Retail Property Deals

Liverpool ONE to welcome White Stuff

24th January 2024

Fashion retailer White Stuff is set to open at Liverpool ONE shopping centre. Opening on Peter’s Lane, the 1,800 sq ft store will offer a range of womenswear and menswear, including the brand’s spring collection. The retailer will join a number of other well-known brands on Peter’s Lane, including Sweaty Betty, Space NK, The White Company, and Mint Velvet. Jo Jenkins, chief executive at White Stuff, said: “Our new store in Liverpool is a confident step forward for White Stuff, building on the good progress we have made over the last year to broaden the appeal and style credentials of our brand and products.” White Stuff operates 113 shops and 36 concessions across the UK, serving some 1.3 million customers a year. Rob Deacon, asset management director at Liverpool ONE, added: “We are proud to announce that White Stuff is the first brand to commit to Liverpool ONE in 2024. Innovation and evolution are at the heart of our strategy, and by bringing in exciting brands like White Stuff, we will build on last year’s successes and ensure we continue to contribute positively to the city centre and wider Liverpool City region.” Liverpool ONE has enjoyed a strong start to […]

Trio of luxury retailers commit to Royal Exchange

23rd January 2024

A trio of luxury retailers have committed to The Royal Exchange in London, signing new long-term leases at the Square Mile shopping destination. Both British watchmaker Bremont and handbag maker Aspinal of London have signed 10-year renewals for their stores – which are 380 sq ft and 280 sq ft respectively. Meanwhile, jeweller Tiffany & Co has extended the lease on its 1,900 sq ft boutique until 2038. The 458-year-old trading centre was acquired by Ardent UK in autumn 2022 in a deal worth around £50m from Oxford Properties. Andrew Hilston, managing director of Ardent UK, said: “The long-term commitments made cement the Royal Exchange’s position as the City’s leading luxury retail destination.” This follows the recent agreement to bring former D&D London CEO Des Gunewardena’s restaurant project to The Royal Exchange later this year. The project is Gunewardena’s first since his departure from D&D.

Live-fire restaurant to serve up at The Whiteley

22nd January 2024

Nela, the live-fire restaurant founded in Amsterdam, has agreed to take nearly 10,000 sq ft of space at London’s The Whiteley development. The concept – which was founded by chefs Hari Shetty and Ori Geller in conjunction with British entrepreneur Gilad Hayeem – will feature an open kitchen and a 360˚ centrepiece bar. The menu will feature a mixture of main dishes and sharing plates inspired by locally and internationally-sourced ingredients. Shetty and Geller, said: “Following the success of our launch in Amsterdam in 2022, we’re very excited to share the Nela experience with our London guests. Our vision has always been to create a space where we can gather round the fire to share good food and drink with friends in a beautiful setting. The Whiteley is a unique place and, together with our incredible team, we can’t wait to create a destination within a destination for all lovers of great hospitality.” Adam Goldin, head of UK at C C Land, added: “With the announcement of our latest tenant, Nela, we are advancing our mission to rejuvenate Bayswater into a premier destination for living, shopping, dining and leisure. The team’s incredible success in Amsterdam and track record working with globally […]

American investor snaps up Doncaster Morrisons

22nd January 2024

American real estate investment trust WP Carey has acquired a Morrisons supermarket and attached petrol station in Doncaster for £23m. The supermarket and petrol station are triple-net leased for 14 and 13 years respectively, with inflation-linked rent increases. WP Carey has invested a total of approximately £1.03bn into the UK market since entering in 1999. Karolis Adlis, executive director of European investments at WP Carey, said: “We’re delighted to kick off the new year by adding another high-quality facility to our portfolio, and one that is leased to one of the UK’s largest supermarket brands. “The UK grocery retail space has demonstrated strong resilience, continuing to grow amidst the wider challenges presented within the current economic environment. We look forward to working with Morrisons, supporting the business’ evolving needs over the coming years.” Last week, two Morrisons supermarkets were acquired by Israel-based capital fund MDSR Investments along with one Sainsbury’s store for £100m.

Trio of supermarkets snapped up for £100m

19th January 2024

Israeli capital fund MDSR Investments has acquired three supermarket properties from Aviva Investors for approximately £100m. The assets consist of two Morrisons stores in Milton Keynes and Leigh, and a Sainsbury’s supermarket in Sutton. The three properties have an average lease length of around 19 years and inflation-proofed rents. Mark Girling, partner at Montagu Evans, which acted for Aviva, said: Blending a range of geographies, lease lengths, rental levels, and credit strengths, this £100m transaction was structured to include a 5-month delayed completion, which occurred just before Christmas, allowing our client to take advantage of additional rental income. “The blended effective net initial yield of around 6.25% represents an attractive result for Aviva Investors in the prevailing market, whilst providing the purchaser with a long, attractive, indexed income profile.” Marcus Wood, head of retail and leisure investment at Cushman & Wakefield, which advised MDSR Investments, added: “Despite the headwinds in the wider UK investment market, the grocery sector offers liquidity to vendors and attractive income profiles to investors.”

Fashion retailer to open second store at Sheffield’s Heart of the City

19th January 2024

Fashion retailer The Cream Store is set to open at Sheffield’s Heart of the City scheme. Taking a 3,000 sq ft unit on the ground floor of Burgess House, the store will stock clothing and accessories from a number of rotating brands including Carhartt WIP, Fred Perry, Edwin, Nudie Jeans Co and Gramicci. The Sheffield store will become the retailer’s second in the UK, following the opening of its debut site in Nuneaton in 2005. The Heart of the City scheme is led by Sheffield City Council alongside development partner Queensberry. Councillor Ben Miskell, chair of the transport, regeneration and climate policy committee at Sheffield City Council, said: “We are thrilled to welcome The Cream Store to Heart of the City. It’s another significant addition to the scheme’s growing fashion offer and builds on the likes of Weekday, Monki, and the recently signed Fjällräven and Yards Store. “This is going to be a huge year for Heart of the City and the wider city centre, with the Cambridge Street Collective food hall, Leah’s Yard and Bethel Chapel all set to open in the coming months.” Alex Hyams, senior asset and leasing manager at Queensberry, added: “The Cream Store is a...

Rituals opens first Scottish store at Caledonia Park

19th January 2024

Rituals has opened its first store in Scotland at Caledonia Park Designer Outlet in Gretna. The beauty and wellbeing brand joins a number of retailers which have recently opened at the outlet shopping centre, including Hobbs, Phase Eight, Tommy Hilfiger, and Calvin Klein. Maria Averkina, asset and development manager at Railpen, said: “Rituals is another fantastic addition to Caledonia Park. Marking its debut outlet store within Scotland, it continues to drive our vision forward of delivering a quality destination that hosts a variety of fashion, beauty, and outdoor wear brands. We look forward to having Rituals as part of our outlet family.” Annemarie Forsyth, managing director of Rituals UK & Ireland, said the opening marks an “exciting time for the brand” in growing its retail presence across the country. Johnstone Property Consultants and Time Retail Partners act for Caledonia Park. Rituals dealt directly.

Breitling to open Knightsbridge boutique

18th January 2024

Luxury watchmaker Breitling is set to open a new boutique in London’s Knightsbridge this spring. Taking an 1,144 sq ft unit at 57 Brompton Road, the boutique will feature a two-storey showroom housing the brand’s full collections. The new boutique will become the brand’s eighth in London, and its 28th in the UK. Gavin Murphy, managing director of Breitling, said: “The new boutique will allow Breitling to enhance its reach in one of London’s most influential shopping destinations. Knightsbridge is known for offering both luxury and style and we are delighted showcase what our brand represents to both the residential and international clientele that make up this thriving part of the capital.” Sarah Waller, asset manager for The Knightsbridge Estate, added: “We are excited to be welcoming Breitling to The Knightsbridge Estate. With a forward-thinking approach and an illustrious heritage that matches The Knightsbridge Estate’s own, the new boutique will complement the existing community of occupiers on The Knightsbridge Estate.” The Knightsbridge Estate was represented by Colliers and Cushman & Wakefield, whilst ROW represented Breitling.

Dublin’s Clerys Quarter fully let following Decathlon signing

17th January 2024

Dublin’s newly-restored Clerys Quarter is now fully let following the signing of sporting goods retailer Decathlon. Taking a 30-year lease for a 30,000 sq ft unit, Decathlon will join the likes of H&M, Pret A Manger, and the already-opened sushi chain Rolled in the new development. The new store will be the French retailer’s third in the Republic of Ireland. Clothing retailer Flannels had originally planned to lease the ground floor and basement area unit, but terminated the agreement in July 2023, leading to a legal dispute. The Clerys building was reopened last year, with the building’s historic features such as the clock, internal staircases, and colonnaded façade retained as part of restoration works. Luxembourg-based investment group Europa, along with local partners Core Capital and Oakmount, is leading the development. James Keast, director of asset management at Europa, said: “The phased opening of the scheme will continue throughout 2024 and, as we near the completion of the project, we are looking forward to welcoming the community into the space.” Elena Pecos, CEO at Decathlon Ireland, added: “Clerys holds a special place in the hearts of many Irish people, with countless fond memories of shopping and generations of families creating traditions […]

Pan-Asian restaurant debuts in London’s Chinatown

17th January 2024

Pan-Asian restaurant concept YiQi has launched its debut location within Shaftesbury Capital’s estate at 14 Lisle Street in Chinatown, London. The 2,000 sq ft restaurant offers a menu which takes inspiration from across Asia, featuring South East Asian delicacies, regional Chinese favourites, Korean classics, and Japanese art-like dishes. The recipes have been created by Chef Lum Wah Cheok, who has worked at celebrated restaurants Hakkasan and Yauatcha. YiQi’s interior has been designed to pay homage to Asian culture, featuring a mixture of rattan, wood, and the abacus, all chosen to complement the culinary offer. Andrew Price, executive director at Shaftesbury Capital, said: “The opening of YiQi’s debut restaurant is a brilliant way to start 2024, and is indicative of the unique experiences we look to introduce to Chinatown London. We are always looking to bring distinctive and creative new Asian concepts to the destination, and with its celebration of centuries of dining heritage paired with innovation, YiQi is a fantastic addition to our ESEA (East and Southeast Asia) food hub.” YiQi joins a range of Asian-inspired restaurants in Chinatown London, including 2023 arrivals such as Japanese ‘Staircase BBQ’ concept High Yaki, and casual Korean concept Pochawa Grill. Hanover Green and...

Chopstix joins Festival Place with local food operator set to upsize

17th January 2024

Pan-Asian noodle bar Chopstix has opened at Basingstoke’s Festival Place, and will be joined by local street food operator Festival Street Kitchen, which upsizes into the centre. Sitting adjacent to Pret A Manger, the 2,490 sq ft unit accommodates up to 54 diners and offers a range of noodle-based dishes. The Festival Place opening marks a Basingstoke debut for Chopstix, which is the largest Asian-inspired quick-serve restaurant in the UK. Meanwhile, Festival Street Kitchen will relocate from its previous home on Festival Square into a larger 4,523 sq ft unit, opening opposite recent additions Kokoro and Café Giardino. The 82-capacity local restaurant will continue to offer its regularly-updated menu, which includes the likes of burritos and quesadillas. Poppy Radford, asset manager at Sovereign Centros, said: “Festival Place continues to establish itself as Basingstoke’s go-to hub for diverse, all-day dining options, and the commitment of popular operators like Chopstix and Festival Street Kitchen is evidence of this. Having already welcomed Chopstix, and supporting the growth of a local operator in Festival Street Kitchen is a sign of where we want to take Festival Place, delivering a bigger and better experience to its visitors, incorporating ever-popular national names as well as community […]
Wilko

Wilko to open two new concept stores

16th January 2024

The Range owner CDS Superstores is continuing to rollout the Wilko brand across the UK, with two new stores set to open in spring. The new Wilko stores will open at The Maltings in St Albans and Parkgate Shopping Park in Rotherham. The retailer said that the exact opening dates will be announced shortly, alongside news of further openings. In December, Wilko opened new concept stores in Plymouth, Exeter, and Luton, which the retailer said had seen an “incredible reaction” from customers. This, alongside the return of customers to the newly-enabled Wilko website, has given the brand encouragement to reopen in communities it previously served. Alex Simpkin, CEO of CDS Superstores, said; “The initial reaction to the new concept stores has been even better than we’d hoped, we’ve seen queues of both returning and new customers at the store launches and the feedback is giving us the confidence we need to continue with our store opening plans.” CDS Superstores said its property team is encouraging landlords across the UK to open conversations if they’re interested in being considered for the Wilko roll-out programme. Wilko’s website and intellectual property was acquired by CDS Superstores in September following its collapse into administration.