Retail Property Deals

Aldi supermarket included in £24.5m asset disposal

2nd November 2023

An Aldi supermarket in Leicester has been sold as part of £24.5m worth of asset disposals from LondonMetric Property’s recently acquired CT Property Trust portfolio. The property – which was acquired in 2016 for £4.6m – has been sold in an off-market deal worth £6m, reflecting a topped-up net initial yield of 5.3%. The site is currently let to Aldi for a further 13 years. LondonMetric has also disposed of a car showroom as well as three office assets in Newbury for a total consideration of £15.3m. Another office asset in Worcester has been sold for £3.2m. The property company said that following the disposals, it has now sold £154m worth of assets this year. In September, it disposed of a number of retail assets from the CT Property Trust portfolio for £16.9m. Andrew Jones, chief executive of LondonMetric, said: “Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market.  Since completion of the CTPT acquisition in August, we have now sold seven of the 33 assets acquired representing c.8% of the portfolio by value, at prices comfortably ahead of our underwrite values.”

Former Walsall BHS store snapped up

2nd November 2023

A former BHS department store in Walsall has been acquired for £750,000 by a private investor. The store at 71-75 Park Street is currently occupied by local shopping centre operator Retail Multiples until 2029. BHS departed the 35,380 sq ft building in 2016, which laid until before Retail Multiples moved in in 2019. James Mattin, managing director at Bond Wolfe, which acted on behalf of the vendor, said: “We are delighted to have continued our successful run of town centre investment sales in Walsall town centre as part of our wider investment sales drive. “This sale reaffirms the confidence in Walsall town centre, and we look forward to announcing further pipeline sales imminently.” Ryan Lynch of Siddall Jones represented the buyer.

River Island leads flurry of Manchester Arndale deals

2nd November 2023

River Island has renewed its lease and upsized at Manchester Arndale, as the scheme welcomes a flurry of leasing activity. The fashion retailer has signed a five-year renewal for a 22,415 sq ft unit, representing an expansion of an additional 3,686 sq ft. River Island already has a strong presence within the Manchester scheme, and has committed to a programme of in-store investments as it looks to enhance the customer experience. Meanwhile, Mexican restaurant Tortilla is set to join the centre, taking a 1,737 sq ft unit on a 10-year lease. Three more occupiers at Manchester Arndale have also signed renewals, with The Watch Lab, jewellery retailer Thomas Sabo, and accessories brand Claire’s all committing to new five-year leases. These signings follow a number of recent retail lettings at the scheme, including to The North Face, Moss, Nike, Dune, and Oseyo. Food and beverage operators which have recently joined the scheme include Black Sheep Coffee and Sides. Steve Gray, head of European retail asset management at Global Mutual, said: “We are excited to strengthen our relationships with existing brands like River Island, Thomas Sabo, Claire’s, and The Watch Lab. These agreements underline our commitment to delivering a diverse and vibrant […]

Leading automotive retailer acquires four South West outlets

1st November 2023

Vertu Motors, one of the UK’s leading automotive retailers, has added four sites in the South West following the acquisition of Rowes Garage for £6.2m. The acquisition means that Vertu has expanded its relationship with Honda, with the group now trading with the manufacturer in 17 UK outlets. The group is Honda’s largest retail partner in the UK. In December 2022, Vertu acquired Helston Garages for £120.1m, picking up 28 outlets across the South West. Rowes Garage has been trading for over 90 years, and has grown to become one of the UK’s most successful Honda dealerships. The retailer operates one Honda and one Suzuki outlet in Plymouth, as well as Honda dealerships in Plymstock and Truro. During the year ending 31 December 2022, the retailer achieved a revenue of £30.2m and an operating profit of £750,000. Vertu expects that Rowes Garage will contribute a loss during the first four months of the financial year, due to the seasonality of vehicle sales. The business will be rebranded under the Vertu and Bristol Street Motors businesses immediately following Vertu’s acquisition. Vertu now operates 34 outlets in the South West. Robert Forrester, CEO of Vertu Motors, said: “I am delighted to deliver […]

Swiss watch brand set to make Liverpool ONE return

1st November 2023

Swatch is set to make its return to Grosvenor’s Liverpool ONE shopping centre, opening a 600 sq ft store on Paradise Street. The Swiss watch brand will host over 500 different watches on display at its Liverpool store, from classic to contemporary styles across across a number of collections. The store will also feature a Swatch X You space, allowing customers to create and personalise their timepieces. Rob Deacon, asset management director at Grosvenor, said: “Swatch’s decision to return to Liverpool ONE with its latest standalone concept store is a testament to our continued commitment to curating an innovative and distinctly unique line-up of retailers. We are hugely excited to be welcoming Swatch back to the city, and feel confident that it will sit comfortably among our stellar selection of watch and jewellery brands.” The news follows the recent arrival of women’s activewear brand Red Run at Liverpool ONE, as well as the successful pop-up of clothing and footwear brand ARNE, which made its second appearance at the scheme. Metis and CBRE acted for Liverpool ONE, whilst Swatch dealt direct.

Star City signs trio of leases

31st October 2023

Birmingham’s Star City leisure and entertainment complex has welcomed the signings of three new leases. Adventure golf concept Jungle Rumble has taken a 15-year lease for a 13,407 sq ft unit, which will also offer food and drinks. Meanwhile, indoor soft play operator Monster Mayhem has opted to extend the lease at its current 8,947 sq ft unit by an additional ten years. Also renewing its lease is South Asian restaurant concept Zauq Buffet, which has signed a 15-year extension for its 5,460 sq ft unit. John Maddison, partner at Star City’s asset manager Quadrant, said: “The long leases being signed with innovative leisure brands at Star City are testament to its reputation as one of the leading entertainment destinations in the Midlands.  “The unique and growing mix of attractions here continue to increase footfall, which explains why so many leading leisure operators want to be part of Star City.” In August, Star City welcomed a raft of lettings led by Capital Karts, which is set to open the longest go-karting track in the Midlands. Since Quadrant’s 2016 takeover on behalf of a US-based asset manager, Star City has been rebranded, introduced a new management team, and seen a number...

Sportswear retailer kicks off Birmingham and Watford openings

31st October 2023

Footasylum has opened two new stores at Birmingham’s Bullring and Atria in Watford, as it continues its UK expansion. In Birmingham, the retailer has upsized from its former 2,500 sq ft unit at the Bullring, moving into an 11,000 sq ft unit previously occupied by New Look. The store is the brand’s latest to utilise its new design concept which was debuted at Lakeside Shopping Centre in West Thurrock earlier this year. The concept was then applied to Footasylum’s flagship store on London’s Oxford Street. In Watford, the retailer has opened a 6,000 sq ft store, a smaller version of its Oxford Street flagship. Bolstered by an acquisition by asset management Aurelius in August 2022, Footasylum is opening more stores across the UK, with an upsized store in Leicester’s Fosse Park due to launch in November. Barry Bown, executive chairman and chief executive of Footasylum, said: “2023 has been a transformational year for Footasylum, and these latest openings are further testament to our team’s amazing ability to deliver state-of-the-art stores for our customers across the country. “They take our tally for 2023 to six openings or upsizings, with more to come next year. Our expansion strategy has seen us enter […]

The Range secures former Cwmbran Wilko store

30th October 2023

The Range has agreed to join Cwmbran Shopping Centre, taking residency in the former Wilko store. Taking 30,620 sq ft of retail space, the homeware and garden retailer has signed a 15-year lease at the South Wales destination. The retailer expects to open the store within the coming months. LCP, part of M Core, owns and manages the shopping centre. It has recently secured a number of new deals with occupiers, including the recently opened Coffee#1 and Dunelm, which is set to launch at the end of the month. Alex Williams, asset manager at LCP, said: “The Range consistently tops the list of desired new entrants to the town when we carry out customer feedback. We are delighted to be able to deliver on this desire and look forward to welcoming another household name to the town centre. “The swiftness with which we’ve been able to secure reoccupation of the former Wilko space – with The Range being just one of numerous interested parties – is a testament to the continued high level of demand for retail premises in Cwmbran. It’s been a pleasure to work with the team at The Range to ensure that the transaction proceeded efficiently to […]

Karaoke operator aims to hit a high note at Waterloo

30th October 2023

Karaoke venue chain Lucky Voice is set to invest £1.6m into a new site at London’s Waterloo, becoming its first London site to the south of the River Thames. Taking a 3,200 sq ft unit at Waterloo Station’s The Sidings, Lucky Voice’s newest location will be situated underneath platforms 20-24, Propel reported. The Waterloo venue will become the chain’s fifth in London, following on from sites in Soho, Islington, Holborn, and Liverpool Street. The operator also has a site in Brighton. Charlie Elek, managing director of Lucky Voice, said that opening near major transport hubs is a “key part” of its growth strategy. The venue will be home to eight karaoke booths, a late-night bar, a VIP karaoke pod, a larger 20-capacity pod for bigger groups, and will have a late-night 2:30am licence. Lucky Voice Waterloo will also offer a menu which includes pizza, tacos, and small plates. The company revealed that its most recent opening in Liverpool Street was its best ever, with revenue during the first month up by 12% on its previous record at Holborn in 2019.

FHP completes hat-trick of Nottingham lettings

30th October 2023

FHP Property Consultants has secured three deals in Nottingham city centre on behalf of private landlords. Rudy’s Pizza, which now has over 20 UK sites, has completed a letting for the former FCUK building at 6-10 Victoria Street. The building is now undergoing a fit-out of the ground and basement floors in preparation for an opening in late November. Regional jeweller Grace & Co has secured the former TM Lewin unit at 17 St Peter’s Gate. The building – which sits between White Company and Molton Brown – has seen refurbishment at ground and first floor with the upper levels converted to residential accommodation. The letting brings Grace & Co’s total store count to 11. Meanwhile, tea shop Bird & Blend has relocated from its previous spot at Victoria Street to a larger unit at 24 Bridlesmith Gate. The new store spans 1,193 sq ft of trading space over two floors. Oliver Marshall, director at FHP Property Consultants, said: “It is always great to bring new tenants to the city and to relocate existing ones to secure their long-term commitments to Nottingham. These are three really strong brands in different sectors that really add to the vitality of the city...

Lego lands in Dublin

27th October 2023

Lego has opened the doors to its second Irish store store at Dublin’s Blanchardstown Shopping Centre. The 2,002 sq ft store features a range of products as well as immersive experiences, including an interactive ‘Pick-a-Brick’ wall and a ‘Build-a-Minifigure’ tower. The openings follows the launch of Lego’s first standalone store in Ireland on Grafton Street in Dublin in August of last year. Sharon Walsh, leasing director at Falcon AM, asset manager for Blanchardstown Centre, said: “It’s great to have the LEGO store now open and we know adults and children alike will be hugely excited to visit the brand’s experiential store. “We are always on the look out for stores offering something different for our customers and the interactive amenities such as the Pick-A-Brick Wall, Build-a-Minifigure Tower and extensive range of sets of products is what makes Blanchardstown Centre such a top destination in the Dublin area.” 

Bakery chain set for Harrogate opening

27th October 2023

Cornish Bakery is set to open a new store in Harrogate at the end of October. Opening on the 30th, the bakery chain’s new location will occupy a 19th century property formerly home to a chemist and then part of the Ogden jewellery store. The bakery has retained some features of the original building including gilded columns and stained glass windows. Cornish Bakery founder and owner Steve Grocutt said: “We are delighted to be opening our Cornish Bakery in the beautiful spa town of Harrogate. We are on a constant journey to redefine what a bakery is does and what it can be, and we therefore build all our bakeries differently. “We have taken on this historic Harrogate property, uncovering some interesting features within it that will be showcased in the beautiful interior we have created. “We also believe a bakery should be part of the community so our newly employed team will be actively seeking opportunities to work with local organisations in the Harrogate area.”