Retail Property Deals

Rosa’s Thai hungry for growth as it launches in Scotland

13th September 2023

Restaurant chain Rosa’s Thai is looking for more sites as it makes its first foray into Scotland with two new locations. The recently-opened Glasgow restaurant at 41-43 West Nile Street totals 2,109 sq ft of ground floor space along with a 2,205 sq ft basement. It is located within the central business district, close to other established food and beverage brands. Opening soon, Rosa’s Thai in Edinburgh will total 4,001 sq ft in space and be located at 43 Frederick Street in the city’s New Town. The restaurant will include a large external terrace area for outdoor seating. Rosa’s Thai has now grown to 37 sites nationwide, with retail and leisure specialists P-THREE aiding the Thai restaurant chain as it looks for more locations. The chain’s co-founder Saiphin Moore grew up on a mountain farm in Khao Kho, northern Thailand where she learned to cook with local ingredients. After moving to London, she helped open the first Rosa’s Thai in 2008 in Hanbury Street. Thomas Rose, co-founder at P-THREE, said: “We have partnered with Rosa’s Thai for four years, working hand-in-hand with them to create and execute their expansion strategy and we are delighted that we have now launched the […]

Stockport retail warehouse park sold for £6.35m

13th September 2023

A retail warehouse and trade counter park in Stockton-on-Tees has been sold to an overseas family office in a deal worth £6.35m. The sale of Portrack Retail Park, which is located off Portrack Lane, was brokered by joint agents Knight Frank and JLL on behalf of UK Land Investments. The site comprises 65,235 sq ft of fully-let retail, warehouse, and trade counter properties, with tenants including OneGym, Michael O’Connor Furniture, Howdens, United Carpets and Tile Mountain. Knight Frank, which said there was a lot of interest from potential purchasers for the investment, has retained the property management contract for the site. Gross rent at the scheme is £505,950 per year, an average of £8 per square foot. Dickon Wood, partner at Knight Frank, said: “The investment market is increasingly difficult due to inflationary pressures and increasing base rates but this disposal of Portrack Retail Park demonstrates there are still some excellent opportunities and active investors in the market.” David Gibbs, of UK Land Investments, added: “UK Land Investments Ltd  has invested heavily in Portrack Retail Park and has been hugely successful in securing lettings to a strong line up of tenants from the trade, retail and leisure sectors, creating a...

Five restaurants sign for Colchester leisure park development

12th September 2023

Five new restaurant operators have been signed to Turnstone Estates’ £70m leisure park development in Colchester. The signings mark a step forward for the wider 10-acre Northern Gateway development at Junction 28 of the A12. Alongside the recently opened Northern Gateway Sports Park, the development will include new homes, a healthcare hub and commercial floorspace. Mexican operator El Guaca will take a 3,305 sq ft unit, whilst dessert restaurant Kaspa’s will occupy a 3,132 sq ft space. Buffet company Nines is set to open in a 3,832 sq ft unit, with national chain Slim Chickens taking a 4,000 sq ft unit restaurant. Italian food specialist Taste of Italy will also take up residence, opening in a 2,131 sq ft space. The lettings will look to enhance the leisure park’s leisure attractions, which will include a 12-screen Cineworld cinema, a Hollywood Bowl 20-lane bowling alley, a Puttstars golf centre, and a 90-bedroom Travelodge hotel. Turnstone now has just two remaining restaurant units available, following deals with Kervan Kitchen, Wendy’s, and Greggs. Chris Goldsmith, managing director, Turnstone Estates, said: “Colchester Leisure Park’s fantastic location on the edge of this fast-growing city, adjacent to Colchester United FC’s JobServe Community Stadium and the recently […]

Duo of independents sign for The Brentford Project

12th September 2023

Property developer Ballymore has signed two independent brands to join the retail offering at The Brentford Project. Local bookstore Hewson Books will open its third and largest store at the 1.2m sq ft development, joining its existing locations in Kew and East Sheen. The retailer will take a 1,500 sq ft space on Bradshaw lane, offering books, games, and stationery. Also arriving at the destination will be restaurant operator Rottura, which will occupy a 1,220 sq ft unit in the Brentford High Street area of the development. The 46-cover restaurant’s menu will feature Italian-themed produce, small plates, pastries, and coffee. The Brentford Project will see the redevelopment of 11.8 acres of space in Brentford’s town centre. The major regeneration scheme will look to revitalise the south half of the high street and reconnect it with the waterfront. Alongside 876 new homes, The Brentford Project will bring a mixture of dining, entertaining and shopping amenities, and public spaces to the West London neighbourhood. All phases will be completed by 2027. Richard Pearce, senior development manager at Ballymore, said: “We take great care to select the relevant businesses for each of our developments. In Brentford, it is important to get the right […]

Two restaurant lettings bring Chatham Waterside to 100% occupancy

12th September 2023

Chatham Waterside in Kent has secured two lettings to restaurant chains Wagamama and Zizzi, bringing the scheme’s occupancy rate to 100%. Wagamama will be taking a 3,229 sq ft unit whilst Zizzi will occupy a 3,552 sq ft space, both on 15-year leases. The new arrivals at the Medway waterfront scheme follows a busy period for the destination, which has welcomed well-known names such as Costa Coffee, Kaspas, and Ninja Warrior UK over recent months. Acquired by Schroders in 2013, the 123,000 sq ft Chatham Waterside is home to leisure operators such as Odeon, PureGym, Gymfinity Kids, as well as food and beverage staples such as Nando’s, Subway, and Pizza Hut. Eleanor Jukes, Schroders Capital UK Real Estate Fund’s portfolio manager, said: “Wagamama and Zizzi are strong additions to Chatham Waterside that will be popular with the local community, drive footfall and complement the existing tenant mix. The nature of both the brands is testament to the quality of the scheme and marks the completion of the transformation of Chatham Waterside following the closure of themed attraction Dickens World.” KLM Real Estate and Bruce Gillingham Pollard are the retained leasing agents for Chatham Waterside.

Angel Central opens first sports bar

11th September 2023

Maven Leisure’s Northwood sports bar concept has opened at CBRE IM’s Angel Central in Islington. The 3,600 sq ft unit on the first floor becomes Angel Central’s first purpose-built sports bar, and opens in time to host fans for the Rugby World Cup. Northwood will host 12 ultra high-definition screens and look to elevate Angel Central’s dining and leisure offer alongside anchor tenants Vue and the O2 Academy music venue. Maven Leisure, which as founded in 2021 by the current owners of ETM Group, currently operates over 15 dining venues and sports bars across the capital, including Goldwood, The Jugged Hare, The Botanist, and rooftop venues Wagtail and Aviary. The 176-cover Northwood pub will be the group’s first venture into North London, and offer a range of food inspired by classic sports bar options. Louisa Butters, head of retail asset management UK at CBRE Investment Management, said: “Northwood is a fantastic addition to Angel Central. It will act as an anchor for the local community, enrich our visitor experience, and complement our existing tenants on the first floor, creating an exciting leisure hub within Islington. Our vision for the first floor of Angel Central has really come to life since...

Hollywood Bowl opens at Merry Hill

11th September 2023

Hollywood Bowl has opened its latest location at Sovereign Centros’ Merry Hill retail destination, becoming the anchor tenant of the Dudley scheme’s leisure quarter. The 36,000 sq ft unit is located opposite Wagamama on the centre’s upper level, and contains 24 dedicated bowling lanes. The venue will also offer a range of food and drink options including cocktails, as well as an amusement arcade area. Merry Hill has experienced a strong year, with restaurant sales at the scheme rising by 21.4% over the last 12 months, whilst footfall through the centre’s main entrance for dining, adjacent to Nando’s, has increased by 107% against 2019 figures. A further 10,000 sq ft of leisure and food and beverage (F&B) space is under offer at the destination, and is set to open within the coming months. Jack Gordon, Senior Asset Manager at Sovereign Centros, said: “Hollywood Bowl’s launch signals a really exciting time for Merry Hill, adding another dimension to our expansive and dynamic variety of uses. There’s been significant evolution across the whole centre, but particularly in our leisure quarter, where we’ve taken a lot of care to curate a complete experience for our visitors, and this is only going to pick […]

LondonMetric offloads £17m of non-core properties

11th September 2023

LondonMetric Property has announced the sales of four long income and retail assets for a total consideration of £16.9m. Included in the sale is a 27,000 sq ft Waitrose supermarket in Malmesbury, Wiltshire, for £9.6m. The store was acquired from Waitrose in June 2020 as part of a sale and leaseback portfolio of five stores. The remaining three assets comprise 47,000 sq ft of high street retail in Sunningdale, near Windsor, and Rayleigh, Essex, which have been sold for £7.3 million. The properties total 15 units and were acquired by LondonMetric as part of its CT Property acquisition in August 2023. Andrew Jones, chief executive of LondonMetric, said: “Following completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets. We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100% of our drawn debt hedged. We expect to announce further sales shortly.” In March, the real estate investment trust sold a number of assets including an Aldi supermarket and a Premier Inn hotel for £33.9m.

Cribbs Mall welcomes three new tenants

11th September 2023

Cribbs Mall has welcomed the signings of three new tenants, as Victoria’s Secret, Greggs, and Clogau all take space at the South Gloucestershire shopping centre. Lingerie brand Victoria’s Secret and jewellers Clogau will both take five-year leases, occupying 7,166 sq ft and 601 sq ft units respectively, whilst bakery chain Greggs will take a 10-year lease on a 1,905 sq ft unit. Pan-Asian restaurant Wagamama has also agreed a new 15-year lease, upsizing its existing outlet at the centre to a 4,499 sq ft unit, an increase on its previous 3,455 sq ft restaurant. The signings will join a number of new tenants at the scheme including Charles Tyrwhitt, Mango, The Works, Suits Direct, and Rituals. Scott Linard, portfolio director at M&G Real Estate, said: “We are delighted to welcome these three new brands to Cribbs Mall. The diverse range of retailers committing to the centre, and the expansion of Wagamama’s, indicates brands’ confidence in the centre. With lettings last year spanning everything from fashion and lifestyle to beauty and accessories, Cribbs Mall continues to expand and broaden its retail and restaurant offer to meet the demands of today’s consumers. “These new lettings also demonstrate the strength of large regional […]

AEW snaps up Bath mixed-use property for £11.5m

8th September 2023

AEW UK has completed the acquisition of an office-led mixed-use building in Bath for £11.5m. The 51,632 sq ft asset sits adjacent to the SouthGate Shopping Centre and is close proximity to Bath Spa Train Station, Bath Cathedral, the Roman Baths, and Pulteney Bridge. The site is currently multi-let to five tenants across office and retail accommodation, with the majority of the building let to four office tenants. A vacant retail unit on the ground floor is currently under offer to an “established local retailer”. The real estate investment trust (REIT) said it expects market conditions in the area to remain favourable, given a low level of supply coupled with strong demand for well-specified and well-located accommodation. Laura Elkin, portfolio manager of AEW UK, said, “We are pleased to have purchased this very well-located, mixed-use asset at a day one yield that will be accretive to the company’s earnings and brings the REIT one step closer to full deployment, with just £3m left to invest. Completion of the acquisition continues the strategic reinvestment of capital generated from recent sales into higher yielding assets in core urban locations.” The purchase follows AEW’s £18.5m acquisition of Windsor Royal Station shopping centre, and its subsequent...

Realty agrees £200m deal to acquire 11 UK retail parks

8th September 2023

American real estate group Realty is in has reached a deal with Ediston Property Investment Company to purchase its entire property estate for £200.8m. Ediston confirmed it had reached an agreement with RI UK 1 Limited, a subsidiary of Realty, over the sale of its 11 site-strong retail park estate. Eidston currently invest in retail parks in Stirling, Haddington, Sunderland, Widnes, Barnsley, Prestatyn, Hull, Wrexham, Glasgow, Daventry, and Rhyl.  The group said its portfolio has a value of £208.4m with a contracted rental income of £16.5m. William Hill, chairman of Ediston, said: “The board was very pleased with the interest shown in the company, with proposals being received from a number of potential counterparties. Having considered multiple options, and after detailed analysis, the board determined a sale of the property portfolio to Realty Income was the best means of maximising shareholder value. “The board unanimously considers the disposal to be in the best interests of the company and its shareholders as a whole and recommends that shareholders vote in favour of the resolution at the general meeting.” The group’s general meeting will be held on 26 September. If the acquisition is accepted unconditionally, Ediston’s board will look to seek shareholder approval to voluntarily liquidate the […]

Starbucks hails “good progress” in bid to open 100 new UK stores

8th September 2023

Starbucks has said it has made “good progress” in its ambitions to open 100 new UK stores over the course of the year. The coffee giant also said it has maintained “strong, double-digit growth” in the UK, despite economic pressures on consumer spending power amid the cost-of-living crisis. This comes as the chain opens its latest drive-through site at Elk Mill Shopping Park in Oldham, and its 20,000th store outside of the United States. Starbucks’ drive-through business makes up a quarter of all its UK shops. In March, the chain said it had ambitions to open 100 stores in the UK this year, with a particular focus on city centres and drive-through locations. It is also looking to open a further 300 across Europe, the Middle East, and Asia. Last year, it was reported that Starbucks was considering the sale of its UK business amid competition from rival chains, according to The Times. However Alex Rayner, vice president and general manager at Starbucks UK, said the company is “fully invested in the UK giving back to the local communities” it serves.