Retail Property Deals

F1 Arcade secures £30 million investment

14th June 2023

F1 Arcade owners Kindred Concepts has secured a £30m investment to fuel the next phase of the concept’s expansion. The expansion will predominantly take place in the US, where 30 new locations are being planned. However new openings will also be popping up in the UK, Australia, and the Middle East by the end of 2027. The first F1 Arcade site opened in the UK at London’s St Paul’s in last November. The second UK site is due to open at Two Chamberlain Square at Paradise Birmingham later this year. Liberty Media led the latest fundraising round and attracted investment firm Imbiba, as well as McLaren Racing chief executive Zak Brown and Formula 1 drivers Lando Norris and Logan Sargeant. Adam Breeden, chief executive, and founder of Kindred Concepts, said: “We are excited to be working closely with Liberty Media and Formula 1 as equity partners as we drive towards global growth. Not only do we have an exceptional business model and product, but we are excited about the power of the F1 Arcade brand, its appeal to international audiences as well as potential partners around the world.”

Burritos and bubble tea for Guildford’s White Lion Walk

13th June 2023

Fast food and drink giants Chipotle and Mooboo are to open restaurants in Guildford’s White Lion Walk Shopping Centre. Chipotle, the American fast casual restaurant serving Mexican cuisine and Mooboo, the largest bubble tea operator in the UK, have both signed leases with landlord Redevco, on new 1,700 sq ft and 350 sq ft units respectively. Redevco, which has injected £8m into the retail and leisure development, said that both companies aim to open the branches this summer and are currently fitting out their premises. Claire Yeadon, asset manager, at Redevco said: “It’s exciting to see how quickly our multi-million pound investment is sparking fresh interest from businesses and retailers looking to uniquely position themselves in the heart of one of Surrey’s most dynamic and accessible destinations.” She added: “We have a strong record of repositioning spaces with sub-optimal use into properties with a mix of functions. White Lion Walk demonstrates how this approach can transform properties into truly relevant and inspiring destinations that will ultimately create more vibrant and sustainable town centres.” Built in the 1980s, the Centre links Guildford High St to North St and comprises a ground floor promenade of retail and hospitality units beneath a covered walkway. ...

Frasers Group takes £75m stake in AO World

12th June 2023

Frasers Group has taken a £75m stake in online electrical retailer, AO World, sending shares in both companies soaring on Monday morning. Mike Ashley’s retail empire, which owns brands including Sports Direct and House of Fraser, bought the 18.9% slice of equity in AO from Odey Asset Management. It bought 109.4 million AO shares at 68p following talks between the two companies over two years. Michael Murray, chief executive officer of Frasers Group, said the company had long admired what AO had built. “AO is a fantastic business with a clear strategy which is leading the market in online-only electricals. Through this investment, Frasers will benefit from AO’s valuable know-how in electricals and two-man delivery, helping us to drive growth in our bulk equipment and homeware ranges.” Bolton-based AO World, which was founded in 2000 by John Roberts, specialises in household appliances and electrical goods. John Roberts, founder and chief executive officer of AO, hailed the deal as a “fantastic endorsement for our business”. “We are delighted to welcome Michael and the wider Frasers team into the AO family and look forward to realising the significant potential that we see for this partnership,” Roberts said. He added: “As we continue to […]

LXi REIT offloads St Albans retail park for £31m

9th June 2023

LXi REIT has completed the sale of a St Albans retail park to an unnamed UK pension fund for £31m. Griffiths Retail Park is currently let to B&Q, Aldi, and Costa Coffee, and has a weighted average unexpired lease term of 18 years. The real estate investment trust acquired the property in 2019 for £24m, meaning the sale produced a net initial yield of 4.7%. LXi REIT said the sale was in line with the book value as of March 31, and generates an “attractive” 11% annual rate of return. The REIT expects the proceeds from the sale will be used to reduce leverage and may be invested in its higher yielding property pipeline.

West End properties with “rare” planning consent acquired for £40m

9th June 2023

A set of three adjoining properties in London’s West End have been acquired for £40m by Melford Capital Partners. The sites contain a variety of commercial uses, including a theatre, retail and gallery space, offices, and education facilities. The properties at 5-9 Great Newport Street comprise 44,725 sq ft of space and benefit from “rare” planning consent, said Savills, who completed the sale on behalf of Consolidated Development. Consented proposals detail the delivery of a 322-seat theatre, a 66-room hotel with a rooftop bar and pool, as well as restaurant, bar and gallery space. Situated within the West End, the properties are surrounded by a number of famous theatres, restaurants and shopping destinations. Joshua O’Rourke, associate in the hotel capital markets team at Savills, said: “We’re delighted to complete the sale of this prime site in one of London’s strongest leisure destinations. The transaction shows that in spite of recent economic headwinds, investor appetite remains strong for freehold Hotel development opportunities in Central London.” Savills acted jointly with Hanover Green LLP on the transaction.

Two national brands sign up to Rutland roadside development

8th June 2023

Property developer Godwin has secured both Costa Coffee and restaurant brand Wendy’s to its Rutland roadside development, Ram Jam Services. Costa has taken a 1,788 sq ft unit, while Wendy’s has signed up for a 3,305 sq ft space through its franchisee Blank Table. The signings at the Rutland development follow the recent letting to Loungers, which agreed to open in a 4,500 sq ft unit for its new Brightside roadside dining concept. The service station sits alongside the main route between Peterborough and Grantham, adjacent to an existing petrol station and a new bakery. The site is also 15 minutes away from Rutland Water, one of Europe’s largest man-made lakes. Godwin says the site sees around 41,500 vehicles pass by daily, with the area and wider county attracting nearly 1.9 million annual visitors. Following the recent lettings, there is now only one unit comprising 754 sq ft available on the site. Claudine Tracey, associate director of commercial development at Godwin, said: “The site has always been prime for a thriving roadside destination, therefore it is fantastic to be able to bring new amenities and consumer choice for the local community and passing motorists here.” Construction of the development is...

Lakeside expansions bolster luxury offering

8th June 2023

Lakeside Shopping Centre in West Thurrock has enhanced its luxury offering with three of its tenants upsizing at the destination. Fashion brand BOSS will move into a 4,218 sq ft unit later in the summer while watch brand TAG Heuer has recently opened a larger 431 sq ft showroom. Jewellery retailer Goldsmiths has also relocated into a 3,714 sq ft space to create Goldsmiths Boutique. The news follows the arrivals of a number of recent additions to the scheme, such as Pull & Bear, H&M Home, and Stradivarius, while M&S also relocated at the shopping centre. The new tenancies mean that the Essex shopping destination has let 170,000 sq ft to permanent occupiers within the last 12 months. Rob Detheridge, asset manager at Global Mutual, said: “These upsizes are testament to the strength of our relationship with the brands involved and to strong performance across existing stores to date. “It also speaks to the compelling offer here at the centre more broadly. Retailers continue to target prime space like our own – where the location and the tenant mix is strong, meaning healthy footfall is guaranteed.” P-Three and Lunson Mitchenall worked with Global Mutual as joint agents on the deals.

Kachori spices up F&B offering at Elephant Park

8th June 2023

Kachori has opened on Ash Avenue at Lendlease’s Elephant Park neighbourhood in Elephant & Castle. The all-day dining Indian restaurant has opened in a 2,850 sq ft unit, with both indoor and outdoor seating able to accommodate up to 132 covers. Inspired by northern Indian cuisine, the concept is led by experienced restauranteur Sorowar Khan – the founder of Mango in nearby Borough Market – and the Kachori creator and project manager, hospitality consultant Humayun Hussain. The restaurant offers a menu of small and large dishes and a collection of drinks including beers, sprits, cocktails, and mocktails. Guy Thomas, head of retail and place assets at Lendlease, said: “From day one, we’ve focused on bringing best-in-class local businesses and independents to the neighbourhood, while delivering a huge amount of variety in one place. Elephant Park’s dining spans five continents and more than a dozen countries, and Kachori fits right in, as a brand with a community feel from hugely experienced restaurateurs.” Lendlease has now commenced the latest phase of development at Elephant Park, with ten new retail and restaurant units on the market. Set to be finished by 2024, the new phase is bounded by three areas, Sayer Street, Heygate […]

Wilko renews lease at newly-purchased shopping centre

7th June 2023

Wilko has renewed its lease at Ortongate Shopping Centre, not long after the struggling shopping centre was snapped up by new developers. The discount retailer’s lease was due to expire in September, but it has now renewed for five years at its 23,436 sq ft unit at the out-of-town Peterborough shopping centre. The renewal will be seen as a victory by ALB Group, which acquired the “depressed” scheme earlier this year looking to reverse its fortunes. The developer said it is planning to spend £1m on improvements and looking to create a cheaper and more flexible renting structure for tenants. Property agent Prime Retail completed the negotiations with Wilko on behalf of ALB. Joe Bryan, senior surveyor at Prime Retail, which completed the negotiations with Wilko on behalf of ALB, said that the shopping centre seemed to be gaining a new lease of life since ALB’s takeover. Other businesses in discussions with Prime Retail about taking space at Ortongate Shopping Centre include an Indian restaurant, a pets store, and an arts, crafts, and garden store. ALB has managed to turn around some struggling areas such as Bridlesmith Gate in Nottingham, Albion Street in Derby and Sailmakers Shopping Centre in Ipswich. […]

River Island upsizes at Trafford Centre

7th June 2023

River Island has relocated and upsized at Manchester’s Trafford Centre, opening a new concept store. The fashion retailer has opened in a 21,000 sq ft former TopShop store, and looks to create an integrated service with self-checkout tills and interactive changing rooms. River Island’s new store will offer a range of menswear, womenswear, and kidswear, as well as a range of accessories. Russell Loveland, the director of UK asset management at Pradera Lateral, Trafford Centre’s asset manager, said: “River Island is a high street giant and a significant tenant for us here at Trafford Centre. We are delighted that the brand has decided to invest in its presence at the centre with the opening of this impressive new concept store.” Gemma Scarfe, digital and marketing director at River Island, said Manchester has been on the retailer’s radar for some time. “We’re delighted to have identified a new, larger retail space that will deliver a fun and refreshing shopping experience to our loyal customers as well as complement the thriving city”, she added.

Italian childrenswear boutique to join the King’s Road

7th June 2023

London-based Il Porticciolo is set to open a flagship store at 253 King’s Road, part of the Sloane Stanley estate. The Italian-produced clothing label will open a 1,077 sq ft, two-storey boutique in September, as it moves from its current home in Sydney Street. Founded in 2018 by Italian-born Carola Ploederl Cafiero, Il Porticciolo offers a range of premium children’s clothing for ages up to twelve years old and its customers include famous clients such as the Royal Family. The boutique will join other creative businesses in the Chelsea community such as nailcare salon Townhouse, Designers Guild, and artisan bakery Peggy Porschen. Hannah Grievson, property director at Sloane Stanley, said: “We are always looking to evolve, a key strategy for Sloane Stanley, and one area we identified was to expand our childrenswear offer.” “Choosing to relocate their flagship to the King’s Road is a complement to our successful and thriving community and the level of consumer that we attract”, she added. The signing follows the recent opening of homeware retailer Birdie Fortescue’s pop-up store and the upcoming launch of personal training business Ultimate Performance at Sloane Stanley’s estate. Levy Real Estate, Miles Commercial and Savills act on behalf of the […]

Crudo Cevicheria opens in Covent Garden

7th June 2023

Crudo Cevicheria has opened its fourth London location in Covent Garden’s Seven Dials, site owner Shaftesbury Capital has announced. Opening in a 362 sq ft space, the build-your-own cevicheria will offer the restaurant’s most extensive menu to date, with both signature dishes and exclusive items up for grabs. Crudo Cevicheria Covent Garden features a takeaway counter and is also able to accommodate over 20 dine-in customers, with the restaurant fitted out in a pared-back, contemporary style. Customers will also be able to enjoy a selection of South American cocktails alongside signature bowls and side plates. The founders of Crudo Cevicheria, Carlos Soccoro and Maria Yanez, said that London’s food and beverage scene has long been missing Peruvian-inspired cuisine. The restaurant’s arrival follows the recent opening of Michelin-starred chef Tom Sellers’ Story Cellar in April at 17 Neal’s Yard, Seven Dials.