Retail Property Deals

Dune kicks up Manchester Arndale occupancy to 95%

26th September 2023

Dune London has increased its presence in the North West after agreeing a deal to open at Manchester Arndale, bringing the scheme’s occupancy rate to 95%. The footwear and accessories brand has signed a five-year lease for a 1,595 sq ft store and will offer a range of handbags, clutches, and leather goods. Dune’s arrival complements a number of recent retail lettings at the Manchester scheme including to The North Face, Sunglasses Hut, Nike, and Oseyo. Food and beverage (F&B) operators at the centre include Black Sheep Coffee, Krispy Kreme Doughnuts, Lazy Sundae, Slim Chickens, and Jim Hortons. Steve Gray, Head of European retail asset management at Global Mutual, said: “Our commitment to offering a diverse retail mix – as well as a wide variety of leisure and F&B brands – ensures that Manchester Arndale remains a premier destination for shoppers. Dune London’s arrival will cater to Manchester Arndale’s stylish clientele, and we’re delighted to welcome the brand to the centre. “Our approach not only seeks to strengthen footfall but also drive demand for well-placed units, taking our retail occupancy close to 95%. Manchester Arndale’s strategic location and commitment to providing a unique shopping and dining experience continue to make […]

Joe & the Juice opens second Liverpool ONE branch

26th September 2023

Joe & the Juice has opened its second branch at Liverpool ONE, following the success of its concession at the destination’s John Lewis store. The café chain has taken a 1,800 sq ft unit on Paradise Street, and will offer a range of juices, coffees, shakes, salads, and sandwiches. The new café becomes one of over 350 Joe & the Juice branches worldwide. Rob Deacon, senior asset manager at Grosvenor, said: “At Liverpool ONE, we are committed to curating a line-up of food and beverage operators that will suit the needs of every visitor, and welcoming in Joe & the Juice is a testament to this. We are delighted to see the brand open the doors to its second Liverpool ONE location on Paradise Street.” The news follows the recent arrival of Americana-style cocktail bar MOJO at Liverpool ONE, as well as competitive socialising esports concept Leveltap, which made its debut earlier this year. Metis and Starka acted for Liverpool ONE, whilst Prime Retail acted for Joe & the Juice.

M Core continues acquisition drive with Merthyr Tydfil purchase

26th September 2023

Commercial property and investment company Sheet Anchor, part of M Core, has acquired a town centre parade in Merthyr Tydfil, South Wales. The purchase of Beacons Place from an undisclosed vendor represents the latest transaction in M Core’s investment programme, in which it has spent over £150m on retail sites this year. The 28,858 sq ft scheme is currently fully let and comprises 13 units, with tenants such as Select, Greggs, and Clarks, and acts as the main link between the high street, Tesco Extra, and the railway station. James Buchanan, group managing director of LCP, also part of M Core and which has been appointed to manage the centre, said: “Beacons Place is located in the heart of Merthyr Tydfil town centre and it already enjoys high footfall and a strong tenant line up, more than half of whom are national brands. We’re looking forward to meeting the tenants and implementing our hands-on asset management strategy to ensure the centre continues to thrive.” Over the last 12 months, M Core has invested a total of over £165m into 25 retail centres. Major acquisitions it has made include Ocean Plaza, Southport; Central 12, Southport; and Weavers Walk, Kidderminster. M Core […]

Flannels opens in Nottingham

25th September 2023

Frasers Group has opened the doors to its latest Flannels store at Nottingham’s high street. The 15,000 sq ft store will be spread over two floors and offer a range of men’s, women’s, and children’s clothing and accessories from some of fashion’s biggest names. The opening comes as Flannels looks to continue investing into retail and open more stores throughout the UK. Flannels now trades from over 60 stores in the UK and Ireland. The retailer is set to open flagship stores at Metrocentre in Gateshead, as well as in Cardiff and Leeds. Frasers Group head of retail, luxury, and premium Lauren Barrie said: “We’re really proud to open our next regional boutique in the heart of Nottingham. As we continue to expand and develop our vision, the store brings to life the FLANNELS brand in a physical space – providing an engaging shopping destination, with the biggest brands in luxury fashion and contemporary streetwear all under one roof.”

City office building set for hotel conversion after £56.5m sale

25th September 2023

An office building in the City of London is set to be converted into a hotel-led development following a £56.5m sale. Hospitality group Whitbread has acquired New London House at 6 London Street, EC3, from clients of Orchard Street Investment Management. The building, which spans a net internal area of 89,722 sq ft, was developed in the 1970s and comprises a podium and tower structure. It sits adjacent to Fenchurch Street station in the middle of the capital’s financial district. Whitbread will now look to seek planning permission from the City of London Corporation to transform the building into a hotel-led mixed-use development with a number of complementary uses as well as new public spaces. The acquisition is part of the hospitality group’s strategy of targeting office buildings which no longer meet occupier and investor requirements with the intention of converting them into hotels. Whitbread has over 25 years of experience with developing former office buildings into Premier Inn and Hub by Premier Inn hotels, with two of these projects currently underway at Farringdon and Moorgate. Jonathan Langdon, senior acquisition manager at Whitbread, said: “The City of London’s appeal as a business and leisure destination continues to underwrite our investments […]

Mango to open at Silverburn

25th September 2023

Clothing retailer Mango is set to open at Glasgow’s Silverburn shopping centre in 2024, real estate investment firm Eurofund Group has announced. Mango will be opening in a 6,572 sq ft store, as the Spanish fashion retailer continues to expand its presence across the UK. Mango’s Silverburn store will become its third in Glasgow, and will offer a range of clothing, footwear, and accessories collections. The retailer joins a number of new tenants who have opened at the scheme in the last year, such as The White Company and Polestar. Other retailers at Silverburn include Next, Zara, New Look, JD Sports, and Flannels. Silverburn has also recently delivered improvements to the scheme’s environment including a new children’s play area, new furnishings, and additional greenery. Alberto Esguevillas, CEO of UK retail at Eurofund Group said: “The addition of Mango to Silverburn is a fantastic opportunity for both parties. Mango taking up a prime unit is emblematic of the centre’s continued strong performance, and we are delighted to be the brand’s latest destination of choice.” Alex Coffey, UK commercial director of Eurofund Group added: “We are thrilled to be working with Mango to build out an unparalleled offering and continue to serve...

Londonderry shopping centre changes hands for £27m

25th September 2023

Foyleside Shopping Centre in Londonderry has been purchased by a group of local investors for £27m. The scheme was sold by London-based investment firm Kildare Partners, which recently offloaded the Forestside Shopping Centre in Belfast for a reported £42m. The four-storey shopping centre extends to around 365,000 sq ft and is home to 53 units, with tenants including Frasers, Marks & Spencer, and Dunnes Stores. The new owners, said they would work with existing and new occupiers to further enhance the scheme’s offering. Savills, which handled the sale, said the shopping centre presents a number of opportunities for the new owners, such as the potential development of leisure, residential and office spaces. There is also the possibility to create a multi-screen cinema on the roof of one of the centre’s car parks.

Merry Hill to welcome KENJI and Rituals

25th September 2023

Sovereign Centros’ Merry Hill shopping destination in Dudley is set to welcome KENJI and Rituals later this year, with the retailers taking over 6,850 sq ft of combined space. KENJI’s Merry Hill store will become its 10th in the UK, with the brand opening adjacent to Schuh on the Lower Mall nearby to the recently opened Nike Unite and Schuh Kids. The 4,833 sq ft store will stock a range of Asian-inspired products such as homeware, stationery, gifts, and its signature plushies. Dutch retailer Rituals will open in the 2,022 sq ft space formerly occupied by Phase Eight on the Upper Mall. The store will offer various health and wellbeing products, such as home items, gift sets, and bath and body products. Alistair Winning, asset manager at Sovereign Centros, said: “Having brands like KENJI and Rituals joining the retail line-up here at Merry Hill adds to the ever-increasing range of retailers, products, and experiences. This is a perfect example of the continuous progress we’re making, with leading retailers selecting the destination and upholding our position as one of the top 10 destinations in the UK. We look forward to welcoming them to Merry Hill later this year.” The signings follow […]

Bespoke Hotels completes sale of Dorking hotel

25th September 2023

Bespoke Hotels has completed the sale of the White Horse Hotel in Dorking to the Heartwood Collection for an undisclosed sum. The group acquired the historic hotel in 2017 before completing a £4m refurbishment and launching the White Horse Hotel and Dozen Restaurant in 2018. The Heartwood Church has plans to relaunch the hotel as part of its portfolio in 2024. Bespoke Hotels was advised by Savills on the transaction. Haydn Fentum, Bespoke chair, said: “The plans for the future are very exciting and will leave the town with an outstanding hotel and restaurant. It is our intention to acquire further hotels in the UK and we will be recycling the proceeds into future growth.” Harriet Fuller, associate director in the Hotel Capital Markets Team at Savills, on behalf of Bespoke Hotels, said: “We are delighted to have secured the sale of the White Horse Hotel for our client, Bespoke Hotels. The completion of this sale evidences the continued appetite in the market for well located, well capitalised assets.”

Exclusive: Nuveen mulls tenant refresh at Edinburgh’s upmarket Multrees Walk

21st September 2023

Nuveen is looking to refresh its tenant mix at Edinburgh’s Multrees Walk, as a number of high-end brands eye units at the luxury shopping destination. Completely Retail News has learned that Gucci is set to open its first standalone store in Scotland at the destination, as landlord Nuveen looks to “take the tenant mix up a notch”. Sources have also confirmed that TAG Heuer has signed for a 1,400 sq ft unit, whilst fellow Watches of Switzerland brand Mappin & Webb is set to take the former 4,000 sq ft Reiss store. Mappin & Webb are known to have been in contact with Edinburgh City Council with plans to change the three-storey unit’s frontage, with the installation of a bronze-plated fascia. The timeline for the store openings remains unclear. This follows the recent expansion of Louis Vuitton at the luxury shopping destination, which doubled the size of its only Scottish store from 3,072 sq ft to over 6,500 sq ft. Multrees Walk is home to a number of high-end brands including Canada Goose, LK Bennet and Scotland’s only Harvey Nichols store.

H&M to open at new Belfast development

20th September 2023

H&M is set to open a flagship store at the yet-to-open The Keep retail and leisure development in Belfast. The Swedish fashion giant has agreed to take a two-storey 20,000 sq ft store, offering a range of menswear, womenswear, and childrenswear. The retailer will join European footwear giant Deichmann, which has agreed to an 8,500 sq ft store over two floors, it first in the island of Ireland. Alterity Investment’s The Keep is being developed on the site of the former 70,000 sq ft BHS store, with construction expected to be completed early next year. The property development company acquired the site in 2021, when it had been vacant for five years after BHS’s administration and subsequent departure in 2016. Alterity’s plans for the four storey development include repurposing the ground floor space into a number of retail units, as well as a partial change of use on the upper floors to allow for leisure uses. The existing façades on Castle Lane, Castle Arcade, and Cornmarket are also being reworked to improve the building’s appeal. The development – which was designed by Like Architects – is being led by local contractor Ganson. Frazer Kidd has been appointed as the scheme’s […]

Black Sheep Coffee makes regional debut in Peterborough

20th September 2023

Black Sheep Coffee has made its regional debut in the east of England at Queensgate in Peterborough. The operator has opened a 1,800 sq ft kiosk on the ground floor of the centre, offering waffles, bagels, toasties, and smoothie bowls alongside its Robusta coffee blend. It joins a growing number of food and beverage operators at the Peterborough centre, such as Turtle Bay, Tap & Tandoor, and Burger King. Other kiosk units at Queensgate include Churros-Locos, Millie’s Cookies, and Bubble CiTea. Ed Ginn, director of investment management at asset manager Invesco Real Estate, said: “We are pleased to welcome another established coffee operator to the centre, an expanding brand that has chosen Queensgate to make its regional debut. We know that Black Sheep Coffee’s offer will suit the needs of our community, which will play an important role as we continue to develop the wider scheme.” The news comes as Black Sheep Coffee continues its expansion drive, with the chain targeting prime locations with high footfall and traffic.