Retail Property Deals

The Whiteley to welcome health club as part of £1bn mixed-use redevelopment

12th July 2023

The Whiteley is to welcome luxury health club Third Space to its first West London location as part of the former department store’s £1bn redevelopment. Taking a 25-year lease, Third Space will take 34,000 sq ft of space over three floors, with 21,000 sq ft of gym space benefitting from natural light pouring in from the Grade II listed façade and a new glass dome. A swimming pool will also be developed on the ground floor. The Whiteley, which was once London’s first department store, is currently under development by Finchatton with MARK and CC Land working as joint investment partners. Alongside 19 retail units and an Everyman Cinema, 139 residences will also be constructed. The development is also set to become home to the UK’s first Six Senses hotel and spa, which will look to provide residents with exclusive spaces, services, and experiences. The Whiteley development forms part of the wider £3bn regeneration of Queensway, which includes a new retail strategy, public realm improvements, tube station upgrades and re-greening, and a new entrance to Hyde Park. Marcus Meijer, founder and chief executive of MARK, said: “The redevelopment of The Whiteley breathes new life into a historic symbol of London […]

Goldsmiths to upsize at Bullring

12th July 2023

Goldsmiths is set to significantly increase its presence within Hammerson’s Bullring & Grand Central, creating one of the brand’s largest UK flagship stores. The watch and jewellery retailer, which is part of the Watches of Switzerland Group, will extend its space at the Birmingham scheme to nearly 8,000 sq ft. The store will feature a double-height glazed shopfront, a multi-brand showroom with a bar and lounge area, and VIP consultation rooms. Goldsmiths’ decision to upsize reflects Hammerson’s wider strategy as it looks to enhance its assets through new brands, concepts, and market firsts. Toby Tait, director of asset management at Hammerson, said: “The Watches of Switzerland Group’s decision to expand its presence to create one of the largest Goldsmiths store within its portfolio is testament to Bullring’s quality and location in the heart of the city. Jewellery and watches continue to be a top performing category across our portfolio, so we are looking forward to Goldsmiths’ strengthening the offer with its new elevated store later this year.” The news follows a number of new signings in recent months such as Inditex’s Bershka and Pull&Bear brands, while M&S, Footasylum, EL&N, Lane7, and Sandbox VR are all set to open in the...

Bagel Factory set for southern debut

11th July 2023

Bagel Factory is set to make its debut in the south of England with an opening at Southampton’s Westquay. The chain has reached a deal with Hammerson to open in a 770 square foot venue in the food court, which will become Bagel Factory’s third opening in 2023 and its 23rd nationwide. Bagel Factory was acquired by one of Europe’s biggest food operators, Cremonini Group, in summer 2012 in a deal rumoured to be worth around £2m. Earlier this year, the group said it planned to more than double the size of its estate by 2025.

Dunelm set to join Cwmbran Centre

11th July 2023

Dunelm has agreed to open at Cwmbran Centre, after signing a 10-year lease for a former Marks & Spencer store at the Welsh scheme. The home furnishings retailer agreed the move with the site owner and manager LCP, part of M Core, and is expected to open at the centre this autumn. Following M&S’ departure in May 2019, the 51,000 sq ft store at 5 South Walk has most recently been occupied by One Below which is set to move to a permanent residence at 2-4 Monmouth Walk. Will Thomas, partner at KLM Real Estate, which jointly leases the Cwmbran scheme alongside EJ Hales on behalf of LCP, said: “This is a major letting for the town centre and is the first of several key transformational deals we are working on. Cwmbran continues to buck the trend with rising footfall and performance. Dunelm are a great fit for the town.” LCP said that since it acquired Cwmbran Centre, it has increased occupancy rates to 95%, the highest figure in five years, and recorded footfall of 19.75 million people last year, an 8% increase year-on-year. The group snapped up the centre, which is home to 180 shops totalling over 740,000 sq […]

Angel Central welcomes first sports pub

11th July 2023

Islington’s Angel Central will open its first purpose-built sports pub and kitchen after hospitality group Maven Leisure continues its London expansion. Called Northwood, the pub will cover 3,600 sq ft of space on the scheme’s first floor, adjacent to indoor golfing experience Birdies. 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. Ed Martin, CEO of ETM Group and Maven Leisure, said that Islington had “been on [their] radar for quite some time”. Louisa Butters, head of retail asset management UK at scheme manager CBRE IM, said: “The signing of Northwood marks a significant moment for Angel Central, further enhancing the scheme’s day-to-night appeal and complementing the existing leisure and F&B operators we have on the first floor. […]

The Perfume Shop launches experiential Dublin store

10th July 2023

Swords Pavilion Shopping Centre in Dublin has welcomed The Perfume Shop as its latest tenant. Located at unit G28, the new store features the cosmetics retailer’s latest experience, with digital screens, personalised ribbon machines, and fragrance consultations. The retailer, in line with its current expansion programme, has aimed to put sustainability at the forefront of the store design. The Perfume Shop’s Dublin store benefits from LED lighting as the retailer looks to reduce its energy consumption by 30% by 2030, compared to 2015. Where possible, existing materials and equipment were retained or reused in the construction of the store, with all principal contractors ISO14001-approved to ensure on-site waste management was adhered to.

Trio of fashion brands sign for Solihull’s Touchwood

10th July 2023

Solihull’s Touchwood Shopping Centre has expanded its fashion offering with the signing of three retailers. Levi’s will be bringing its jeans collection to a 2,350 sq ft unit, while shoes and accessories brand Dune has signed for a 3,200 sq ft store, with both retailers taking on five-year leases. Womenswear label Mint Velvet will also be joining the scheme, opening a 3,544 sq ft store on a ten-year lease. The new arrivals are in line with the combined strategy of Touchwood owner The Ardent Companies UK alongside asset manager Sovereign Centros to attract premium brands to the scheme. They will join existing retailer’s at the shopping centre including John Lewis, Mango, Tag Heuer, Polestar electric cars, Apple, Miele appliances, Zara, Rituals and H&M. Since acquiring the asset in July 2021, Ardent says it has completed 185,000 sq ft of new lettings and lease renewals and driven the occupancy rate to over 96%. Simon Phipps, asset manager at Sovereign Centros, said: “The arrival of these major brands underlines just how much of a fashion destination Touchwood has become, and reflects the success of the leasing strategy we have put in place. All three are fantastic additions to Touchwood, and it is […]

Ultimate Performance launches flagship gym on Fulham Road

10th July 2023

Ultimate Performance has launched its London flagship gym at 293 Fulham Road, part of the Sloane Stanley estate. The personal training business has opened in a 5,095 sq ft unit spread over three floors. The space features a cardio area on the basement level, a ground floor reception, and a large gym floor with changing rooms and consultation suites on the upper level. Ultimate Performance’s Fulham Road flagship marks a key moment in the brand’s expansion plans, as it looks to bring its services to a new audience. Hannah Grievson, property director at Sloane Stanley, said: ‘We are always evaluating ways that we can evolve and diversify our retail portfolio across the estate. We have a mix of creative and design-led brands which all offer something unique across the King’s Road and Fulham Road. We are very pleased to be tapping into the health and wellness market with the arrival of Ultimate Performance and especially thrilled to house the brand’s largest central London location, enabling the brand to deliver a vastly superior experience for residents and visitors alike.” The news follows a number of recent signings at the estate, including the return of homeware retailer Birdie Fortescue and a new […]

L’Occitane set for Trafford Centre return

6th July 2023

French cosmetics retailer L’Occitane is set to make its return to Manchester’s Trafford Centre following a seven-year hiatus. Set to open on 20 July, the retailer will launch its new store in the Main Dome of the Manchester scheme. The boutique will offer a perfume table and refill fountain for customers, and has been fitted out in Provence style, featuring the brand’s signature sunshine yellow colourway. L’Occitane will join a number of brands at the shopping centre, including Selfridges, John Lewis, Zara, Next, and Marks & Spencer. Russell Loveland, director of UK asset management at Trafford Centre’s asset manger Pradera Lateral, said: “We are delighted to welcome the return of L’Occitane to Trafford Centre. It is a unique and much-loved brand that brings something different to the cluster of affordable luxury stores in our Main Dome area.”

Durham retail park included in £43m LondonMetric sale

6th July 2023

LondonMetric Property has offloaded a number of its assets for a total of £42.8m, including a retail park in Durham, which fetched £14.1m. Dragon Lane Retail Park spans 58,000 sq ft and is currently let to The Range and Lidl. The asset purchaser was not disclosed. Alongside the retail park, the real estate investment trust (REIT) has sold a 28,000 sq ft urban warehouse in Croydon for £8.1m and a “long income” property nearby to London Bridge for £3.1m. Additionally, LondonMetric has sold an urban warehousing estate in Croydon and another in Oxford as a portfolio, fetching £17.5m. The REIT said that the combined sales are in line with the book value of the assets as of the end of March. Andrew Jones, chief executive of LondonMetric, said: “We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35 million and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value.” LondonMetric said that its total sales since 31 March have reached £64m in value. In...

The White Company to make regional debut in Northern Ireland

6th July 2023

The White Company is set to open its first standalone store in Northern Ireland after agreeing to join Belfast’s Victoria Square. The retailer will open in a 4,900 sq ft unit on the scheme’s lower ground level, sitting alongside Reiss, Ted Baker, and Sweaty Betty. The store is expected to open this autumn. The White Company offers a range of homeware products, including bedding, cashmere clothing, fragrances, sleepwear, and gifts. Russell Banham, UK head at asset manager Commerz Real, said: “Victoria Square has celebrated some significant new and exclusive retail launches and we are pleased to be welcoming the regional debut of the aspirational homeware and lifestyle brand, The White Company. This signing marks Victoria Square’s continued growth and appeal to premium brands who seek to engage with our catchment.” Sarah King, director of property at The White Company, said that Belfast had been identified as a “key part” of its UK expansion plans. The White Company will joins retailers including Gilly Hicks, Goldsmiths, Gym+Coffee, and Sweaty Betty which have all opened flagship stores at Victoria Square in the past 12 months. Lambert Smith Hampton and Savills acted as joint agents for Victoria Square. Victoria Square is managed by the Lambert […]

Golf concept pitch tees up for Canary Wharf opening

5th July 2023

Indoor golf concept Pitch is looking to open its third London site at Canary Wharf, adding to its current portfolio of sites in Bishopsgate and Soho. Founded four years ago by golf professionals Elliot Godfrey and Chris Ingham, Pitch uses modern technology to provide a simulated golfing experience customers can enjoy alongside food and drink, live sports, and music from its venues’ resident DJs. It is now lining up to open under the WeWork site at 30 Churchill Place. The concept is looking to rapidly open in more venues across London, with an aim to roll out a number of sites within the capital over the next two years.