Retail Property Deals

Supermarket Income checks out £34.7m Stoke Tesco acquisition

22nd March 2024

Supermarket Income REIT has completed the acquisition of a Tesco supermarket in Stoke-on-Trent for £34.7m, reflecting a net initial yield of 7.5%. Constructed in 1994, the 54,451 sq ft net sales area supermarket sits on a 8.7 acre site and is supplemented by a petrol filling station, also included in the acquisition. The store support’s Tesco’s online operations through both home delivery and click-and-collect services. The asset is being acquired with an unexpired lease term of 11 years, and is subject to annual inflation-linked rent reviews. The acquisition has been funded through the drawdown of Supermarket Income REIT’s revolving credit facility. Supermarket Income REIT focuses on investing in grocery stores with an omnichannel offering, fulfilling online and in-person sales. The company’s supermarkets are let to leading UK operators across the country. Last autumn, the REIT saw its annual rental income reach over £100m, which it said reflected the resilience of the grocery sector.

East London retail park snapped up in fledgling property fund’s third deal

22nd March 2024

A recently-launched property fund has acquired a retail park in East London in its third investment. DTZ Investors acquired Goodmayes Retail Park in Chadwell Heath from Landsec on behalf of LGPS Central’s UK Direct Property Fund, which was launched in late 2023. The 100,000 sq ft+ scheme is let to a range of retailers including Wickes, Currys, Carpetright, The Gym, Nandos, Costa, and Masala Bazaar. The park is located in an area that is expected to see new investment in homes, jobs, and social infrastructure owing to its close proximity to the new Crossrail stations at Goodmayes and Chadwell Heath. The UK Direct Property Fund is a sub-fund of the LGPS Central Property ACS, developed in collaboration with LGPS Central’s Partner Funds and managed in partnership with DTZ Investors. The fund is aiming to invest up to £500m across the UK in the medium-term. The fund has previously invested in Clayton Business Centre, a multi-let industrial estate in West London, as well as an industrial and car showroom investment in Enfield. Mike Hardwick, investment director for property investments at LGPS Central, said: “While the availability of investment opportunities remains constrained we are pleased to have secured a further investment for...

Rocket Padel to serve up at Battersea Power Station

21st March 2024

Rocket Padel is set to open London’s first riverside indoor padel courts at Battersea Power Station. It marks a return to the scheme for the operator, after hosting a successful padel court pop-up at The Battersea Games in 2023. The courts will be in place for five years and be located to the east of the Grade II-listed landmark, alongside an immersive exhibition space. Padel is a highly popular, emerging sport which incorporates aspects of tennis, badminton and squash and is played with small racquets without strings. Stockholm-based Rocket Padel will offer community-focused programmes with local youth organisations, charities, and schools, benefitting from free taster sessions at the padel courts. Landscaped public realm will sit alongside the padel courts, adding to the green spaces already available at the riverside neighbourhood, including the six-acre Power Station Park. Sam Cotton, head of asset management at Battersea Power Station Development Company, said: “We are always looking for new ways to activate parts of the riverside neighbourhood as we deliver the Battersea Power Station masterplan and are excited to be working with the Rocket Padel team again to open the first riverside Padel courts in Central London. Rocket Padel are leaders in their field, and […]

Moss opens rebranded store at Clarks Village

20th March 2024

Moss has opened a rebranded store at Clarks Village outlet centre in Somerset. The menswear brand, which recently dropped the ‘Bros’ from its name, has taken a 1,733 sq ft space in Apple Court, nearby to Vans and M&S. Ten stores opened under the Moss brand in 2023, including a flagship store in Manchester. In 2024, the Clarks Village store, alongside an opening in Edinburgh, bring the brand’s UK portfolio to 110 stores. Chris Davis, centre director at Clarks Village, said: “Moss is a fantastic addition to Clarks Village, further enhancing the outlet’s menswear range alongside our 90 designer and high-street brands with discounts of up to 60 per cent off RRP. Moss is the outlet’s first new brand to launch in 2024 and follows hot on the heels of the revamp of Cadbury’s. “Looking ahead, guests have a lot to look forward to at Clarks Village this year from exciting new brands and store revamps to exclusive VIP shopping dates and a line-up of events.”

Double deal secured at Milton Keynes’ Midsummer Place

20th March 2024

Ellandi has secured a major double deal at Midsummer Place in Milton Keynes, with Sports Direct and Lane7 set to join the scheme. The 50,000 sq ft Sports Direct store will offer a range of footwear, clothing, and equipment, and feature more brands from the Frasers Group with concessions from USC, Evans Cycles, and GAME. Meanwhile, bowling operator Lane7 will take 40,000 sq ft for its 18th opening in the UK. Both brands will be taking space in the former three storey Next Beauty & Home unit, with Lane7 occupying the basement floor. Simon Anderson, asset management director at Ellandi, said: “Securing both Frasers Group’s Sports Direct, and Lane7 for Midsummer Place demonstrates both confidence in the market as well as highlighting the opportunity at Midsummer Place. These brands will complement the recent re-development of The Boulevard F&B quarter. We are transforming the centre, and in addition to the physical changes we are curating a very attractive tenant mix. This brings us one step closer to realising our vision to create a high-end, quality destination.” These signings follow the recently completed development of the scheme’s boulevard which has seen the opening of eight independent luxury cabins to create a food […]

Merry Hill to welcome Midlands-based burger restaurant

20th March 2024

Sovereign Centros from CBRE has announced that Dudley’s Merry Hill is set to welcome Midlands-based smash burger brand Boo later this spring. The 2,000 sq ft restaurant, located adjacent to Wingstop, will join Merry Hill’s leisure quarter. Anchored by Hollywood Bowl, the quarter is part of a repositioning of the mall by Sovereign Centros which aims to create a hub for family-friendly leisure and dining. Since making its debut in Leicester in 2017, Boo has gone on to open more sites across the UK and globally, opening its first overseas restaurant in Abu Dhabi’s Yas Mall last year. Boo Merry Hill will offer a range of burgers with various toppings, as well as sides such as fries and wings, and drinks including milkshakes and coffees. Alistair Winning, asset manager at Sovereign Centros from CBRE, said: “Given the importance of Merry Hill to its community, as the premier regional mall in the West Midlands, we’re always looking to support native brands, and locally-founded Boo opening here is evidence of that. We have made great strides in diversifying our dining options at the destination, and Boo will bring yet another top-tier fan-favourite restaurant to complement our other recent additions, placing them amongst...

Abercrombie & Fitch to fill retail space at Hines’ 325 Oxford Street

20th March 2024

Hines has secured a deal for Abercrombie & Fitch to take the entire retail space at its mixed-use 325 Oxford Street building. The fashion retailer has agreed a multi-year lease to occupy the ground and first floors in the building, and is set to move in and begin trading in early 2025. Located at the corner of Oxford Street and Bond Street, 325 Oxford Street was acquired on behalf of the Hines European Value Fund 2 in March 2020. In addition to retail, the building also incorporates 31,000 sq ft of newly-developed office space arranged over the second to seventh floors which is now fully let to a range of occupiers following a major refurbishment and extension. Jake Walsh, managing director at Hines UK, said: “Securing such a high profile, iconic brand as Abercombie & Fitch is a real coup for Hines and represents a fabulous addition to Oxford Street retail offering. It is an exciting time for London’s most famous shopping street as it is redefining itself as a go-to retail, leisure and office destination and we are proud to be contributing to its dynamic evolution.”  Scott Clarke-Bryan, managing director of EMEA at Abercrombie & Fitch, added: “We see […]

Landsec offloads Shepherd’s Bush shopping centre for £60m

19th March 2024

Landsec has sold the West 12 Shopping Centre in Shepherd’s Bush, London to a private investment vehicle for just under £60m, CoStar reports. The site had been earmarked for a £340m residential development, with plans to build 700 homes. The asset comprises 300,000 sq ft of retail and leisure space, and is supplemented by a 128-room Ibis hotel and a 12-screen Vue cinema. Located adjacent to the Westfield shopping centre, the scheme is let to occupiers such as Sainsbury’s and Lidl and produces an annual net rental income of around £4m. Purchaser West 12 Investments has appointed Tandem Property Asset Management and Holmes Property Partners to provide property and asset management services. Savills advised West 12 Investments, whilst Knight Frank advised Landsec.

Lidl sells surplus gym site in Northampton

19th March 2024

AMK2 Real Estate has acquired a former purpose-built supermarket building in Northampton, currently let to a gym operator, from Lidl for an undisclosed sum. The 16,963 sq ft unit is located on a 1.26-acre site on Gambrel Road and occupies a roadside position alongside Sixfields Retail Park. Nearby occupiers include Sainsbury’s, Next, M&S, Boots, TUI, Poundland, Costa and Lidl. The building, which has 75 parking spaces, is currently let to The Gym Group on a 15-year lease. Chris Gaskell, partner at Johnson Fellows, which works alongside Lidl on acquisitions and disposals, said: “We are working hand in hand with Lidl to identify sites for new supermarkets, while also disposing of land and property that is no longer required.  “The site at Gambrel Road, which has an excellent occupier, was surplus to requirements and we are therefore delighted to announce that it has been acquired by AMK2 Real Estate.” Advised by Johnson Fellows, Lidl also recently completed the sale of one-acre of development space in Birmingham. AMK2 Real Estate was represented by TDB Real Estate.

Phase Eight opens standalone store at Kingston’s Bentall Centre

18th March 2024

Phase Eight has opened a standalone store at The Bentall Centre in Kingston, after previously trading at nearby Fenwick and John Lewis stores. The 1,572 sq ft store features the fashion retailer’s new concept, offering a range of clothes, shoes, and accessories including limited edition ranges. The opening forms part of Phase Eight’s expansion strategy which saw it open 13 stores across the UK and Europe in 2023. Following an opening at Cribbs Causeway earlier this year, the retailer is planning to open more stores in 2024 in locations such as Blanchardstown, Bluewater, Edinburgh, and Glasgow. Caraline Money, group retail director of Phase Eight, said: “We are delighted to be opening our latest store in the Bentall Centre in Kingston. Having successfully traded in concessions in the area, we are delighted to bring our latest collections and flagship experience to the local shoppers. The retail team is excited to welcome shoppers to the new store and deliver our personalised 5-star customer service experience.”

Cape Town-based property fund acquires North East retail park

15th March 2024

The UK branch of South African property fund FPG has acquired the second phase of Washington Retail Park, near Sunderland, in its first purchase of the year. The retail park – which comprises 122,322 sq ft of space and features a 678-space car park – has been acquired from Peel Retail and Leisure. Watling Real Estate advised FPG. Ian Whittaker, director at Watling Real Estate, said: “Located prominently on Spire Road just off the Sunderland Highway, the park boasts an impressive tenant line up, being anchored by a Lidl food store which accounts for over 50 per cent of the income. “Greggs, Food Warehouse and One Below make up the remaining tenant line up which has a very healthy 14 year WAULT. The current income is circa £600,000, with additional income available from electric vehicle chargers. “FPG are a fantastically reliable buyer and when they agree to something you have the confidence that it will be a smooth and timely transaction. FPG remains on the hunt for new stock for the remainder of the year, so we would be pleased to receive further approaches on suitable sites.” Savills advised Peel Retail and Leisure on the sale.

Michelin-starred chef opens French bistro in Chelsea

15th March 2024

The Sloane Stanley Estate has announced that Josephine, the new French bistro concept by Michelin-starred Claude Bosi and Lucy Bosi, has opened in Chelsea. Located at 315 Fulham Road, the 2,633 sq ft restaurant has space for 76 guests, and includes a semi-private dining area able to seat up to 20 diners. The new concept pays homage to the Bosi family, offering classics such as French Onion Soup, Oeuf en geleé, Salade Lyonnaise, and Leek Vinaigrette, as well as a selection of wines. The debut location looks to evoke the character of iconic Lyonnaise restaurants, with antique mirrors, warm candelabra lighting, and small bistro tables adding a touch of elegance. Sloane Stanley said the opening represents the appeal of its estate to leading restauranteurs and the wider charm of Chelsea as a destination for independent concepts and debuts. Hannah Grievson, property director at Sloane Stanley, said: “Josephine is a fantastic addition to Fulham Road and highlights the neighbourhood’s appeal in attracting world-class chefs and entrepreneurs. Its contemporary and high-quality fit-out and menu mirrors the exceptional range of tenants we have across our portfolio on the Sloane Stanley Estate.”  This announcement follows other recent F&B entrances to Sloane Stanley’s Fulham Road,...