Retail Property Deals

PSG adds Oxford Street to list of summer signings

17th August 2023

French footballing giants Paris Saint-Germain (PSG) have added a London store to their list of summer signings. Set to open in September, the Ligue 1 champions will take up residence in a 4,911 sq ft unit at 192-194 Oxford Street. The unit, which sits next door to footwear retailer Office, was previously home to Russel & Bromley and then an American candy store. PSG are set to be the first overseas football club to open a physical store in the UK. Sam Foyle, co-head of prime global retail at Savills, which represented the landlord, said on LinkedIn: “For PSG to choose Oxford Street for its global flagship store, continues the positive story and momentum that is building on Oxford Street. It is one of a number of new international entrants we are working with that are due to open on Oxford Street soon.” In May, English champions and treble winners Manchester City opened a new store at Manchester Arndale Shopping Centre, offering merchandise such as team kits and memorabilia.

Pret a Manger to make Northern Ireland debut

17th August 2023

Pret a Manger is set to make its debut in Northern Ireland with an opening in Belfast City Centre. Launching later this year, the shop will be operated by Pret’s long-standing franchisee, Carebrook Partnership. The coffee shop in Donegall Square West will be Pret a Manger’s fourth on the island of Ireland, having already opened three in Dublin over the last 18 months. The chain has plans to open a further 20 shops across the island over the next decade. Clare Clough, UK and Ireland managing director at Pret A Manger, said: “We’re delighted to be opening Pret’s first-ever shop in Northern Ireland as part of our ambitious plans to bring Pret to more people. We’ve long heard that Belfast locals and visitors would love to have a Pret, so we can’t wait to welcome them to our new shop right in the heart of the city with our longstanding franchise partner Carebrook, who has had much success operating Pret shops in the UK and on the island of Ireland”. Pret operates in 15 markets across three continents, and expects to have over 700 shops globally by the end of the year.

DTZ Investors checks out London supermarket deal

17th August 2023

DTZ Investors has acquired a Sainsbury’s supermarket in London from Lothbury for £56.25m. The 67,426 sq ft store in Islington has been continuously occupied since 1984, and comprises 35,000 sq ft of sales area along with a 131-space car park. Sainsbury’s has recently signed a new 20-year reversionary lease bringing its expiry to March 2044. Following this, the supermarket is understood to be investing a considerable amount into the store, which sits adjacent to the Angel Shopping Centre on Liverpool Road. Ben Haller, director at DTZ Investors:  “This asset is the latest in our investment programme through 2023. There are opportunities amongst the wider market challenges with this core asset offering long and strong income with the potential for significant capital enhancement in the future”. Freddie MacColl, partner at Knight Frank, which acted for DTZ Investors, added: “We are delighted to have advised DTZ Investors on this core supermarket with rare and exceptional characteristics. We have now acted for DTZ Investors on two deals this year where they’ve performed on a 10-working day timeframe and at the agreed price on both occasions.” Savills acted for Lothbury.

UYN opens first UK store in Cambridge

16th August 2023

Italian sportswear brand UYN has opened its first UK store in Cambridge, as it looks to expand to a number of different countries. The opening at 18 Market Street follows the brand’s launch in Germany earlier this year. UYN, which stands for Unleash Your Nature, has 11 stores across Italy. Last year it entered the American market with the opening of an office in Boston and a manufacturing site in Pennsylvania. It is also planning to open three stores in China and Austria next month. The new store features a ‘Bio-Lab’ designed to show customers which natural materials are used to produce UYN’s products. In line with UYN’s other locations, its Cambridge store aims to focus on sustainability with all furniture produced with recyclable high-strength cardboard.

GAIL’s rolls in to the Ashley Centre

16th August 2023

GAIL’s has opened the doors to a three-storey café at CBRE Investment Management’s Ashley Centre in Epsom. Taking a 5,958 sq ft unit, GAIL’s at the Ashley Centre will sit adjacent to the scheme’s East Square and offer the artisanal bakery’s range of pastries, breads, and cakes. Louisa Butters, head of retail asset management UK at CBRE IM, said: “As a much-loved brand across London, GAIL’s is a fantastic addition to the Ashley Centre. Its opening marks another key step to achieving our long-term strategy for the centre by strengthening the quality of our F&B offering and enhancing the calibre of brands. The centre is in a strong position, but it will continue to evolve, with more brands of GAIL’s quality joining the line-up over the coming months.” The opening comes amid CBRE IM’s £5m refurbishment of the Epsom scheme, which is set to be completed by the end of the year. The Ashley Centre recently welcomed Deichmann, with the European footwear giant opening in July, while JD is set to launch at the scheme in September. GCW and Cushman & Wakefield represent the Ashley Centre, while Forty Group acted on behalf of GAIL’s.

Kingfisher Shopping Centre acquired by private investors

15th August 2023

A group of private investors have purchased Kingfisher Shopping Centre in Redditch for an undisclosed sum. Investment management firm Running Hare has acquired the 900,000 sq ft scheme from asset manager Capital & Regional and its capital partner Oaktree Capital Management, other sources have reported. The shopping centre was placed on the market by Savills last year with a price tag of £50m. Capital & Regional had acquired the scheme from Scottish Widows Investment Partnership for £130m in 2012. Tentants at the scheme include Primark, Next, TK Maxx, Prezzo, Nando’s, H&M and Pure Gym, as well as a Vue Cinema. There is also a vacant 82,000 sq ft former Debenhams department store.

M&S opens in former Liverpool ONE Debenhams unit

15th August 2023

Marks & Spencer has opened the doors to its latest store on Liverpool ONE’s South John Street, taking up residence in the former Debenhams unit. Taking 70,000 sq ft of trading space, M&S’s new store is home to a market-style food hall, a clothing department, a home and beauty section, and a new look M&S coffee shop. The new store is part of the retailer’s plan to invest around £480m into its store rotation programme. M&S’s new look coffee shop is the first of its kind, and gives shoppers the opportunity to grab a bite to eat or a slushie during their trip. The retailer’s arrival at Liverpool ONE completes the letting of the former Debenhams unit, which last week welcomed Gravity MAX on the upper two floors, with the leisure concept opening its largest site to date. Rob Deacon, senior asset manager at Grosvenor, said: “It has been fantastic working with the M&S team to help them achieve their vision of delivering a modern and enticing showcase space which provides an enhanced experience for their customers. To be the location of choice within Liverpool for another retail giant’s flagship store evidences the fantastic work we do for brands and […]

Hotel Chocolat to open out-of-town concept store in Leeds

14th August 2023

Hotel Chocolat is set to open its latest concept store at The Springs in Leeds. Opening in a 3,550 sq ft unit, the out-of-town store will be home to a café with the capacity to seat up to 48 guests. As well as the chocolatiers original range, the store and café will also offer a range of drinking chocolates and hot drinks. The store is set to open on 17 August. Peter Harris, Hotel Chocolat’s co-founder and development director, said: “This latest opening is part of our plans to launch many more stores across the country in the next three to five years. Physical stores are extremely attractive and the beauty of being out-of-town is that we have good  accessibility and parking so people can visit with ease.” Rachel Vickers, senior commercial manager at Scarborough Group International, the developer and asset manager of The Springs, added: “At The Springs we’ve been able to demonstrate strong visitor statistics which is helping to attract aspirational operators like Hotel Chocolat. “The opening of the East Leeds Orbital Link Road, along with news that Arriva is reinstating a direct bus route into The Springs and the forthcoming railway station on site will only help […]

Phase Eight and Hobbs to upsize at Merry Hill

14th August 2023

Premium womenswear brands Phase Eight and Hobbs are set to upsize at Merry Hill in Dudley, asset manager Sovereign Centros has announced. Both retailers will be moving from their existing stores into adjacent units on the Upper Mall, with the brands taking a combined 6,000 sq ft of retail space. The sister brands will offer a range of women’s fashion, including Phase Eight’s eventswear and workwear, as well as Hobbs’ luxury offering. The stores will sit adjacent to the newly-opened Vanilla, and will join over 30 brands which have opted to renew or upsize at Merry Hill since the start of last year. Alistair Winning, asset manager at Sovereign Centros, said: “Phase Eight and Hobbs recommitting to Merry Hill, through this relocation into an upsized unit, is another sign of the value that leading retailers place on being here. It’s not only important to us that we welcome new brands, but also ensuring that we are providing the highest quality offer with our existing tenants too; helping them become successful operations and long-term stakeholders within Merry Hill.” The news follows the recent openings of Nike Unite and Schuh Kids at Merry Hill. JLL and Time Retail Partners represent the scheme.

Frasers Group brands to take over Sheffield ex-Debenhams

11th August 2023

A Sports Direct store and department store concept Frasers are set to open at a former Debenhams in British Land’s Meadowhall shopping centre in Sheffield. The two Frasers Group brands will split the 120,000 sq ft unit in half, with Frasers and Sports Direct both taking 60,000 sq ft of space on the ground and first floors, respectively. The deal is part of Frasers’ ‘elevation strategy’, which looks to raise brand perception through the creation of new store concepts. Frasers Group chief executive Michael Murray said: “We are big believers in physical retail and our significant investment demonstrates not only our commitment to the elevation strategy, but also our innovative approach to rethinking large retail spaces to make them fit for the future. “With each new store opening, we seek to set the benchmark for outstanding regional retail as we continue to bring the world’s most aspirational brands, product innovations, and customer experiences to regional consumers across the UK.” Frasers Group has also signed two new leases at Teeside Shopping Park in Stockton-on-Tees, as Sports Direct upsizes into a larger unit totalling 40,000 sq ft, while Flannels will take the existing 20,000 sq ft site following a refurbishment. Both are set to...

Taco Bell and McDonald’s amongst new tenants at Darlington retail park

11th August 2023

A Taco Bell, McDonald’s, and Costa Coffee are amongst six new tenants set to take up residence at a retail park in Darlington. Councillors have now given the go-ahead to Almscliffe Properties’ proposals to bring new units to Faverdale Industrial Estate, which sits opposite a recently-opened Aldi supermarket. The site’s existing buildings are now set to be demolished to make way for the new units, which will also include a comparisons goods retailer, a vet, and a tanning salon. Final agreements are yet to be completed for the two remaining units, although retailers such as Wickes and Jysk are potential candidates to take up residency. The application also includes the creation of an eight-bay electric vehicle charging hub, alongside a 314-space car park. Proposals for the scheme have undergone numerous changes since first being submitted, having originally included a Tesco food store and a petrol station, both of which have been omitted.

musicMagpie to bring kiosks to three shopping centres

10th August 2023

musicMagpie is set to expand its SMARTDrop Kiosk network with openings at three shopping destinations. The reselling website will install kiosks at the Manchester Arndale, and Bristol’s Cribbs Causeway and Willow Brook. The SMARTDrop kiosks allow customers to deposit their mobile phones and receive a valuation, with money then deposited directly into their accounts. musicMagpie first began rolling out the programme in 290 Asda stores in October 2022, and installed a kiosk at The Trafford Centre in Manchester earlier this year. The kiosks now account for 45% of the retailer’s UK consumer technology sourcing. Steve Oliver, chief executive and co-founder of musicMagpie, said: “Our SMARTDrop Kiosk in The Trafford Centre has been one of our most successful installations to-date, and with millions of people visiting each of these new sites every year these [kiosks] will serve to increase brand awareness and promote the service”.