Retail Property Deals

Rough Trade picks Liverpool for largest UK store

4th January 2024

Rough Trade is set to open its largest store in the UK in Liverpool city centre. The independent record store’s 6,500 sq ft Liverpool branch will become its sixth in the UK, with other stores in Bristol and Nottingham, as well as three in London. The store at 50-56 Hanover Street is expected to open within the early months of this year. Live music and events will be available at the new store, as well as a bar and café in collaboration with Signature Brew and Dark Arts. Javed Sattar, portfolio manager at Custodian Capital, the investment manager to site landlord Custodian Property Income REIT, said: “This latest letting demonstrates the ongoing resilience of the retail market in key regional locations across the UK and further enhances the high quality tenant mix at Hanover Street. We continue to see robust occupational demand for well-located assets in urban areas and look forward to Rough Trade officially opening their doors in the coming months.” Lawrence Montgomery, managing director at Rough Trade, said: “We are excited to grow our UK presence with a store in Liverpool. The city has such a rich musical heritage as well as a vibrant scene right now which […]

Newport shopping centre snapped up by developer

3rd January 2024

A Newport shopping centre which had fallen into receivership has been acquired by a Bristol-based property developer. Boyce Group has acquired Kingsway Shopping Centre for £615,000 with plans to transform the scheme into a multi-use hub. The acquisition fell short of the asking price of £1m, following the 36-unit shopping centre’s collapse into receivership in May 2023. Boyce Group – which was founded by Niall Leighton-Boyce in 2012 – is proposing to convert the office block at the centre, called Sovereign House, into residential accommodation whilst redeveloping the existing Emlyn House office space into a public square. The developer is also looking to fill vacant commercial units with leisure and hospitality operators, whilst introducing a food court and soft play area. The group has not renewed contracts with Kingsway Shopping Centre’s existing management, with the centre to be overseen by a new company dedicated to the scheme. Leighton-Boyce told WalesOnline that the centre has “huge potential”, adding that Newport has an oversupply of retail property. He said that any larger changes to the scheme are likely a year away, subject to planning approval. Boyce Group plans to continue to let retail units and implement a number of smaller changes in...

Nike to Rise at Trinity Leeds

21st December 2023

Nike is set to open its third ‘Nike Rise’ concept store in the UK outside of London at Trinity Leeds in 2024, after agreeing to open in the 10,000 sq ft former Victoria’s Secret store. The Nike Rise concept looks to utilise digital services and experiences to “enliven the sporting pulse of the city”. The Leeds store is set to feature a digitally powered ‘Footwear Fastlane’ to share product information and stories, as well as Nike’s personalisation service ‘Nike by You’. Head of brand account management at Landsec, Nik Porter said: “Guests are looking for more from their shopping experience and are seeking out concepts which combine convenience with the opportunity to try something new. “As a result, brands are increasingly prioritising prime locations that drive footfall, enable customer service and have the ability to integrate in-store and online shopping experiences.” “The Nike Rise concept encapsulates this and, with more international brands investing in Leeds, the new store will only enhance the city’s retail offer further.” This follows the recent news that Nike has selected Bullring & Grand Central to open its second UK Rise Concept store outside of London, after opening at Manchester Arndale.

LGIM offloads Leicester leisure park for £25m

21st December 2023

Legal & General Investment Management (LGIM) has sold a leisure park in Leicester for £25m. Meridian Leisure Park – which is anchored by Vue Cinemas and Hollywood Bowl – was acquired by London-based investor Greenridge Opportunities. The leisure park comprises a gross internal area of 155,071 sq ft across a 19.8-acre site southwest of Leicester city centre. Other tenants at the scheme – which is 99% let – include David Lloyd, Nando’s, Five Guys, Burger King, Pizza Hut, and Frankie & Benny’s. Meridian Leisure Park has been owned by LGIM’s Leisure Fund since 2002, and has benefitted from a number of new leases and regears during this period. The park’s income benefits from rental indexation or fixed uplifts and a term certain of approximately 12 years. Bik Bhuptani, partner at Greenridge said: “We are excited about the addition of Meridian Leisure Park to our portfolio. This acquisition perfectly aligns with Greenridge Opportunities LP’s strategy of investing in high-quality, income-generating assets. The park’s robust tenant mix and prime location underscore our commitment to identifying and capitalising on unique opportunities in the leisure sector. We see significant potential for value creation and look forward to enhancing the park’s offering, further cementing its […]

Lounge Underwear to open at Manchester Arndale

21st December 2023

Lounge Underwear is set to open its fifth UK store at Manchester Arndale shopping centre. The brand – which was founded in 2015 – has agreed a 10-year lease for a 2,746 sq ft unit at the Manchester scheme, as it continues to expand. As well as underwear, Lounge offers a range of swimwear and apparel including t-shirts, hoodies, leggings, shorts, loungewear, dressing gowns, and accessories. Lounge’s arrival at Manchester Arndale is the latest in a series of fashion lettings at the scheme, following the likes of Nike, The North Face, Moss, and Dune. River Island has also committed its future to the scheme, refitting its store and taking an additional 3,686 sq ft of space for a unit spanning a total of 22,415 sq ft on a long-term lease. Steve Gray, head of European retail asset management at Global Mutual, said: “It is great testament to Manchester Arndale’s appeal that Lounge has selected it for its newest store, and comes off the back of a series of high-profile lettings at the centre in recent months. We are continuing to grow the amount of fashion brands at Manchester Arndale as we look to cement the centre’s place as the North […]

Filishack expands to Elephant Park

19th December 2023

Filipino street food favorite Filishack is gearing up for a second London location, bringing its vibrant flavors and build-your-own delights to Elephant Park. Brothers Jonathan and Justice Cacho launched Filishack in 2014 out of food trucks, conquering South London’s taste buds. In 2021, they set up their first brick-and-mortar outpost in Peckham, and now, they’re ready to double down on their success. The brand has chosen a prime spot on Sayer Street, joining an eclectic mix of independent eateries like Pot & Rice, Koi Ramen, Tasty Jerk, and Miko’s Ecuadorian and Spanish Kitchen. Come January, Filishack will add its own unique flair to the street, offering an all-day menu featuring Filipino street food staples like grilled chicken inasal and beef adobo in customizable rice boxes, burritos, and salads. “We’re always looking for London heroes and concepts that match the community feel we’ve curated at Elephant Park,” says Guy Thomas, Lendlease’s Head of Retail & Place Assets at Elephant Park. “Filishack ticks all the boxes – it’s a South London favorite, an independent business, and a brand with a vibrant local identity. We designed our leasing plan to support emerging brands like Filishack, and we know they’ll be a fantastic addition...

Former D&D CEO to launch Royal Exchange restaurant

15th December 2023

The co-founder and former CEO of restaurant group D&D London has reached an agreement with The Ardent Companies to open a restaurant, bar, and event space at London’s The Royal Exchange. Des Gunewardena has taken 6,500 sq ft of space on a 15-year lease, occupying the north, south, and east mezzanines of the scheme’s central courtyard. The venture will also take space on a newly-created outdoor terrace at the front of the building. The project is Gunewardena’s first since his departure from D&D. With the space set to open in May 2024, further details of food, drink, and design concepts will be announced at a later date. Andrew Hilston, managing director of The Ardent Companies UK, said: “We are hugely excited to welcome Des to The Royal Exchange, and can’t wait to see his concepts come to life. Alongside existing eateries, including The Libertine and The Fortnum & Mason bar and restaurant, Des’ arrival will further burnish The Royal Exchange’s reputation as one of The City’s best places for dining and socialising.” Located opposite the Bank of England between Threadneedle Street and Cornhill, The Royal Exchange forms an important role in the Square Mile’s current resurgence. As more workers return […]

St David’s Cardiff welcomes five Christmas pop-up

15th December 2023

St David’s in Cardiff has welcomed five retailers for pop-up stores and market stalls during the Christmas period. The new arrivals include handmade Christmas decorations retailer Rustic Charm, Calendar Club, and clothing and accessories brand House of Tweed. Also opening at the scheme is Chilli Cheese, artisan chocolatier Amazing Chocolate Workshop, and bakery business Let Them See Cake, which will be open for one week. Local independent business Bloomhill will offer a range of hand-poured reed diffusers, whilst Sense Aroma completes the line-up, bringing a range of aromatherapy, wellness, and relaxation products to St David’s. Helen Morgan, centre director of St David’s Cardiff, said: “We’re pleased to welcome our new retail pop-up shops and mall stalls in the lead up to Christmas, they provide something a little bit different for guests for the festive season.” The Cardiff scheme was fully acquired by Landsec earlier this year, with plans to invest in the centre currently underway.

Everyman acquires two South West cinemas

15th December 2023

Everyman has acquired two Tivoli cinemas in Bath and Cheltenham. The sites – which were previously owned and operated by Empire – will be operated by Everyman with immediate effect. Alex Scrimgeour, chief executive officer of Everyman, said: “We are delighted to announce the acquisition of these cinemas in the historic city of Bath and the vibrant town of Cheltenham. We pride ourselves on providing an elevated cinema experience, making these venues a terrific addition to the Everyman portfolio. We look forward to welcoming the local community to our newest locations in this exciting new chapter for the business.” In August, the up-market cinema chain said it had a “well-developed” pipeline of new openings in 2024. It had also agreed a new loan facility of £35m which it said ensures that it is soundly financially structured and well positioned.

Barkby makes first joint venture roadside acquisition

15th December 2023

Barkby has completed its first acquisition as part of its joint venture with Meadow Partners, as it looks to create a portfolio of roadside UK businesses. The joint venture has purchased an asset in Stoke for £5.28m. It was originally acquired in September by Meadow and has been sold to the joint venture at cost. The site comprises a lettable space of 15,489 sq ft, and is home to Costa Coffee, TGI Friday’s, Nando’s, and Wagamama. The asset also includes 239 car parking spaces with scope to install a minimum of 12 ultra-fast electric vehicle chargers. Barkby said the acquisition will be funded in line with the joint venture’s equity commitments, whereby Meadow will own and fund 97% of the joint venture whilst Barkby will own the remainder. As a result, the group has made an initial contribution of £167,625 to the acquisition. Charles Dickson, executive chairman of Barkby, said: “We are pleased to have completed the JV’s first acquisition. The Stoke asset has scope for several accretive investment opportunities, not least the installation of much-needed EV charging infrastructure. “This acquisition follows practical completions at Barkby’s wholly owned assets in Wellingborough and Maldon, which are both fully let and together...

Prominent Cardiff leisure investment sold for £1.4m

14th December 2023

A leisure investment on Cardiff’s St Mary Street has been sold for £1.4m to OJ Group. The property was sold by Fletcher Morgan on behalf of an in-house client of developer and asset manager Chancerygate. The 9,649 sq ft investment provides an annual income of £154,000 and is currently home to Stonegate Pub Company (Popworld) and Fantasy Lounge adult entertainment club. The property’s position on St Mary Street is located in the central core of the city’s bustling nightlife scene. Matthew Jones, director at Fletcher Morgan, said “We are delighted to have successfully sold this well known leisure investment. The building is multi-let to quality tenants with long term rental income. We are experiencing increased levels of investor interest for similar opportunities in this prime Cardiff city centre A3 location.” Luke Morley, asset manager at Chancerygate, added: “This property has proven to be an excellent leisure asset for our client, and we have every expectation that it will continue to be so for the OJ Group. “We are very pleased to have worked with Fletcher Morgan to secure a strong sale price for the property which is indicative of the strong demand for leisure assets in Cardiff city centre.”

Bullring & Grand Central welcomes four new retail openings

14th December 2023

Hammerson has welcomed four new retailers to Birmingham’s Bullring & Grand Central in time for Christmas shopping period. Nike, M&S, Bershka, and Pull&Bear have all now opened at the scheme, taking a total of 115,000 sq ft of space. Sportswear retailer Nike has launched a 13,000 sq ft ‘Nike Rise’ concept store. Located at the gateway to Bullring, it features digital experiences and services to enhance the customer journey. Meanwhile, M&S has opened a 65,000 sq ft store which features a market-style ‘Foodhall’, as well as clothing, home, and beauty departments. The new store is part of the retailer’s plans to invest around £480m nationally. Bershka and Pull&Bear, which are both owned by fashion giant Inditex, have made their regional debuts at Bullring. The two brands – which have taken a total space of over 36,000 sq ft – join fellow Inditex-owned retailer Zara at the destination, bringing the group’s presence at the scheme to over 76,000 sq ft. Toby Tait, director of asset management at Hammerson, said: “We always knew that 2023 was going to be a transformational year for Bullring & Grand Central. In the last three months alone, we’ve had 12 major brands open their doors, as...