater and Blanchardstown later in 2024. In May, Phase Eight will also open its fifth standalone store in Scotland at Glasgow’s Braehead Centre. Housed in a period building, the new Edinburgh location features the retailer’s new store concept, complete with a private VIP personal styling suite, bespoke furniture, curved feature walls, and large format digital screens. Caraline Money, group retail director at Phase Eight, said: “Having previous traded in Edinburgh, we are thrilled to be back in this iconic city with our latest flagship store. “We truly value our Scottish customers, and we are delighted to bring the flagship experience to Scotland where we will be able to showcase our full range including limited-edition collections.”

Newcore acquires £30m East London supermarket asset from British Land

3rd April 2024

Social infrastructure real estate specialist Newcore has acquired a 5.6 acre supermarket site in Bromley, East London, from British Land for £30m. The site comprises a 70,000 sq ft Tesco supermarket, a 558-space car park, and a petrol filling station. The investment was purchased on behalf of Newcore’s latest value-add vehicle, Newcore Strategic Solutions (NSS), due to the sites medium-term potential within a key regeneration area, as well as its short-term income from the existing operator. NSS’s recent acquisitions include an NHS-backed GP surgery in Kent, two education investments in Oxford and Cambridge, and a food distribution centre in Colchester. Harry Savory, chief information officer of Newcore Capital, said: “We are pleased to have purchased the Tesco Bromley-by-Bow and we are actively on the hunt for further covered land plays in strategic locations where there is a medium-term opportunity to enhance value through increased provision of social infrastructure uses – this is a key criteria for us, alongside the potential for strong risk-adjusted returns”. In late 2023, Newcore announced the launch of a new core-plus investment vehicle, named The Newcore Social Infrastructure Income Fund. The fund – which is targeting £375m in equity commitments – is the firm’s largest yet and […]

Zara to upsize Liverpool ONE flagship

3rd April 2024

Zara is set to expand the size of its Liverpool ONE flagship store. The Inditex-owned fashion brand will undertake a significant refurbishment and expansion to its existing store on South John Street, increasing the size of its presence from 27,000 sq ft to 42,000 sq ft. The larger space will enable Zara to offer more of its menswear, womenswear, and kidswear ranges, whilst new self-service machines and online collection points look to improve the customer experience. Rob Deacon, director of asset management at Grosvenor, said: “Zara choosing to increase their investment in Liverpool ONE is a testament to the location’s reputation as a destination for flagships. As one of Liverpool ONE’s leading retailers, we have no doubt that the upsized anchor store will only serve to strengthen Zara’s sustained demand and loyal customer base in Liverpool.” Zara joins a growing list of brands which have chosen to invest in Liverpool ONE, including BOSS, Hollister, and Goldsmiths. The expansion increases Inditex’s total trading footprint within the scheme to 68,000 sq ft, representing a continued investment from the retail group, following the openings of Bershka and Stradivarius, and the upsize of Pull&Bear.

Uniqlo lines up third Oxford Street store opening

2nd April 2024

Uniqlo is set to open its third store in London on Oxford Street in April. Opening on the 18th, the two-storey, 13,993 sq ft store will have entrances on both Charing Cross Road and Oxford Street adjacent to Tottenham Court Road tube station. The store will offer the clothing retailer’s range of menswear, womenswear, and childrenswear, and will offer an in-store repair service as well as digital screens to showcase trending items. Alessandro Dudech, chief operating officer at Uniqlo UK, said: “We are delighted to be opening another UNIQLO store on one of London’s most iconic retail streets, it is a real privilege to bring LifeWear to the local community as well as visitors exploring the city.” The store will become Uniqlo’s 18th in the UK.

CBRE offloads West Yorkshire retail park

2nd April 2024

CBRE Investment Management has completed the sale of Alston Retail Park in Keighley, West Yorkshire to an overseas investor. The 98,961 sq ft retail park is anchored by B&Q with other occupiers including Dunelm, Carpetright, Home Bargains, Fabbs Sofas, Connection Flooring, and NHS. Xprop acted for CBRE IM. This is not the first time this year Xprop has disposed of a retail park asset on behalf of CBRE IM, having completed the sale of Wey Retail Park in West Byfleet in January. Xprop also advised an undisclosed property company on the acquisition of Birkenshaw Retail Park in Glasgow in February and has been appointed to handle the sale of Swiss Life’s Brunel Retail Park in Reading.