Retail Property Deals

EE Metrocentre opening spearheads £6m high street pledge

9th February 2024

EE has opened its latest ‘Experience’ store at the Metrocentre in Gateshead, as the mobile network operator pledges to invest £6m into UK high streets over the next 12 months. Located on Metrocentre’s Platinum Mall, the 3,700 sq ft store is the fourth of EE’s Experience concept and the first of over 10 new EE Experience and Experience Local stores set to open over the next year. EE announced its new retail strategy in June 2023 with a focus on customer experience, community focus, and innovation. This has seen the launch of new store formats including a flagship ‘Studio’ store in Westfield London, Experience stores in Manchester, Cardiff, and Kent, and Experience Local stores in Derby and Guildford. The Westfield London store has seen an increase in footfall of 250% compared to EE’s former branch at the centre, whilst the three Experience stores have all seen footfall grow by 35% compared to the previous stores in those locations. Asif Aziz OBE, retail director at EE, said: “We are excited to launch our latest Experience store in the brilliant tech hub of Newcastle, giving our customers and the local community a chance to experience the newest innovations across smart home and gaming. […]

Sloane Stanley welcomes charity pop-up to King’s Road

8th February 2024

The Sloane Stanley Estate has announced that Verte and Round Retail have launched a collaborative pop-up store on Chelsea’s King’s Road, in support of mental health charity SMART. Verte is a pop-up shop for pre-loved fashion, whilst Round Retail aims to bridge the gap between fashion resale and charitable stores. The two-week pop-up will enable customers to buy and swap pre-loved items from mid-luxury brands, and will feature collections from the likes of Whistles, Acne Studios, Rixo, and Toast. The 1,178 sq ft store at 340 King’s Road will host a number of events during its stay, such as crochet and beading workshops. Free repairs will also be offered to promote a circular approach to shopping. The funds raised will go to SMART – which stands for St Mary Abotts Rehabilitation and Training – with the aim of helping those suffering from mental health issues by providing paid employment opportunities through community businesses such as cafés and gardens. Hannah Grievson, property director at Sloane Stanley, said: “Our on-demand pop-up leasing strategy enables us to be flexible and innovative, and concepts such as the Verte and Round Retail store demonstrate our ability to be adaptive and forward-thinking with our prime retail...

Primark to upsize at Metrocentre

8th February 2024

Primark is set to upsize its existing store at Metrocentre in Gateshead, as the retailer plans to invest £100m into its stores in 2024. The clothing retailer will add 14,100 sq ft of trading space to its store on Exhibition Square, with the upsized store covering a total area of nearly 80,000 sq ft. Work to extend into the adjacent unit on the scheme’s ground floor is already underway, with an opening date expected to be confirmed this summer. Primark first arrived at Metrocentre nearly 20 years ago, before relocating to its current location in 2010. Ben Cox, senior asset manager at Sovereign Centros, said: “2024 has started just how 2023 finished – with major retailers committing to new, enhanced space at Metrocentre. Similar to Zara and Frasers Group, Primark is the next powerhouse brand to make the decision to expand its presence here, made possible by decades of strong performance. Delivering this now is a direct response to what our visitors want from Metrocentre, as we continue to deliver best-in-class flagships from some of the UK’s best-loved brands.” Last year, Metrocentre re-anchored the Red Mall by relocating and upsizing Sports Direct, Flannels, and Zara, to create over 170,000 sq […]

Educational toys brand makes UK debut at Norwich’s Castle Quarter

8th February 2024

Educational STEM (science, technology, engineering, and mathematics) brand Engino has made its UK debut at Castle Quarter in Norwich. The brand has taken 4,405 sq ft of space across Units 54 and 55 on a ten-year lease. Whilst also selling Engino’s range of STEM toys aimed at children from 18 months upwards, the store is home to an education and entertainment area, enabling visitors to test out the brand’s unique building system. Launched in Cyprus in 2004, Engino is a modular plastic system designed to enable children to construct vehicles, buildings, and robotic machines. Its products are available from 57 locations across the United States and Europe. Castle Quarter has recently repositioned towards more social, leisure, and lifestyle operators whilst retaining a traditional retail core. This has brought new brands to the destination such as Boom Battle Bar, Putt Putt Noodle and Escape Hunt. New dining options have also arrived, such as independent restaurants Silhouette and Hank’s Dirty, and the ‘market hall’ style Castle Social. Vue has also committed to a major refurbishment of its eight-screen cinema at the destination. In 2023, visitor numbers at Castle Quarter grew by 9% year-on-year, whilst 75% of occupiers posted higher trading figures compared […]

Midlands Co-op to reopen as retail park following acquisition

7th February 2024

A Co-op store with an adjoining car park in Stourport-on-Severn, near Birmingham, is set to be reopened as a retail park following its acquisition. The 29,000 sq ft store has been acquired by Goold Estates, which plans to re-market the asset as Tannery Retail Park following Co-op’s scheduled exit from the site later this year. Goold Estates said the property will be available to let either in its entirety, or as a multi-let retail and leisure scheme with up to five individual units ranging in size between 1,300 and the maximum 29,000 sq ft. The site was originally home to Stourport tannery, which was constructed in the early 1700s and operated for over 260 years. In 1880, it was acquired by the Beakbane family and later supplied sheepskin leather to the Worcester glove trade, before closing in the 1960s due to fire damage. Anthony Williams, director at Goold Estates, said: “We are delighted to have acquired the site and will shortly be marketing the property to let as a whole or subdivided to provide a new multi-let retail park. I’m confident that the size of the units, together with the large car park, provides a unique opportunity to attract national […]

Asset manager snaps up East London retail park for £12.3m

7th February 2024

Swiss Life Asset Managers has acquired Grove Farm Retail Park in Chadwell Heath, East London from DTZ Investors for £12.3m. The asset comprises a total gross internal area of 47,793 sq ft set across five retail units with 180 parking spaces. Grove Farm Retail Park is fully let with a tenancy roster which includes Lidl, Home Bargains, Iceland, Halfords, and KFC. The scheme has a WAULT of 9.4 years to expiry and 5.8 years to break. The asset generates a gross income totalling £803,828 per annum, with an average rent of £16.38 per sq ft. Lewis Ellis advised Swiss Life Asset Managers, whilst Cushman & Wakefield represented DTZ Investors.

Elephant Park welcomes trio of independent operators

7th February 2024

A trio of independent operators have signed for Lendlease’s mixed-use Elephant Park neighbourhood in South London. Asian street food concept NOKO has signed for a 1,710 sq ft restaurant at Elephant Park’s casual dining zone, Sayer Street. This will become NOKO’s second location – joining a site in Camberwell – and will serve a fusion of Japanese, Chinese, and Korean inspired cuisine. Also joining Elephant Park is Venezuelan all-day eatery Arepa & Co, which will open at the neighbourhood’s lifestyle hub Ash Avenue. Its fifth location in London, the 2,000 sq ft restaurant will serve traditional sweetcorn cachapas, cornbread arepas, and small plates to up to 100 customers, including 25 outside. Meanwhile, independent food market Kiki & Miumiu has launched its upsized store on Walworth Road. The retailer has more than doubled its presence at Elephant Park – where it has already spent two years – to 4,745 sq ft. Guy Thomas, head of retail and place assets at Lendlease, said: “As a thriving, community-focused London neighbourhood, it is important for us to bolster Elephant Park’s blend of independent operators, to the benefit of our local area. NOKO, Arepa & Co, and Kiki and Miumiu were all born out of […]

Aldi to take former Wilko unit at Fulham Broadway

7th February 2024

Aldi is set to open at Fulham Broadway Retail Centre, after taking a 20-year lease for a 12,734 sq ft unit formerly occupied by Wilko. The signing follows a transformative year for the scheme, which saw investment from asset manager CBRE IM and a number of new additions to the centre’s line-up. The supermarket retailer will join other recent arrivals at Fulham Broadway including flexible workspace Fulham Works by Spacemade, and David Lloyd Clubs. Other retailers at the scheme include Accessorize, Nando’s, Vue, Pret a Manger, Starbucks, and Wagamama. Aldi is expected to open later this year. Louisa Butters, head of retail asset management UK at CBRE IM, said: “Aldi is one of the biggest supermarkets in the UK and its new store at Fulham Broadway reflects our strategy to ensure that our proposition is relevant to our consumer needs. We believe Aldi is an excellent addition to our retail mix and we look forward to welcoming them.” GCW represented CBRE IM, whilst Stripe Street acted for Aldi.

MINISO to open largest UK store in Camden

6th February 2024

MINISO is set to open its latest London store in Camden, and its largest yet in the UK. Spanning 4,110 sq ft, the new store on Camden High Street will open on 14 February and become the Chinese lifestyle retailer’s 26th store in the UK. The Camden store will stock a range of homeware, accessories, as well as MINISO’s newly-launched beauty and self-care line. MINISO UK chief operating officer Saad Usman said: “At MINISO, the unveiling of our Camden store signifies a momentous step in our journey, driven by our belief that ‘Life is for Fun.’ “Our store goes beyond the typical retail environment; it stands as a vibrant hub of joy, creativity and all things cute.” In November, MINISO opened a 3,200 sq ft store at 100 Oxford Street on a five-year lease, which became its 23rd nationwide.

Mediterranean restaurant to open second London site in Fitzrovia

6th February 2024

Mediterranean restaurant concept Carmel is set to open its second location in London, after agreeing a 15-year lease for a 95-seat restaurant in Fitzrovia. Located at 7-8 Market Place, the restaurant will comprise over 5,000 sq ft of space and is set to feature an open kitchen, a bar, and ‘The Green Room’, which will seat up to 30 guests in a naturally light space surrounded by greenery. There will also be an outdoor terrace which will accommodate up to 38 guests. Carmel in Fitzrovia will join the brand’s existing location in Queen’s Park, whilst the restaurant’s parent group also operates sister brands Berber & Q and Shawarma Bar in East London and Exmouth Market respectively. Savills advised the landlord, Woven Spaces, on the deal. Josh Leon, director in restaurants and leisure at Savills, said: “Market Place is a fantastic spot just next to Oxford Circus with a critical mass of restaurants and outside seating. Woven Spaces have recently taken ownership of several units on the street and Carmel will be the first step in their exciting plans for the area, with another restaurant becoming available soon.” Adriana Paice Kent, director of Woven Spaces, added: “Woven Spaces are delighted to welcome Carmel...

Hobbs to open new stores following closures

6th February 2024

Hobbs is set to open in a number of new locations, despite the recent closures of some of its stores. The fashion retailer will open seven new stores this year, including in Watford, Canary Wharf, and at the Trafford Centre in Manchester, The Times has reported. This comes despite recent closures in London’s Bloomsbury, Victoria, and Islington. The retailer is also planning to expand its international footprint, with openings lined up in Hong Kong, Cork, Hamburg, and Westchester, New York. TFG London, which owns the Hobbs brand alongside Phase Eight and Whistles, recently recorded a strong financial performance for the year ending 25 March 2023, despite a “challenging economic background”. The group revealed its pre-tax profits had more than doubled to £6.2m during the year, up from £2.97m. Sales also increased by 8.9% year-on-year to £377.7m.

Liverpool ONE welcomes two restaurant operators for city debut

6th February 2024

Grosvenor’s Liverpool ONE shopping destination has welcomed the arrival of two restaurant concepts, The Real Greek and The Botanist, for their debuts in Liverpool. Opening on Paradise Street, The Real Greek’s 3,900 sq ft restaurant caters to 200 diners in total and offers Greek classics such as meze, Souvlaki wraps, and salads. Meanwhile, The Botanist’s 6,400 sq ft restaurant has opened at Liverpool ONE’s leisure terrace on Chavasse Park, joining Loretta’s Parkside Tavern and the soon-to-open Flight Club. The restaurant offers a mixture of lighter dishes, classic bar meals, as well as unique cocktails. Rob Deacon, director of asset management at Grosvenor, said: “Liverpool ONE continues to be the destination of choice for popular and established UK brands to launch in the city. The Real Greek and The Botanist each offer something a little different, and that’s reflective of our strategy to ensure a diverse range of food, entertainment and leisure opportunities at the destination, providing more choice for the sustained demand we have seen at Liverpool ONE.” The arrivals follow the news that Liverpool ONE has seen its strongest start a year in over half a decade, with a 9% year-on-year increase in visitor numbers during the first three...