Retail Property News

Buccleuch Property has acquired three Sainsbury’s Local stores for a total of £5.6m. The stores – which are located in Telford, Colchester, and Lewisham – are leased to Sainsbury’s for a term of 15 years with indexed rent reviews. The stores range in size between 3,337 sq ft and 4,359 sq ft and all three were completed in the last three years. Philip Eves, director at Buccleuch Property, said: “The acquisition of these three properties is a great addition to our portfolio. The reliable long term income stream with indexation from a fantastic tenant allows us to take on more risk in other investments and the geographical spread of these properties fits well with our target investment locations. “The demand for convenience food stores is extremely strong, so we are delighted with the result. We greatly appreciate the assistance of all those involved in this transaction.” This follows Buccleuch’s recent acquisition of a mixed-use property in London’s Soho neighbourhood from Landsec for £14m. Cushman & Wakefield acted for Buccleuch, whilst Knight Frank acted for the vendor.

Former Birmingham department store and retail arcade handed £73m price tag

A former department store in Birmingham which has been converted into offices along with a retail arcade have been placed on the market with a £73m price tag. CBRE has been instructed to Priory Court and The Lewis Building on Bull Street – which comprise over 250,000 sq ft of office, retail, and leisure space – on behalf of receivers. The sale also includes The Minories, a nine-unit retail arcade totalling 5,842 sq ft. The Lewis Building was one home to the Lewis’s department store before closing in 1991. It was acquired in 2014 by LGIM Real Assets, which carried out a refurbishment and relaunched it in 2017. Today the property contains 111,620 sq ft of Grade A office accommodation, let to four tenants, whilst Priory Court comprises 136,728 sq ft of offices with ground floor space let to pub operator JD Wetherspoon. Nick Woodward, head of investment properties at CBRE Birmingham, said: “Priory Court and The Lewis Building is a unique opportunity to acquire a high-quality office asset, anchored by long term government income whilst also presenting significant asset management opportunities to add value. “With a take-up of 842,200 sq ft across 96 deals in 2024, the Birmingham office...

Newmark forms retail, hospitality, and leisure practice

Newmark has made six appointments to form a new retail, hospitality, and leisure project and cost management practice. The new hires will support clients in the UK and Europe, providing specialist project, programme, and cost management expertise across retail, hospitality, and leisure portfolios. The practice will work closely with corresponding departments across building consultancy, occupier agency, business rates, and capital markets, looking to help brands at every stage of their real estate journeys. Leading the practice is Vinnie Kilner, who brings 17 years’ specialist experience in major projects, having advised international brands and occupiers on project delivery strategies, ranging from multiple store rollouts to flagship projects. Parin Patel joins as senior associate, providing programme management and project delivery expertise, having worked with retailers on large scale international expansions and being responsible for the construction of hundreds of stores. Also joining Newmark is Alfie Molloy, senior associate, who has a background in project and cost management. He joins with a focus on supporting Newmark’s leisure clients. Ine Roren, associate, will lead multi-territory programmes for high-profile brands, having worked on both the client and consultancy side of international store and showroom expansions. Nathan Archer joins as senior cost manager. His experience spans luxury retail, food […]

AEW UK acquires £10m Hertfordshire high street asset

AEW UK REIT has acquired a freehold high street asset in Hitchin, Hertfordshire for £10m, reflecting a net initial yield of 8.31% and a capital value of £213 per sq ft. The property, located at 13/13A, 114-119, 121-123 Bancroft and 3-4 Portmill Lane, extends to 46,905 sq ft of space across 12 retail units, a standalone office building, and car parking and service yards. The retail element of the property is fully let to a line-up of 12 tenants, with major occupiers including Marks & Spencer, Next, Vodafone, The White Company, and Holland & Barrett. The vacant office element, which is located to the rear, provides various asset management options in the short-to-medium term, including new lettings or residential conversion. Hitchin is a market town with an affluent catchment, served by rail connections to both London and Cambridge. The acquisition comes as part of AEW UK’s ongoing redeployment of sale proceeds from the recent disposal of Central Six Retail Park in Coventry. In considering the re-deployment of the remaining proceeds from the sale, AEW UK said it has identified an attractive pipeline of investments available for purchase in the current market and is considering available growth opportunities. Laura Elkin, portfolio […]

Australian retailer Harvey Norman picks West Midlands shopping centre for new store and HQ

Australian homewares retailer Harvey Norman is set to expand its UK presence with the opening of a new store and headquarters at The Gracechurch Centre in Royal Sutton Coldfield, near Birmingham. This comes after the retailer opened its debut store in England at Merry Hill in October 2024. The opening represents the first in a number of planned investments across the West Midlands, as part of the business’ wider UK and global expansion drive. Founded in 1982, Harvey Norman has since expanded its global presence and now has over 300 stores worldwide across Australia, Malaysia, Singapore, Slovenia, Croatia, New Zealand, the Republic of Ireland and Northern Ireland. Katie Page, CEO at Harvey Norman, said: “The West Midlands’ high grade retail space and exceptional connectivity are two key reasons why we’ve chosen Sutton Coldfield as the home of our new UK headquarters and to launch our next store here. Gracechurch will provide an excellent hub for our growing UK team and I look forward to returning to the region soon as we progress our expansion plans.” The opening forms part of a wider effort by the West Midlands Combined Authority (WMCA), which is backing plans to breathe new life into the […]

Hobbycraft owner explores restructuring seven months after acquisition

The owner of Hobbycraft is exploring a potential restructuring process of the arts and crafts retailer, just seven months after its acquisition. Modella Capital – which is one of the remaining bidders for WHSmith’s high street estate – has drafted in advisers from FRP to examine its options, Sky News has reported. One such option is a company voluntary arrangement, which are often used to facilitate store closures and rent reductions from landlords. Hobbycraft trades from 124 stores in the UK. Sources close to the process told Sky News that FRP’s work was at a very early stage and that no decisions had been made about any restructuring processes. Modella acquired Hobbycraft from private equity firm Bridgepoint last summer after the retailer was put on sale in February 2024. The firm’s executives have also previously backed retailers including Paperchase and Tie Rack, and last month acquired The Original Factory Shop.

British Land and AustralianSuper bring pair of restaurants to Canada Water

British Land and AustraliaSuper are set to bring the first restaurants to their 53-acre Canada Water development after securing a pair of F&B signings. Sushi Revolution and The Village Tree will be located on the ground floor of Three Deal Porters, a mixed-use building located opposite Canada Water tube station with collaborative workspace on the upper floors. Building on the success of its established restaurants in Brixton and Shoreditch, Sushi Revolution will be designed as a modern ‘izakaya’, an informal and affordable restaurant for dining-in and takeaway. The concept is spearheaded by Sticks’n’Sushi alumni and Canada Water local Aidan Bryan alongside Tom Blackshaw, who have nearly three decades of restaurant experience between them. The Village Tree will be the third offering from husband and wife team Matt Lloyd and Tze-May Ng, who run the successful restaurant and deli The Pear Tree in SE8, and The Barn at Surrey Docks City Farm. The all-day destination will serve salads, sandwiches, and savoury bakes, alongside a selection of baked goods. In the evening it will operate as a wine bar offering small plates. Alice Keown, leasing director of restaurants and leisure at British Land, said: “Sushi Revolution and The Village Tree are both […]

Footwear brand to open flagship at Covent Garden’s James Street as Swatch upsizes.

Shaftesbury Capital has announced a pair of signings at Covent Garden’s James Street, with footwear brand Saucony set to open a flagship store whilst Swiss watchmaker Swatch relocates into a larger unit. Located at 4 James Street, Saucony’s flagship UK store will span 3,695 sq ft and feature dedicated areas for events, product launches, and collaborations. The store will also include an interactive running machine experience, along with its range of footwear and apparel for men and women. Meanwhile, watchmaker Swatch will be relocating from its existing store on James Street into a larger unit. Located at 11 James Street, the 1,400 sq ft store is set to open in May, offering a range of over 500 different watches. These new signings look to complement other recently-opened stores on James Street including Charlotte Tilbury and Longines. Saucony will add to Covent Garden’s premium performance-wear offer, which includes the likes of Arc’teryx, Peak Performance, HOKA and Alo Yoga, whilst Swatch will add to the neighbourhood’s roster of watch brands, including Hublot, OMEGA and Tissot. William Oliver, director of retail and restaurant leasing at Shaftesbury Capital, said: “James Street really captures the heart of Covent Garden, serving as the key gateway to […]

Poundland stores at risk after advisers appointed to handle sale

A number of Poundland stores could close after the retailer’s parent group Pepco appointed advisers to oversee a sale of the discount chain. The retailer has reportedly hired advisory firm Teneo to handle the sales process, which could see some of its 825 stores shut for good. This comes after Pepco said last week that it was examining “all strategic options” for the chain, including a potential sale. Speaking to The Telegraph, a spokesperson for Pepco said: “As stated at our capital markets day on March 6, we are actively exploring separation options, including a potential sale, for the Poundland business. We have started to work with advisers to support us in this process.” Pepco had appointed consultants from AlixPartners in January as it looked to explore its options ahead of its capital markets day. Poundland recorded sales of roughly £1.69bn last year, however Pepco group – which has owned the retailer since 2016 – revealed at the beginning of 2025 that the retailer saw a decline in like-for-like sales of 7.3% during the Christmas trading period.

Prominent North London cinema to be brought to auction

A prominent cinema in Barnet, North London is set to be brought to auction later this month. The Grade II-listed property on Great North Road has an internal area of approximately 29,246 sq ft and is let to Everyman Cinema on a lease expiring in 2032. First opened in 1935, the cinema has five screens with 423 seats, multiple bars, and a Spielburger restaurant with a separate, self-contained entrance. It is located in close proximity to High Barnet Underground Station on the Northern Line, as well as New Barnet Railway Station. The neighbouring area comprises a mix of commercial premises and residential dwellings, with nearby occupiers including BP, M&S, Tesco Express, and various local restaurants and retailers. The cinema – which is subject to annual RPI-linked rent reviews – produces a gross rent of £216,509 per annum. The property will be brought to auction by Acuitus on the instructions of a major fund on 27th March, with a guide price of £1,000,000.

Schroders seeks £44.3m for former Whitechapel department store

Schroders Capital has appointed Allsop to find a buyer for DEPT. W, a former department store at 69-89 Mile End Road in Whitechapel. The property is being marketed with an asking price of £44.3m, reflecting a net initial yield of 6.5% and a capital value of £517 per sq ft. The original building was constructed in 1927 for the Wickham family and became affectionately referred to as the ‘Harrods of the East End’. The former Wickham’s department store was then transformed in 2020 to provide 85,696 sq ft of retail and office space alongside a gym arranged over basement, ground, and three upper floors. Located on the ground floor, the three retail units are let to Tesco Express, Sports Direct, and The Gym Group and produce a total rent of £622,677 per annum with a weighted average unexpired lease term (WAULT) of 9.1 years. The upper floors are let in their entirety to Queen Mary University of London, producing a rent of £2,452,280 per annum. The total annual income of the property equates to £3,074,957, with a WAULT of 10.25 years. DEPT. W is located a six-minute walk east of the new Whitechapel Elizabeth line station and a seven-minute walk […]

The Gym Group to open up to 16 sites in 2025 following strong revenue growth