Retail Property Deals

Expanding photography retailer opens flagship Putney store

31st January 2024

An expanding photo and video retailer has opened a flagship store in Putney, London. Wex Photo Video has agreed a ten-year lease for Unit 2 at Tileman House, a ground floor space comprising nearly 5,100 sq ft with an annual rent of £170,000. The outlet becomes the retailer’s 14th branch in the UK. Wex’s new store is located on Upper Richmond Road, between Putney Train Station and East Putney Underground at the junction with Putney High Street. Nearby occupiers include Pure Gym, Toolstation, Nando’s, Pizza Express, Itsu, and Tesco. In 2022, Wex appointed Carter Jonas’s retail team to find new sites as part of its expansion strategy. The Putney store is the retailer’s third new branch to open over the last 12 months, following launches in Nottingham and Cambridge. A relocation in Edinburgh is also close to completion. Since 2020, Wex has opened six stores, and is planning a further seven by 2025. Carter Jonas and Wex are interested in sites between 2,500 and 4,000 sq ft in size, at prominent, edge-of-town centre, arterial routes and busy suburban locations, with good visibility and access to parking on-site or very close. Target locations include Cardiff, Liverpool, Reading and Sheffield. Stuart Williams, […]

Surrey retail park sold to private investor

31st January 2024

The sale of a retail park in Surrey has now been completed for an undisclosed sum. Wey Retail Park in West Byfleet was sold on behalf of CBRE Investment Management to a private investor. The 35,361 sq ft scheme is home to Halfords, Home Bargains, Pets at Home, and Puregym, as well as 219 car parking spaces. The scheme has an “attractive” weighted average unexpired lease term of 7.5 years, and a current rent roll of £890,215 per year, according to marketing material for the retail park. XPROP acted on behalf of CBRE Investment Management. The retail park had previously changed hands in 2012, when ING Real estate purchased the scheme in a deal worth just under £13m.

JD Gyms debuts in Northern Ireland

31st January 2024

A Belfast retail park has welcomed the first JD Gyms location in Northern Ireland as part of a duo of signings. The gym operator has opened a 23,000 sq ft site at Hillview Retail Park, following a £2.05m investment. Trade retailer Screwfix has also opened at the scheme, with the two signings bringing the retail park’s occupancy rate to 90%. Hillview Retail Park now has just one 8,530 sq ft vacant unit remaining, whilst one drive-through and one drive-to site are also available. Matthew McNutt, asset manager at Hillview Centre Belfast, said: “I am pleased to welcome JD Gyms and Screwfix to Hillview Retail Park, bolstering the strong occupier line-up and further establishing Hillview as a prominent retail, leisure and food and beverage destination.  “It is significant that JD Gyms have chosen Hillview as their first location on this island and their substantial investment, together with the opening of Screwfix, endorses the scheme as a much sought-after location on the northern periphery of the city centre.” Matt Sykes, head of operations at JD Gyms, added: “Hillview Retail Park is the perfect location for our first gym in Northern Ireland. With Hillview located just one mile from the city centre, within […]

Phase Eight to open largest store yet at Cribbs Causeway

30th January 2024

Phase Eight is set to open its largest store to date, with the fashion retailer set to upsize at Bristol’s Cribbs Causeway. Opening later this week, the 2,800 sq ft store will be 165% larger than the retailer’s existing store at the scheme, where it has traded since 2008. The new store concept will feature a dedicated VIP fitting room, and offer a range of its latest collections including footwear and accessories. Customers will also be able to purchase from the retailer’s new childrenswear range. The new store opening comes as the retailer continues its expansion strategy which launched last year, with Phase Eight opening 13 stores across the UK and Europe. Plans are also in place for the retailer to open new stores in locations including Bluewater, Kingston, Edinburgh, and Blanchardstown in 2024. Deb Jones, centre director at Cribbs Mall, said: “We are delighted that Phase Eight has expanded its presence at Cribbs Mall and has chosen the centre for its new flagship store. Phase Eight has been extremely popular with our shoppers over the past 16 years and their new innovative space further enhances Cribbs Mall’s reputation as the home of fashion brands in the West Country.”

Freehold Brighton city centre café property sold for £1.45m

30th January 2024

A city centre property in Brighton has been sold to an Indian café operator for £1.45m. The vacant property at 142 Western Road has been sold by Flude Property Consultants on behalf of a London-based client to Chaiiwala. The upper part of the property comprises high-end two bed flats, and were sold with tenants in place. Flude Director, Will Thomas, commented, “This is the latest of a number of transactions we have conducted along this part of Western Road. Its proving to be a popular location with both buyers and tenants and sees a great deal of footfall. The sale was quickly agreed after coming to the market and sold for an undisclosed sum of a guide price of £1.45m, with a combined passing rent of £94,000 per annum.”

Zara to double size at Dublin South King Street store

29th January 2024

Zara is set to more than double the size of its existing store at South King Street in Dublin, expanding into the space formerly occupied by fashion rival H&M. The retailer will increase the size of its store at Hines’ Chatham & King mixed-use development from 14,000 to 33,000 sq ft, becoming the largest fashion store in the Grafton Street area. Niall Ryan, senior director of asset management at Hines, said: “We are delighted to see Zara commit to such a substantial expansion of their flagship city centre store. “It not only reinforces Grafton Street as Dublin’s premier retail destination, it also underscores the vibrancy of the local retail commercial landscape moving into 2024. “Chatham & King has proved to be a centrepiece development in the rejuvenation of this historic quarter and is home to the world’s leading fashion and luxury brands and today’s announcement by Zara is yet another strong endorsement of the success we have seen to date with this portfolio.”

Frasers Group takes over former John Lewis at Perterborough’s Queensgate

29th January 2024

Frasers Group is set to open a number of stores at Queensgate in Peterborough, occupying the former John Lewis unit. The group will open under the Frasers and Sports Direct brands in the former department store, taking a total of 92,500 sq ft of space. The Frasers concept store will house a number of brands across men’s, women’s, and kidswear, as well as a homeware and beauty offering. Sports Direct will offer products from a range of sports and leisure brands, as well as a wider offer from Frasers Group brands including USC, Jack Wills, and GAME. Ed Ginn, director of investment management at scheme owner Invesco Real Estate, said: “The signing of Frasers Group is a significant step in our drive to transform Queensgate into a leading retail and leisure destination. Positioned in the top 1% of UK shopping centres, we are committed to investing in brands that will not only enhance the centre, but share our ethos for excellence, innovation and providing an exemplary experience. The quality of offer that Frasers Group provides will help attract an even bigger catchment, repeat visits, and longer dwell time, as we continue to evolve Queensgate with the needs and desires of […]

Poundland launches new ‘Motherland’ store in Biggleswade

26th January 2024

Poundland is set to open a new store in Biggleswade, which it has dubbed ‘Motherland’, due to the retailer’s increasing range of baby and children’s products. The 10,000 sq ft former outlet store will open in February, and is set to host the retailer’s widest range of clothing, including for babies and children. The store features hoardings with ‘Motherland’ signage. In its stores that offer clothing, the retailer has increased the amount of space it dedicates to kidswear and babies’ clothing by 50%. Last year, Poundland completed the transition to deliver new clothing ranges designed by its parent company, Pepco Group, bringing the retailer’s fashion offer to nearly 600 stores in the UK and Ireland. Poundland commercial director Tim Bettley said: “As we’ve expanded our baby and kidswear, our customers have nicknamed us ‘Motherland’! “That’s why we’ve used the sign at Biggleswade but across the majority of our UK stores, those same new ranges are available right now.” He added: “We look forward to showing parents in Biggleswade what a modern Poundland offer now offers.”

Atria Watford successfully relets anchor units

26th January 2024

Atria Watford is preparing for the reletting of two anchor units, as the scheme celebrates 371,000 sq ft of lettings over the past two years. Fashion and home retailer Next has significantly upsized at the Watford scheme, creating a new concept store in the 100,000 sq ft former Debenhams unit. Meanwhile, the former John Lewis store has been divided and leased to multiple tenants including Dunelm and Poundland, which have taken 33,000 sq ft and 14,500 sq ft respectively. Asset manager Global Mutual said that further new brands are set to be announced soon, including a family leisure concept. The 30,000 sq ft former next unit has been let to Watford-based Tk Maxx, satisfying a long-standing requirement for a store in the retailer’s hometown. A number of existing retailers are also upsizing at the scheme, including Zara – which will increase the size of its store from 18,000 sq ft to 43,000 sq ft – and JD Sports, which its tripling the size of its presence to a total of 19,000 sq ft. Watches of Switzerland is also increasing the size of its store, and additional lettings to Rituals, Moss, Pro Cook, and F. Hinds have also been agreed. Lunson […]

Sovereign Centros brings Rituals to two destinations

26th January 2024

Beauty and wellbeing brand Rituals is set to open at two Sovereign Centros-managed assets: Festival Place in Basingstoke and Merry Hill in the West Midlands. At Festival Place, the retailer has opened a 3,300 sq ft unit adjacent to EE and opposite MINISO, which recently celebrated its first anniversary at the scheme. Meanwhile at Merry Hill, Rituals has opened amongst the destination’s watch and jewellery brands, taking 2,000 sq ft of the former Phase Eight unit, with the womenswear retailer relocating and upsizing last year. Jack Gordon, senior asset manager at Sovereign Centros, said: “With Rituals now open at Festival Place and Merry Hill, visitors from across the South East and West Midlands have new opportunities to shop their great array of luxury goods, within two of the UK’s leading retail and leisure destinations. Securing a brand like Rituals at both destinations showcases the value we place on partnering with retailers, helping them to achieve their vision and supporting their growth in locations that match their aspirational demographic. They add a unique, luxury shopping environment wherever they are, so it’s fantastic for Festival Place’s and Merry Hill’s visitors to now be able to experience that.” The news follows Merry Hill...

Sports Direct to take over former Liverpool M&S

25th January 2024

Sports Direct is set to create a new store and gym after acquiring the former Marks & Spencer store in Church Street, Liverpool. The Frasers Group-owned retailer will move into a 103,000 sq ft space at the Grade II-listed Compton House, Liverpool Business News (LBN) has reported. M&S relocated to the former Debenhams store at Liverpool ONE in August, after a 93-year tenure at its Church Street location. It is expected that Sports Direct’s fit-out will take around 18 months. It is not yet clear what will happen to the sportswear retailer’s existing location at Liverpool ONE. James France, head of acquisitions at Frasers Group, told LBN: “We are pleased to confirm that we have acquired Compton House located on Liverpool’s renowned Church Street. “We are big believers in physical retail and this acquisition marks an exciting time for the group as we continue to expand our store portfolio across the UK and Europe. “As the UK’s leading destination for sportswear, we are looking forward to bringing Liverpool customers a next-generation sports retail experience with the opening of a 70,000 sq ft Sports Direct flagship store. Subject to approval, Everlast Gyms will also open a 23,000 sq. ft hybrid gym […]

M Core’s Evolve Estates makes strategic North East acquisition

25th January 2024

Evolve Estates, part of M Core, has acquired Billingham town centre in County Durham as part of its strategic investment into the retail sector. The 320,000 sq ft open-air retail scheme is a dominant retail destination within the region, with anchor tenants including Asda, B&M, and Aldi. Attracting a total footfall of around 70,000 per week, the town centre contains over 90 retail units – 10 of which are currently vacant – and 673 car park spaces. The town of Billingham is located just outside of Middlesbrough and Stockton-on-Tees, and has a residential population of 80,000. Danny O’Keefe, founding partner at Evolve Estates, said: “Billingham shopping centre is a community focal point, aligning perfectly with our mission to enhance these essential retail hubs for the benefit of local residents and visitors.” Evolve Estates said its team of asset managers is already in talks with both national brands and local traders that are eager to elevate their businesses. Bradley Maher at Cited Property acted for Evolve, whilst James Pearson at Four & Co acted as agent for the vendor. M Core has invested over £200m into the market over the last 12 months, with notable acquisitions including the Livingston Centre in...