Retail Property Deals

Wolf & Badger opens flagship Soho store

19th February 2024

Multi-channel retailer Wolf & Badger has opened its UK flagship store in Shaftesbury Capital’s Soho estate. Taking a 1,400 sq ft unit at 102 Berwick Street, the retailer’s Soho store will offer a range of products including womenswear, menswear, jewellery, accessories, and homeware from over 100 independent and sustainable brands. The new store also features a dedicated pop-up space, a floristry, a plant shop, as well as a showroom for personal styling. Wolf & Badger – which acquired B-Corp status in 2021 – looks to lead the way in the sustainable fashion movement. The space has been designed to help facilitate greater engagement with independent, online-led brands to create a multichannel platform for retail partners and visitors. Andrew Price, executive director at Shaftesbury Capital, said: “Wolf & Badger’s relocation to Soho is a sign of the strength of our portfolio, reaffirming the West End’s appeal and the opportunities we create for leading brands to thrive here. Wolf & Badger’s new store delivers a unique experience, fitting seamlessly with our tenants across Soho, and further demonstrates our role as the chosen destination for UK flagships and milestone sites for physical retail.” George Graham, co-founder of Wolf & Badger, added: “We are […]

Four new brands sign for Bristol’s Cabot Circus

16th February 2024

Four new brands have agreed to take space at Cabot Circus, as scheme owner Hammerson looks to invest into and reposition the Bristol-based centre. Womenswear brand Stradivarius has agreed to open in a prime unit on Concorde Street, bolstering the scheme’s fashion offering which includes the likes of Inditex-owned brands Zara, Pull&Bear, and Bershka. In a portfolio-first for Hammerson, athleisure headwear brand Lids is also set to open at the scheme, after agreeing to take a 600 sq ft store. The brand will look to tap into Bristol’s young demographic with an offer including NBA, NFL, and MLB-branded baseball caps. Arabian-inspired British perfume brand Sunnamusk will also be opening at Cabot Circus as it continues to expand through Europe. The brand has previously opened at a number of Hammerson-owned destinations. Finally, fast-growing kebab brand German Doner Kebab will also take space at Cabot Circus, diversifying the scheme’s food and beverage offer. The signings come as Hammerson looks to reposition its city centre assets, through the targeting of popular brands and the introduction of entertainment and social offers to engage and excite audiences. At Cabot Circus, this has included: Toby Tait, director of asset management at Hammerson, said: “These new signings...

Sainsbury’s opens flagship store in Wales

16th February 2024

Sainsbury’s has opened the doors to a new flagship supermarket in Talbot Green, Wales. The 53,000 sq ft store is centred around a food hall, which offers both branded and own-branded products, supplemented by digital signage and displays. The new supermarket also features the retailer’s Habitat and TU Clothing ranges, as well as an Argos concession allowing customers to purchase toys, home products, and electrical devices while picking up their groceries. Sainsbury’s Talbot Green also benefits from an attached car park with an ultra-rapid electric vehicle charging service, Smart Charge. The service enables customers to charge their electric vehicles at one of six 150kW+ charging bays in as little as 30 minutes. The supermarket is Sainsbury’s second location in Wales to feature Smart Charge and its 30th in the UK. Customers will also be able to make use of a new Pay@Pump petrol station, a Starbucks coffee shop, and an on-site Timpson store. Patrick Dunne, Sainsbury’s director of property, procurement and EV ventures, said: “I’m immensely proud of everyone who has helped to deliver this fantastic new store. We’re determined to be first choice for food, ensuring more customers in more of our stores can enjoy more brilliant Sainsbury’s food […]

Former Wolverhampton department store acquired for £6.15m

13th February 2024

The former Beatties department store in Wolverhampton has been acquired by Eden Property Group for £6.15m. The 376,636 sq ft building is set to be redeveloped into 400 homes following its sale, which was brokered by Robert Irving Burns on behalf of receiver Alexander Lawson Surveyors for KSEYE Capital. Three additional buildings were also included in the sale, but are set to be excluded from the approved plans. Antony Antoniou, chief executive of RIB, said: “The site represents a fantastic investment opportunity for the Eden Property Group, which has a proven track record in urban land planning and large-scale regeneration. “This scheme, with its combination of centrally located housing and wealth of additional amenities, will unlock the wider regeneration of Wolverhampton city centre.” Savvas Socratous, director of Alexander Lawson Surveyors, added: “It is always rewarding to be involved in a receivership sale where the end result is equally positive for the creditor as well as the regional regeneration and infrastructure – that generates true value.” The West Midlands Combined Authority (WMCA) has produced a letter of intent providing levelling up funding, and is working with the Eden Property Group to redevelop the site.

Mexican restaurant to open first British site in Leeds

12th February 2024

A Mexican restaurant chain is set to open its first restaurant in mainland Britain in Leeds. Boojum – which is owned by hospitality group Azzurri – currently operates 15 stores in Northern Ireland and the Republic of Ireland. As well as the new restaurant, Boojum will also invest in a new Leeds-based central production kitchen. Robert Powell, head of operations at Boojum, said: “We’ve seen other brands try to expand and not build out the necessary supply chain solutions to deliver the optimum experience. This often results in out-of-stock days or food sitting on shelves longer for the consumer, neither are ideal. “Our investment is aimed at delivering the freshest, highest quality Mexican product in the market.” The chain is looking to open 25 restaurants over the next five years in major UK cities including Nottingham, Birmingham, Liverpool and Manchester. Boojum founder David Maxwell added: “Boojum’s expansion into Leeds is no coincidence. The city’s bustling student life and reputation as a foodie paradise make it the perfect stage for our vibrant flavours. We’re not just serving food; we’re creating experiences and we’re excited to blend our Belfast roots with the dynamic spirit of Leeds.” Boojum owner Azzurri also controls the […]

M&G and John Lewis strike £125m deal for 11 Waitrose stores

9th February 2024

M&G has reached an agreement with the John Lewis Partnership for the sale-and-leaseback of 11 Waitrose stores in a deal worth £125m. The stores – which are predominantly located in the south of England – will be leased back to Waitrose on 20-year inflation-linked contracts. In September, it was reported that the John Lewis Partnership was in talks regarding the sale and leaseback of 12 Waitrose stores in a deal worth £150m. This came after the retailer pushed back its plan to return to profit by two years, with John Lewis citing inflationary pressures and greater than expected investment requirements. The partnership appointed a new director in January, with Peter Ruis returning to the business after 11 years.

Primark to take former House of Fraser store at the Ashley Centre

9th February 2024

Primark has agreed to join the Ashley Centre in Epsom, taking two floors of the former House of Fraser store. Occupying 44,000 sq ft, the clothing retailer will be sit adjacent to the scheme’s central square and is expected to open in early 2025. The news comes as the Ashley Centre’s £7m refurbishment is set to complete within the coming weeks. On Thursday, Primark announced that it would be investing over £100m into its UK store estate in 2024, as the retailer celebrates 50 years on British high streets. Louisa Butters, head of retail asset management UK at CBRE Investment Management, said: “Primark’s signing is a milestone moment for the Ashley Centre. “The opening will mark the final stage of our two-year repositioning project that underpins our long-term strategy for the revitalisation of the Ashley Centre, ensuring that it continues to serve the needs of the community in every way possible. We are looking forward to welcoming Primark early next year, and delivering an optimised and enhanced experience and environment for our visitors.” GCW & Cushman and Wakefield represented the Ashley Centre.

Glasgow retail asset snapped up

9th February 2024

XPROP has advised an undisclosed property company on the acquisition of a Glasgow retail park. Spanning a gross internal area of 20,733 sq ft, Birkenshaw Retail Park occupies the dominant trading position within the wider Birkenshaw Trading Estate. It is located to the east of Glasgow, near the junction where the M73 and the M74 meet. The retail park is fully let, with a tenant roster including ScS, Natuzzi, and Sofa.com. It also benefits from an adjacent car park. The purchase reflects a net initial yield of 10%, and the asset benefits from future asset management initiatives with the potential to drive further returns. The wider development includes a number of retail warehouses, with nearby retailers including Currys, Bensons for Beds, B&M, Dunelm, Carpetright, Oak Furnitureland, and Tapi Carpets.

EE Metrocentre opening spearheads £6m high street pledge

9th February 2024

EE has opened its latest ‘Experience’ store at the Metrocentre in Gateshead, as the mobile network operator pledges to invest £6m into UK high streets over the next 12 months. Located on Metrocentre’s Platinum Mall, the 3,700 sq ft store is the fourth of EE’s Experience concept and the first of over 10 new EE Experience and Experience Local stores set to open over the next year. EE announced its new retail strategy in June 2023 with a focus on customer experience, community focus, and innovation. This has seen the launch of new store formats including a flagship ‘Studio’ store in Westfield London, Experience stores in Manchester, Cardiff, and Kent, and Experience Local stores in Derby and Guildford. The Westfield London store has seen an increase in footfall of 250% compared to EE’s former branch at the centre, whilst the three Experience stores have all seen footfall grow by 35% compared to the previous stores in those locations. Asif Aziz OBE, retail director at EE, said: “We are excited to launch our latest Experience store in the brilliant tech hub of Newcastle, giving our customers and the local community a chance to experience the newest innovations across smart home and gaming. […]

Sloane Stanley welcomes charity pop-up to King’s Road

8th February 2024

The Sloane Stanley Estate has announced that Verte and Round Retail have launched a collaborative pop-up store on Chelsea’s King’s Road, in support of mental health charity SMART. Verte is a pop-up shop for pre-loved fashion, whilst Round Retail aims to bridge the gap between fashion resale and charitable stores. The two-week pop-up will enable customers to buy and swap pre-loved items from mid-luxury brands, and will feature collections from the likes of Whistles, Acne Studios, Rixo, and Toast. The 1,178 sq ft store at 340 King’s Road will host a number of events during its stay, such as crochet and beading workshops. Free repairs will also be offered to promote a circular approach to shopping. The funds raised will go to SMART – which stands for St Mary Abotts Rehabilitation and Training – with the aim of helping those suffering from mental health issues by providing paid employment opportunities through community businesses such as cafés and gardens. Hannah Grievson, property director at Sloane Stanley, said: “Our on-demand pop-up leasing strategy enables us to be flexible and innovative, and concepts such as the Verte and Round Retail store demonstrate our ability to be adaptive and forward-thinking with our prime retail...

Primark to upsize at Metrocentre

8th February 2024

Primark is set to upsize its existing store at Metrocentre in Gateshead, as the retailer plans to invest £100m into its stores in 2024. The clothing retailer will add 14,100 sq ft of trading space to its store on Exhibition Square, with the upsized store covering a total area of nearly 80,000 sq ft. Work to extend into the adjacent unit on the scheme’s ground floor is already underway, with an opening date expected to be confirmed this summer. Primark first arrived at Metrocentre nearly 20 years ago, before relocating to its current location in 2010. Ben Cox, senior asset manager at Sovereign Centros, said: “2024 has started just how 2023 finished – with major retailers committing to new, enhanced space at Metrocentre. Similar to Zara and Frasers Group, Primark is the next powerhouse brand to make the decision to expand its presence here, made possible by decades of strong performance. Delivering this now is a direct response to what our visitors want from Metrocentre, as we continue to deliver best-in-class flagships from some of the UK’s best-loved brands.” Last year, Metrocentre re-anchored the Red Mall by relocating and upsizing Sports Direct, Flannels, and Zara, to create over 170,000 sq […]

Educational toys brand makes UK debut at Norwich’s Castle Quarter

8th February 2024

Educational STEM (science, technology, engineering, and mathematics) brand Engino has made its UK debut at Castle Quarter in Norwich. The brand has taken 4,405 sq ft of space across Units 54 and 55 on a ten-year lease. Whilst also selling Engino’s range of STEM toys aimed at children from 18 months upwards, the store is home to an education and entertainment area, enabling visitors to test out the brand’s unique building system. Launched in Cyprus in 2004, Engino is a modular plastic system designed to enable children to construct vehicles, buildings, and robotic machines. Its products are available from 57 locations across the United States and Europe. Castle Quarter has recently repositioned towards more social, leisure, and lifestyle operators whilst retaining a traditional retail core. This has brought new brands to the destination such as Boom Battle Bar, Putt Putt Noodle and Escape Hunt. New dining options have also arrived, such as independent restaurants Silhouette and Hank’s Dirty, and the ‘market hall’ style Castle Social. Vue has also committed to a major refurbishment of its eight-screen cinema at the destination. In 2023, visitor numbers at Castle Quarter grew by 9% year-on-year, whilst 75% of occupiers posted higher trading figures compared...