Retail Property Deals

Aqua Restaurant Group debuts Italian concept at Covent Garden’s The Yards

4th September 2023

Aqua Restaurant Group has debuted its Italian dining bakery concept, Luci, at The Yards in Covent Garden. Opening at 136 Long Acre, the 9,000 sq ft bakery is spread over two floors and looks to mirror the heritage of Milanese cafés. The concept is headed up by chef Andrea Pesenti, with a menu consisting of Italian classics including focaccia, ciabatta, pizza, gelato, sorbet, and cakes. Luci joins a number of independent food and beverage operators at The Yards including Olea Social, Gura Gura, and Lahpet. The Yards is operated by Longmartin Properties, a joint venture between Shaftesbury Capital and the Mercers’ Company. On behalf of Longmartin Properties, Simon Taylor, property director at The Mercers’ Company, said: “This is a significant moment for The Yards as we welcome one of the most acclaimed restaurant groups to our portfolio. With a varied and diverse offer of intimate dining and grab-and-go, Luci delivers something new and distinctive to our destination, catering to office workers, families, couples, and more. “As The Yards nears leasing completion, we are proud of how the community has developed and evolved over the last few years, and with the recent opening of Luci, it highlights how we are continuing […]

Over 13,890 sq ft of deals struck at Gloucester Quays

4th September 2023

A number of new deals have been signed at Gloucester Quays, with eight brands committing to the outlet centre for a total of over 13,890 sq ft of space. Jewellery and accessories brand Claire’s has taken a 1,050 sq ft unit, whilst greeting card retailer Hallmark has relocated to join new entrant Yankee Candle in a 2,009 sq ft store. Family-owned footwear business Pavers has opened a refitted store, launching within a 2,809 sq ft unit last week. Luggage retailer Bag Barn will take the adjacent unit, opening a 1,038 sq ft debut outlet store. Other brands which have recently committed to the Gloucester centre include health retailer Holland & Barrett, clothing brand Joules, and sporting goods retailer Asics, all taking a combined 6,989 sq ft of space. Paul Carter, asset director at Peel L&P, which manages the scheme, said: “Gloucester Quays has taken some big steps forward this year, and having a constant stream of new leasing, renewals, and refits is what has kept the offer strong and compelling. All of these brands will help us deliver diversity of retail, creating more choice for our customers, and we are delighted that they have committed to Gloucester Quays.” These deals...

Reiss launches at Centre:mk

4th September 2023

Reiss has opened the doors to a key regional store at the Centre:mk shopping destination in Milton Keynes. The premium fashion brand has taken a 1,884 sq ft store on Silbury Arcade, offering a range of menswear, womenswear, accessories, and childrenswear. The store was co-designed by Reiss’s creative director James Spreckley and D-Raw Architects, and aims to reflect the brand’s reputation as a modern fashion house with the use of sustainable materials in its design. Kevin Duffy, Centre:mk’s centre director, said: “Continually outperforming benchmarks for footfall and conversion to sales, and with one of the strongest anchor brand line-ups in the UK, Centre:mk continues to prove to be a destination of choice for leading UK and international brands. Reiss’s decision to launch a key regional store at Centre:mk reflects our reputation as a dominant destination in the UK”. Reiss’s opening at Centre:mk follows the recent arrival of Mango at the Milton Keynes scheme, which opened a 4.693 sq ft unit on Midsummer Arcade. FMX and CBRE acted for Centre:mk

Developer acquires Bristol mixed-use building for £2.1m

4th September 2023

Rengen Developments has completed the acquisition of a mixed-use building in Bristol city centre for £2.1m. Real estate consultancy and agency Lambert Smith Hampton (LSH) acted on behalf of a private landlord to dispose of the 8,500 sq ft Hanover House in Bristol’s Old City. The building is currently fully let to Dirty Martini, Stretto Architects, Wards Solicitors, Belltown Power, and Digital Visitor. Rengen Developments operates in various sectors working on a range of different types of buildings, as well as national monuments. The developer plans to convert the upper buildings of the building whilst retaining the ground floor occupiers. Peter Musgrove, senior director and head of South West and Wales for LSH, said: “The building is well located in the heart of the Old City, which is both an historic and vibrant part of Bristol. “Having worked on this building for a number of years, it is exciting to see what this next chapter will hold and how the building will be transformed into a new purpose.”

Oliver Bonas to open third Glasgow store

1st September 2023

Oliver Bonas is set to open its third Glasgow store at a former Thomas Cook branch at 15-17 Gordon Street. The two-storey, 4,500 sq ft store will become the lifestyle retailer’s largest in the city, and offer a range of fashion, homeware, and gifts. The retailer currently already has a store at Glasgow Central Station and another on the city’s outskirts at 243-245 Byres Road. Oliver Bonas’s third Glasgow store will be opening on 9 September. Oliver Tress, founder and managing director of Oliver Bonas, said that he believe’s the brand’s offering will “resonate with the vibrant and creative spirit” of Glasgow. Founded in 1993, the retailer began with just one store on Fulham Road in London, and has since expanded its estate to nearly 80 stores across the UK.

Listed mixed-use property in Manchester changes hands

1st September 2023

An Edwardian-era mixed-use building in Manchester has changed hands in a deal worth between £20 and £25m. Real estate investment firm AM Alpha has acquired the property at 196 Deansgate from Commercial Estate Group (CEG) on behalf of a Hamburg-based pension fund. Designed by Charles Heathcote in 1904, the Grade II-listed baroque property boasts 60,000 sq ft of office and retail space spread over a basement, ground, and five upper floors. The building has seen extensive refurbishment works over the last few years, the most recent of which were completed in 2021. The building offers open-plan mostly Category B offices that can be flexibly subdivided. Martin Lemke, managing director of AM Alpha, said: “As an independent family office, AM alpha can invest anti-cyclically. We are specialised in finding imbalances in the market and turning them into opportunities to achieve above-average returns for our investors, especially in a challenging market environment. “This transaction shows again that AM alpha is an expert in executing complex investments. We will continue to grow our portfolio in the UK’s dynamic growth regions”. AM alpha was advised by Cushman & Wakefield and CMS on the transaction, whilst Edwards & Co and Savills acted for CEG.

Rooftop bar acquired by Upmarket Leisure

30th August 2023

Upmarket Leisure, a hospitality group based in Manchester, has acquired the Radio Rooftop at the 5 star ME London hotel for an undisclosed sum. This move strengthens Upmarket Leisure’s ongoing partnership with Meliá Hotels International, Spain’s largest hotel group. The two entities already jointly own and manage the premium Italian restaurant Luciano by Gino D’Acampo. Upmarket Leisure will now oversee all food and beverage activities, including Radio Rooftop, Marconi Bar, ME events, and in-room dining, effective immediately from August 30. An updated menu is set to be revealed in the autumn season, with a renovation expected next year.

Polish brand Reserved launching three London stores

30th August 2023

Polish fashion brand Reserved is opening three London stores as it looks to expand its presence in Western Europe. The brand, which is owned by the LLP group, has already opened a store in Westfield Stratford City, with two more stores launching at Oxford Street and Brent Cross Shopping Centre in September. LPP said the openings are part of its plans to strengthen is position in Western Europe while also expanding its reach in the capital. Reserved first made an entrance to the UK with the launch of an online store alongside a physical location at 252 Oxford Street in 2017. All of the new stores feature a new concept created by Studio 1:1 and are inspired by the Polish landscape. Przemysław Lutkiewicz, vice-president of LPP’s management board, said: “Over the recent months, we have shifted our focus towards Western markets, capitalising on the rising recognition of our brands among Europeans. “The UK is one of the crucial locations, both from the perspective of its sales potential, as well as further strengthening our brand recognition. This is why we decided to open three new stores in London just a few weeks apart. Recognising the UK’s competitive landscape, which makes British […]

Zara to upsize at Meadowhall

30th August 2023

Zara is set to upsize its presence at the Meadowhall shopping centre in Sheffield. The fashion retailer will take the 35,000 sq ft unit previously occupied by House of Fraser and will reopen in spring of next year. The new store will feature a wider range of Zara’s menswear, womenswear, and childrenswear, and will feature technology from Zara’s integrated online and physical store platform. Zara’s current Meadowhall store will continue to trade until the new one opens. Darren Pearce, centre director at Meadowhall, said: “Our Zara store is incredibly popular with our visitors, and we know they will be just as excited as we are about the new, bigger and better offering. “The expansion into a larger unit demonstrates the continued demand for high quality fashion for Meadowhall shoppers. We look forward to seeing the new store come to life, bringing with it a great new range of clothing to the centre, and even more job opportunities for the local area.” Earlier this month, it was announced the Frasers Group had agreed a deal with scheme owner British Land to acquire the 120,000 sq ft former Debenhams unit. It will use the space to open a Sports Direct and its […]

Liverpool ONE gets its MOJO back

29th August 2023

American-inspired rock ‘n’ roll cocktail bar MOJO has opened at Grosvenor’s Liverpool ONE shopping centre. Launching in a 3,000 sq ft two-storey venue on Hanover Street, MOJO has relocated and upsized from his previous Liverpool home on Back Berry Street. The new bar becomes MOJO’s eight in the north of England, and offers over 100 cocktails, beer pong, and bottomless brunch. Customers will also be able to take part in cocktail classes and watch live sports. Rob Deacon, senior asset manager at Grosvenor, said: “The addition of MOJO further diversifies our impressive food and beverage lineup, providing more choice for the sustained consumer demand we’ve seen at Liverpool ONE. We look forward to seeing visitors enjoy MOJO’s signature lively atmosphere in an new, upsized location.” The news follows the recent bricks-and-mortar launch of competitive Esports concept Leveltap at Liverpool ONE, providing a 6,000 sq ft interactive gaming venue. Metis and Starka acted for Liverpool ONE, whilst Harlow Property Consultants acted for MOJO.

Sticky Mango to open third London site at Islington Square

29th August 2023

Sticky Mango is set to open its third site in London at Cain Interntational’s mixed-use destination Islington Square. The South-East Asian restaurant concept will be taking a 2,919 sq ft unit located next to Megan’s, Third Space, and The King’s Head Theatre. Opening in September, Sticky Mango’s arrival at Islington Square follows its recent launch at Tower Bridge. The restaurant will be headed up by chef patron Peter Lloyd and serve a range of signature dishes. Sticky Mango will join the destination’s line-up of independent restaurants including Omnom and Bewliehill. Robert van Vliet, vice president for asset management at Cain International, said: “With a strong leisure, retail, and F&B line-up, we’re delighted to add Sticky Mango to the mix. This exciting brand’s decision to open only its third restaurant here demonstrates Islington Square’s status as one of London’s most vibrant eat, drink, and play destinations.” Ted Schama, joint managing partner at Shelley Sandzer, which acted for Cain International, added: “Islington Square presents a modern and flexible mixed-use space that everyone can enjoy, rich in independent retail and F&B. Sticky Mango delivers a unique and distinctive offer and will serve the strong catchment of residents and office workers in the area.”

Westquay Centre welcomes two new F&B outlets

29th August 2023

Wingstop and Bagel Factory are set to open new outlets at Hammerson’s Westquay shopping centre in Southampton. Signing for a 3,730 sq ft unit on a 15-year lease, Wingstop’s new outlet will be its 33rd site in the UK. Bagel Factory will be taking a 770 sq ft unit on a 10-year lease, and will join a number of other food and beverage offerings at the scheme including Tap and Tandoor, L’Osteria, Wagamama and The Real Greek. Victoria Broadhead of Bruce Gillingham Pollard, which acted for Hammerson, said: “A vibrant and fresh food & drink offer is an intrinsic part of Westquay and we are constantly looking for opportunities to bring in concepts that complement the shopping and leisure offer across this very successful centre”. Antonio Ghirarduzzi advised Bagel Factory whilst Braiser Freeth acted for Wingstop.