Retail Property Deals

Evolve Estates acquires South Tyneside shopping centre

19th October 2023

Evolve Estates, part of M Core, has acquired the Viking Centre in Jarrow, South Tyneside, for an undisclosed sum. The scheme is comprises over 175,000 sq ft of retail space with over 60 stores, and is anchored by national brands including Boots, Peacocks, B&M, and Poundland. It also features a 400-space car park. Danny O’Keefe, founding partner of Evolve Estates, said the company had focused its growth plans on the retail sector over recent years. It has targeted shopping centres, parades, malls, and retail parks. “This deal marks Evolve Estates’ expansion into the North East market and demonstrates our commitment to supporting local communities and businesses,” he said. “We have long maintained that the retail sector is a strong market for investing, providing excellent opportunities for us to add significant value that benefit the tenants and the local community, as well as ensuring a good return on our investment. “We’ve a significant pipeline of retail acquisitions for the rest of 2023 and expect to complete more than £300 million worth by the end of the year. Part of our strength is our healthy cash reserves, which mean we can complete a deal quickly when we need to.” Evolve Estate’s parent […]

BOXPARK to open first location in the Midlands

19th October 2023

BOXPARK is set to open its first site in the Midlands, after agreeing a 15-year lease for the Floodgate Street Arches in Digbeth, Birmingham. The hospitality and leisure operator’s new space will span nearly 17,000 sq ft and has been given a launch date of 2025. The proposed plans for the site include the creation of a food hall and events venue, with around 10 kitchens and four bars set across two floors. Also included is an additional 10,500 sq ft of external space for outdoor dining and events. Once an industrial centre, Digbeth is emerging as a top creative hub, with a number of creative industries, offices, restaurants, bars, and leisure units having opened in the area over the last decade. BOXPARK is investing around £5m into the area, with the development expected to create around 200 jobs. The signing comes as part of BOXPARK’s wider expansion plans, following investment from private equity firm LDC. Nick Cridlan, leasing director at the site’s landlord The Arch Company, said: “BOXPARK shares The Arch Company’s commitment to reuse and repurpose and we’re delighted to welcome them to their new home in Digbeth’s historic railway arches. This letting will see four arches in this...

Game on for Flight Club in Liverpool

18th October 2023

Competitive social darts concept Flight Club is set to make its Liverpool debut, after agreeing a deal for a 10,000 sq ft space at Liverpool ONE’s Chavasse Park. Set to open in Autumn of 2024, Flight Club will join the scheme’s existing line-up of leisure brands, including Junkyard Golf Club, Roxy Ballroom and the recently launched Gravity MAX flagship. The two-storey venue will hold a total guest capacity of 350 people, with 14 ‘oches’, two bars, and two terraces. Flight Club Liverpool ONE will also offer a lunch and dinner menu, with pizzas, burgers, wraps, and small plates available alongside cocktails and cocktail slushies. Rob Deacon, asset management director at Grosvenor, said: “Reaffirming Liverpool ONE’s position as one of the UK’s leading retail and leisure destinations, Flight Club will be a strong new anchor that provides even more reasons to visit or lengthen an existing trip. Flight Club’s fast-growing success and solid reputation have led to the brand becoming a household name in the leisure industry and it will feel right at home amongst our leading entertainment offer at Liverpool ONE.” The news follows the recent opening of American-style rock ‘n’ roll cocktail bar MOJO at Liverpool ONE. The operator’s […]

New tenants to take over former House of Fraser at Cwmbran Centre

18th October 2023

A national sports retailer and gym operator have agreed to join the Cwmbran Centre, taking residence in the scheme’s former House of Fraser department store. The Cwmbran scheme’s owner and asset manager, M Core subsidiary LCP Group said it could not disclose the names of the incoming operators. The retailer has agreed a 10-year lease for 8,000 sq ft of retail space on the ground floor, whilst the gym operator will take a 15-year lease for 20,000 sq ft of space over the first and second floors. Work on the former department store – which has lain vacant for 15 months – is expected to begin later this year, with the aim of completion before the end of 2024. Alex Williams, asset manager of LCP, said: “While we cannot yet reveal the name of the tenant, we can say it is a significant coup for the town and another transformational agreement for Cwmbran Centre. The former House of Fraser store has enormous strategic importance, being located in the middle of the town, and redevelopment proposals promise to bring new life to the building and wider scheme. “2023 has been a phenomenally successful year for the Cwmbran Centre, with more than […]

Søstrene Grene to open largest UK store in expansion drive

17th October 2023

Søstrene Grene is set to open its largest UK store to date, as the Danish homewares retailer targets 100 new stores nationwide by 2030. The retailer has agreed to open a 5,000 sq ft store on London’s Tottenham Court Road in winter of this year. The central London debut will follow successful openings for the retailer in Wandsworth and Kingston-upon-Thames earlier this year. Looking to bring the Danish concept of ‘hygge’ to the UK, Søstrene Grene offers a range of products including contemporary interiors, hobby items, children’s toys, soft furniture, and kitchen accessories. Søstrene Grene’s chief executive, Mikkel Grene, said the opening is a “pivotal moment” for the brand. The retailer’s stores across the south of England, Scotland, and Northern Ireland, are operated by its UK joint venture partners, Norma Jacob and Richard Power. Richard Power said: “As the brand expands throughout the UK we continue to see its rise in popularity. With the recent webshop launch and now our first central London store, Søstrene Grene is on track to becoming a household name.”

Clothing and footwear brand makes pop-up return to Liverpool ONE

17th October 2023

Clothing and footwear brand ARNE returned to Liverpool ONE for its second pop-up store, following a successful activation earlier this year. The brand – which primarily trades online – occupied a 3,500 sq ft unit from 14-15 October, offering exclusive products and limited edition items. In line with ARNE’s first Liverpool ONE pop-up, a VIP event was held for the brand’s loyal customers who could meet its founders and gain early access to a number of exclusive products. Rob Deacon, asset management director at scheme owner Grosvenor, said: “ARNE’s return to the destination for its second pop-up has been highly anticipated and further cements our reputation as a hub for pioneering, first-rate retail concepts.” The news follows the recent opening of watch and jewellery retailer Goldsmiths at the Liverpool scheme, which has taken a two-storey 13,000 sq ft store and doubled the size of its presence at Liverpool ONE.

Wingstop cooks up at second West Midlands location

17th October 2023

Wingstop is set to open at a second West Midlands location, agreeing to join Merry Hill in Dudley later this year. The American fried chicken chain will occupy a 2,650 sq ft unit, sitting opposite the recently-opened Wagamama restaurant at the scheme’s upper mall. Wingstop will join the destination’s emerging leisure quarter, which is formed around the recently-launched Hollywood Bowl. The 70-cover restaurant will offer wings, tenders, and burgers, as well as sides such as fries and dips. Wingstop’s signing at Merry Hill follows three successful openings in Birmingham. Alistair Winning, asset manager at Sovereign Centros, said: “Wingstop has international renown, so it makes for an ideal addition to our culinary line-up at Merry Hill. Alongside the successful opening of Wagamama earlier this year and Hollywood Bowl more recently, the upcoming arrival of Wingstop is evidence of the continued growth we’re seeing at Merry Hill, particularly for our new leisure quarter.” The news follows the recent signing of fellow fried chicken chain Sides to Merry hill, with the YouTuber-led restaurant agreeing to open its second standalone site at the scheme. JLL and Time Retail Partners represent Merry Hill, whilst Brasier Freeth acted for Wingstop UK.

Shaftesbury Capital welcomes flurry of Covent Garden signings

16th October 2023

Shaftesbury Capital has signed 25 retail, hospitality, and leisure brands at London’s Covent Garden over the last six months. The group said the signings demonstrate a vote of confidence in the long-term appeal and prospects of Covent Garden and the wider West End. Included in the signings are 13 new retail brands, including running shoes and apparel brand HOKA and international menswear brand Balibaris, which have opened their first stores in Europe and the West End respectively. In addition, outdoor brand Arc’teryx is set to open a significantly upsized store on King Street, following a successful run at its Long Acre store. Also joining King Street is luxury perfume brand The House of Creed, which will make its Covent Garden debut in November. Also joining the destination is five watch and jewellery boutiques, with OMEGA, Messika, Hublot, and Girard-Perregaux opening in the Royal Opera House Arcade, whilst Tissot will open on James Street. Set to open before Christmas, the signings follow the recent 50% upsizing of watch and jewellery retailer Bucherer 1888 at its flagship Covent Garden store. French womenswear brand Sessùn, clothing brand Gramicci, jewellery brand Mejuri, and leather goods retailer Cambridge Satchel Co. have also signed at the […]

Sides subscribes for Merry Hill restaurant

13th October 2023

Sides, the fried-chicken restaurant concept launched by YouTube giants The Sidemen, is to open at Dudley’s Merry Hill as it targets 200 sites over the next decade. The 2,960 sq ft restaurant will become Sides’ second standalone site in the UK and its first outside of London, offering a range of fried chicken dishes and plant-based alternatives. The 100-cover restaurant will be fitted out in the Sidemen’s signature bold black and white style. The group – which is headed up by the likes of YouTubers KSI, Miniminter, and Zerkaa – launched the concept in 2021. The concept has since garnered somewhat of a cult following and has seen success across various spaces in London. Alistair Winning, asset manager at Sovereign Centros, said: “Sides is fast becoming a UK-wide cultural phenomenon, so it’s great for Merry Hill to have landed a growing brand at such a critical time in their expansion. It is a crucial part of our wider strategy to cater for all our visitors, covering a wide range of demographics, keeping our finger on the pulse of what our community want. The addition of a brand that attracts a younger audience like Sides is evidence of this strategy coming […]

MINISO to open largest UK store on Oxford Street

13th October 2023

MINISO is set to open its largest store in the UK on London’s Oxford Street, as the Chinese lifestyle retailer continues to expand. Signing a five-year lease for a 3,200 sq ft unit, MINISO’s store at 100 Oxford Street will become its 23rd nationwide. The property is located at Oxford Street’s eastern end, which is set to benefit from further growth in parallel with the new line interchange at Tottenham Court Road Station. MINISO follows Claire’s, Ann Summers, and Intimissimi, which have all signed new agreements in the area over the last nine months. The deal also comes after the recent letting at 184-188 Oxford Street to Dr. Martens. The letting was completed by joint agents Savills and Kenningham Retail, on behalf of landlord Lazari Investments. Callum White, central London retail and leisure agent at Savills, said: “Oxford Street is undergoing huge transformation, strengthening its position as a world-class shopping destination. This, combined with improved transportation links, has seen renewed interest among global retailers and we’ve seen a surge in activity as a result.” Sam Foyle, co-head of prime global retail at Savills, added: “This influx of new global brands on Oxford Street continues at pace. In recent months we have...

Bunsik to debut new model at Westfield Stratford City

13th October 2023

Westfield Stratford City is set to open its first Korean restaurant as street food operator Bunsik prepares to launch its first food court concept. Opening in December, the new outlet will be Bunsik’s fourth in London and its fifth overall, having opened a restaurant in Manchester earlier this year. The restaurant will offer a range of street food classics, as well as new vegetarian options and bubble tea options. Last month, it was reported that Bunsik’s owner, Maguro Group, is looking to make the Korean concept its first franchise, with a target of 20 restaurants by 2026. Other brand concepts under the Maguro Group umbrella include Maguro Sushi, Gogi, Bullgogi, Itaewon Burger & Chicken, and Pochawa Grill.

Gordon Ramsay to open duo of restaurants at 22 Bishopsgate

12th October 2023

Celebrity chef Gordon Ramsay is set to open two restaurants at 22 Bishopsgate, the tallest building in the City of London. The two restaurants, Lucky Cat and Bread Street Kitchen, will be spread over floors 58 to 61 of the London skyscraper. It will be the second Lucky Cat site in the capital, following its debut in Mayfair last year. Earlier this year the brand launched a second UK location in Manchester. Bread Street Kitchen currently operates seven UK restaurants. This comes as Gordon Ramsay Restaurants continues to consolidate its UK portfolio. Last month, the site which is currently home to Ramsay’s York & Albany restaurant near Regent’s Park was placed on the market. In addition, Comptoir Group – which operates Comptoir Libanais and Shawa – recently opened at Ramsay’s former Bread Street Café site in Ealing Broadway, whilst Turkish restaurant brand Bursa Kebap Evi acquired Ramsay’s former Street Pizza site in Islington in the summer.