Retail Property Deals

Lush to return to iconic London location after 10 years

20th October 2023

Lush is set to make its return to Covent Garden, ten years after leaving the London shopping destination. Opening as a festive pop-up on 3 November, the 2,745 sq ft store will be expanded in spring 2024 by 1,894 sq ft to accommodate the opening of a Lush Spa. The store sits within a listed building with entrances from both Long Acre and Floral Street. Lush’s previous Covent Garden store was open between 1998 and 2013. Ellen Peters, Lush UK and Ireland property director, said: “We’re excited to accommodate our Lush Spa concept within this space and look forward to providing an oasis of calm within central London where our customers can slow down to speed up. Our thanks to Picton, the landlord, who we are grateful to have entered into partnership with, as well as all agents and solicitors involved in the process.” Earlier this year, the largest Lush store in the world was sold, with the 37,000 sq ft superstore on Liverpool’s Church Street fetching £9m.

Women’s activewear brand opens Liverpool ONE flagship

20th October 2023

Women’s activewear brand Red Run has opened its new flagship store at Grosvenor’s Liverpool ONE shopping centre. The 1,400 sq ft store on Manesty’s Lane showcases the brand’s range of active streetwear. To complement its offering, Red Run has partnered with footwear brand ASICS to deliver a range of sneakers. The brand will also be releasing a limited quantity of exclusive designs. The store – which was designed in-house by Red Run creative director and co-founder, Megan Kimmance – looks to reflect the brand’s ethos through the use of sustainable and carefully sourced materials. Rob Deacon, asset management director at Grosvenor, said: “Supporting independents and local businesses has always been a huge part of our strategy at Liverpool ONE and Red Run is yet another trail-blazing local brand built from the fabric of Liverpool. With a dedication to sustainability and community and a loyal following set to bring visitors back time and time again, Red Run is an excellent addition to our diverse and curated selection of retailers, and I am looking forward to witnessing the brand continue to go from strength to strength.” Also opening on Manesty’s Lane is Liverpool-based gift retailer, Utility, which is relocating from Liverpool ONE’s...

Sloane Stanley welcomes hat-trick of F&B signings

20th October 2023

Sloane Stanley has announced the signing of three new food and beverage tenants to its West London estate. Italian street food concept Dez Amore will open a 1,178 sq ft unit at 273 Fulham Road, sitting alongside retailers such as M&S, Orée, and Ted’s Grooming Room. The restaurant – which specialises in classic Italian dishes – will offer both dine-in and takeaway options and is set to become the concept’s sixth London location. Meanwhile, coffee company Kiss The Hippo will be opening a 600 sq ft café a few doors down at 285 Fulham Road. The chain will look to provide ethically sourced carbon-negative coffee as well as pastries, cookies, and focaccias. The new location, set to open in November, will join the brand’s existing sites in Fitzrovia, Richmond, Kings Cross, and Shoreditch. Kings342, the new coffee bar and street food concept by Street Food Markets, will also join the Sloane Stanley estate at the end of the month. Taking a 1,277 sq ft unit at 342 King’s Road, the location will offer a menu inspired by Filipino culinary tradition. As well as food, the concept will serve handcrafted cocktails and host live entertainment. Hannah Grievson, property director at Sloane […]

Investor snaps up Ballymena retail park

19th October 2023

The second phase of a retail park in Ballymena, Northern Ireland has been acquired by local investor for an undisclosed sum. The 93,000 sq ft Braidwater Retail Park – which is home to tenants including The Range, Harry Corry, and Smyths Toys – has been purchased by Magmel. Andrew Coggins, senior director at CBRE NI, which acted for the vendor, said: “The sale of Braidwater Retail Park is just the latest in what has been a strong year for investment sales volumes in Northern Ireland. “Retail in general and in particular retail warehouse parks have been greatly resilient over recent years with strong tenant demand and resulting low vacancy rates presenting attractive prospects to investors. “This transaction illustrates that, while the wider market is challenging, there is still significant levels of strong buyer interest where quality assets are concerned.” Ryan Walker, director of Magmel, added: “Following our purchase of Phase 1 Braidwater Retail Park in 2022, we are delighted to acquire Phase 2 as we continue to expand our growing portfolio. “With its enviable location and strong anchor tenants, the park aligns with our other assets in the sector and we look forward to building on its exceptional performance in […]

Evolve Estates acquires South Tyneside shopping centre

19th October 2023

Evolve Estates, part of M Core, has acquired the Viking Centre in Jarrow, South Tyneside, for an undisclosed sum. The scheme is comprises over 175,000 sq ft of retail space with over 60 stores, and is anchored by national brands including Boots, Peacocks, B&M, and Poundland. It also features a 400-space car park. Danny O’Keefe, founding partner of Evolve Estates, said the company had focused its growth plans on the retail sector over recent years. It has targeted shopping centres, parades, malls, and retail parks. “This deal marks Evolve Estates’ expansion into the North East market and demonstrates our commitment to supporting local communities and businesses,” he said. “We have long maintained that the retail sector is a strong market for investing, providing excellent opportunities for us to add significant value that benefit the tenants and the local community, as well as ensuring a good return on our investment. “We’ve a significant pipeline of retail acquisitions for the rest of 2023 and expect to complete more than £300 million worth by the end of the year. Part of our strength is our healthy cash reserves, which mean we can complete a deal quickly when we need to.” Evolve Estate’s parent […]

BOXPARK to open first location in the Midlands

19th October 2023

BOXPARK is set to open its first site in the Midlands, after agreeing a 15-year lease for the Floodgate Street Arches in Digbeth, Birmingham. The hospitality and leisure operator’s new space will span nearly 17,000 sq ft and has been given a launch date of 2025. The proposed plans for the site include the creation of a food hall and events venue, with around 10 kitchens and four bars set across two floors. Also included is an additional 10,500 sq ft of external space for outdoor dining and events. Once an industrial centre, Digbeth is emerging as a top creative hub, with a number of creative industries, offices, restaurants, bars, and leisure units having opened in the area over the last decade. BOXPARK is investing around £5m into the area, with the development expected to create around 200 jobs. The signing comes as part of BOXPARK’s wider expansion plans, following investment from private equity firm LDC. Nick Cridlan, leasing director at the site’s landlord The Arch Company, said: “BOXPARK shares The Arch Company’s commitment to reuse and repurpose and we’re delighted to welcome them to their new home in Digbeth’s historic railway arches. This letting will see four arches in this...

Game on for Flight Club in Liverpool

18th October 2023

Competitive social darts concept Flight Club is set to make its Liverpool debut, after agreeing a deal for a 10,000 sq ft space at Liverpool ONE’s Chavasse Park. Set to open in Autumn of 2024, Flight Club will join the scheme’s existing line-up of leisure brands, including Junkyard Golf Club, Roxy Ballroom and the recently launched Gravity MAX flagship. The two-storey venue will hold a total guest capacity of 350 people, with 14 ‘oches’, two bars, and two terraces. Flight Club Liverpool ONE will also offer a lunch and dinner menu, with pizzas, burgers, wraps, and small plates available alongside cocktails and cocktail slushies. Rob Deacon, asset management director at Grosvenor, said: “Reaffirming Liverpool ONE’s position as one of the UK’s leading retail and leisure destinations, Flight Club will be a strong new anchor that provides even more reasons to visit or lengthen an existing trip. Flight Club’s fast-growing success and solid reputation have led to the brand becoming a household name in the leisure industry and it will feel right at home amongst our leading entertainment offer at Liverpool ONE.” The news follows the recent opening of American-style rock ‘n’ roll cocktail bar MOJO at Liverpool ONE. The operator’s […]

New tenants to take over former House of Fraser at Cwmbran Centre

18th October 2023

A national sports retailer and gym operator have agreed to join the Cwmbran Centre, taking residence in the scheme’s former House of Fraser department store. The Cwmbran scheme’s owner and asset manager, M Core subsidiary LCP Group said it could not disclose the names of the incoming operators. The retailer has agreed a 10-year lease for 8,000 sq ft of retail space on the ground floor, whilst the gym operator will take a 15-year lease for 20,000 sq ft of space over the first and second floors. Work on the former department store – which has lain vacant for 15 months – is expected to begin later this year, with the aim of completion before the end of 2024. Alex Williams, asset manager of LCP, said: “While we cannot yet reveal the name of the tenant, we can say it is a significant coup for the town and another transformational agreement for Cwmbran Centre. The former House of Fraser store has enormous strategic importance, being located in the middle of the town, and redevelopment proposals promise to bring new life to the building and wider scheme. “2023 has been a phenomenally successful year for the Cwmbran Centre, with more than […]

Søstrene Grene to open largest UK store in expansion drive

17th October 2023

Søstrene Grene is set to open its largest UK store to date, as the Danish homewares retailer targets 100 new stores nationwide by 2030. The retailer has agreed to open a 5,000 sq ft store on London’s Tottenham Court Road in winter of this year. The central London debut will follow successful openings for the retailer in Wandsworth and Kingston-upon-Thames earlier this year. Looking to bring the Danish concept of ‘hygge’ to the UK, Søstrene Grene offers a range of products including contemporary interiors, hobby items, children’s toys, soft furniture, and kitchen accessories. Søstrene Grene’s chief executive, Mikkel Grene, said the opening is a “pivotal moment” for the brand. The retailer’s stores across the south of England, Scotland, and Northern Ireland, are operated by its UK joint venture partners, Norma Jacob and Richard Power. Richard Power said: “As the brand expands throughout the UK we continue to see its rise in popularity. With the recent webshop launch and now our first central London store, Søstrene Grene is on track to becoming a household name.”

Clothing and footwear brand makes pop-up return to Liverpool ONE

17th October 2023

Clothing and footwear brand ARNE returned to Liverpool ONE for its second pop-up store, following a successful activation earlier this year. The brand – which primarily trades online – occupied a 3,500 sq ft unit from 14-15 October, offering exclusive products and limited edition items. In line with ARNE’s first Liverpool ONE pop-up, a VIP event was held for the brand’s loyal customers who could meet its founders and gain early access to a number of exclusive products. Rob Deacon, asset management director at scheme owner Grosvenor, said: “ARNE’s return to the destination for its second pop-up has been highly anticipated and further cements our reputation as a hub for pioneering, first-rate retail concepts.” The news follows the recent opening of watch and jewellery retailer Goldsmiths at the Liverpool scheme, which has taken a two-storey 13,000 sq ft store and doubled the size of its presence at Liverpool ONE.

Wingstop cooks up at second West Midlands location

17th October 2023

Wingstop is set to open at a second West Midlands location, agreeing to join Merry Hill in Dudley later this year. The American fried chicken chain will occupy a 2,650 sq ft unit, sitting opposite the recently-opened Wagamama restaurant at the scheme’s upper mall. Wingstop will join the destination’s emerging leisure quarter, which is formed around the recently-launched Hollywood Bowl. The 70-cover restaurant will offer wings, tenders, and burgers, as well as sides such as fries and dips. Wingstop’s signing at Merry Hill follows three successful openings in Birmingham. Alistair Winning, asset manager at Sovereign Centros, said: “Wingstop has international renown, so it makes for an ideal addition to our culinary line-up at Merry Hill. Alongside the successful opening of Wagamama earlier this year and Hollywood Bowl more recently, the upcoming arrival of Wingstop is evidence of the continued growth we’re seeing at Merry Hill, particularly for our new leisure quarter.” The news follows the recent signing of fellow fried chicken chain Sides to Merry hill, with the YouTuber-led restaurant agreeing to open its second standalone site at the scheme. JLL and Time Retail Partners represent Merry Hill, whilst Brasier Freeth acted for Wingstop UK.

Shaftesbury Capital welcomes flurry of Covent Garden signings

16th October 2023

Shaftesbury Capital has signed 25 retail, hospitality, and leisure brands at London’s Covent Garden over the last six months. The group said the signings demonstrate a vote of confidence in the long-term appeal and prospects of Covent Garden and the wider West End. Included in the signings are 13 new retail brands, including running shoes and apparel brand HOKA and international menswear brand Balibaris, which have opened their first stores in Europe and the West End respectively. In addition, outdoor brand Arc’teryx is set to open a significantly upsized store on King Street, following a successful run at its Long Acre store. Also joining King Street is luxury perfume brand The House of Creed, which will make its Covent Garden debut in November. Also joining the destination is five watch and jewellery boutiques, with OMEGA, Messika, Hublot, and Girard-Perregaux opening in the Royal Opera House Arcade, whilst Tissot will open on James Street. Set to open before Christmas, the signings follow the recent 50% upsizing of watch and jewellery retailer Bucherer 1888 at its flagship Covent Garden store. French womenswear brand Sessùn, clothing brand Gramicci, jewellery brand Mejuri, and leather goods retailer Cambridge Satchel Co. have also signed at the...