Retail Property News

Leicester drive-through restaurant handed £2.8m price tag

25th April 2025

A Starbucks drive-through restaurant and electric vehicle charging station in the Beaumont Leys suburb of Leicester has been placed on the market with a price tag of £2,855,000. Located approximately 3.5 miles north west of Leicester City Centre, the asset adjoins Beaumont Leys Shopping Centre and sits adjacent to a Tesco petrol station. Beaumont Leys Shopping Centre is home to tenants such as Tesco Extra, Aldi, B&M, McDonald’s, Poundland, and Boots, as well as four retail warehousing units let to Aldi, Pets at Home, One Beyond, and TUI. The property comprises a 1,835 sq ft, newly-developed retail unit with 10 dedicated car parking spaces and a 12 bay electric vehicle charging point, let to Tesla. The asset generates a total contracted income of £190,000 per annum, with both tenants signed on 15-year leases with no breaks. The Tesla lease is subject to annual upwards-only rent increases by reference to the consumer price index, collared and capped at 1% and 3% respectively. Cited Property and Savills have been appointed to find a suitable purchaser.

Asset manager appointed at Lincolnshire shopping centre

25th April 2025

Property and asset management firm Estama has been appointed to asset manage Pescod Square Shopping Centre in Boston, Lincolnshire. The 95,000 sq ft retail destination is home to 21 occupiers, including Next, One Below, Waterstones, and Glo Golf. It is also supplemented by a 350-space multi-storey car park. George Grimes, director and head of property management at Estama, said: “We are delighted to have been appointed to take on the property management of Pescod Square. “This appointment is an expansion of our existing mandate from the shopping centre’s owner following our continued success and improvement delivered to their other assets already under our stewardship. “It is fantastic to see the continued trust and belief in Estama from our clients.” This follows recent appointments for Estama at Festival Place in Basingstoke and the Swan Shopping Centre in Leatherhead. The group now manages over 100 commercial properties across the UK, including more than 25 shopping centres.

Hines acquires Leeds retail park from Tritax

25th April 2025

Hines, acting on behalf of Hines Global Income Trust (HGIT), has acquired Junction 27 retail park in Birstall, near Leeds, from Tritax Big Box. The acquisition marks HGIT’s entry into the UK retail market, and further diversifies the trust’s $4.5bn (£3.4bn) portfolio. The fully-let retail park comprises 13 units across over 131,000 sq ft of net rentable space. Tenants include Currys, Furniture Village, ScS, Barker and Stonehouse, Pizza Express, TGI Fridays, and Zizzi. Alfonso Munk, president and chief information officer of HGIT, said: “Real estate has remained resilient, offering reliable cash flow and strategic openings to leverage evolving market dynamics. “Good buying opportunities are expected to persist, but not all retail is created equal. Having local expertise and being selective are essential, so assets in key locations and specific retail subtypes, such as Junction 27, are particularly appealing.” According to research from Hines, the global retail sector has a significant percentage of markets in some phase of the ‘buy’ cycle, with larger formats, such as UK retail parks, seeing strong occupier demand and a limited development pipeline. HGIT said it has the ability to pursue compelling real estate investment opportunities wherever they arise, due to its global reach.

Derbion Q&A: New arrivals, recent investment, and what’s in store at the shopping centre

24th April 2025

Many shopping centres in UK towns and cities have struggled in recent years as the retail market gets to grips with a post-pandemic world and shifts in spending habits. However some assets appear to have bucked the trend, such as Derbion in the East Midlands, which has welcomed new tenants and continued investment from occupiers. Spanning 1.1 million sq ft, the Derby scheme is home to over 200 tenants, including Next, Zara, Mango, H&M, M&S, Hobbs, Hugo Boss, and JD Sports. It also contains a 127,000 sq ft department store for Frasers, Sports Direct, USC and GAME. Completely Retail News caught up with Michael Boundy, director of asset management at Derbion, to chat about what’s new at Derby’s largest shopping centre: What new retailers has Derbion welcomed in recent months? “2025 has been off to a flying start at Derbion, with a range of new and exciting brands and store upgrades. Following excellent sales performance, JD has doubled its footprint to a newly fitted out 20,000 sq ft store which opened in February, whilst iconic lingerie brand Victoria’s Secret will open its new, standalone 5,721 sq ft store at Derbion this summer, expanding out of its current space in Next, […]

UNIQLO makes city debut at Liverpool ONE

24th April 2025

UNIQLO has opened the doors to its store at Liverpool ONE, as the Japanese fashion brand makes its city debut. The 25,000 sq ft store spans two floors and features the brand’s full range of menswear, womenswear, and childrenswear. The store on Paradise Street also includes features such as self-service checkout areas and dedicated collection points, as well as clothing repair, alteration, and recycling services to help extend the life of UNIQLO clothing. The retailer currently has 21 stores in the UK, and is continuing its expansion with further openings in Glasgow and Birmingham due later this year. Rob Deacon, asset management director at Liverpool ONE, said: “In a year of landmark openings, UNIQLO’s showcase space on Paradise Street is a brilliant addition to Liverpool ONE. The destination continues to attract strong demand from iconic international brands for flagship stores, with UNIQLO joining our exceptional line-up of best-in-class names in fashion, offering consumers even more reasons to visit Liverpool ONE.” Metis and CBRE acted for Liverpool ONE.

Competitive socialising concept picks Metrocentre for second UK venue

24th April 2025

Competitive socialising concept Activate will open its second venue in the UK at Gateshead’s Metrocentre. The technology-led gaming concept joins a number of other leisure operators at Metrocentre, including Treetop Golf, Clip ‘n Climb, Namco Funscape, and The Escapologist. The concept, which launched in Canada in 2017, has 60 locations across North America and Dubai. It was brought to the UK by We Do Play, the experiential leisure group behind the Flip Out, Putt Putt Social, and Boom Battle Bar brands. Activate – which opened its first UK venue at London’s O2 in December – will also be opening in Leicester and London’s Oxford Street later this year, in addition to the Metrocentre venue. Ben Cox, director at Sovereign Centros from CBRE, asset Manager of Metrocentre, said: “Activate is unlike anything we currently have at Metrocentre, or indeed anything that exists in the North East, so it will offer a real point of difference to a destination that already dominates its region. “We know there is growing demand from our visitors for more competitive socialising concepts and Activate is the perfect operator to deliver a dynamic and unique experience, one that at the moment can only be found in London. Our ability...

Maki & Ramen to make North East debut at Eldon Square

24th April 2025

Maki & Ramen is set to open its first restaurant in the North East of England at Eldon Square in Newcastle. The Japanese dining concept will take a 3,150 sq ft space at the shopping, dining, and leisure destination for its 10th opening in the UK. Maki & Ramen at Eldon Square will look to bridge the gap between high-end sushi restaurants and grab-and-go convenience, featuring a full sushi bar, a traditional Japanese menu, and cocktails. The arrival of Maki & Ramen this summer forms part of Eldon Square’s push to enhance its hospitality mix. This has seen recent lettings to the likes of Wingstop, while future additions such as Flight Club and Freight Island are set to further add to the centre’s offer. Launched 10 years ago, Maki & Ramen has grown its regional footprint, operating restaurants in locations such as Edinburgh, Glasgow, Manchester, and Leeds. Kitty Vaughan, head of UK leisure and F&B leasing at Pradera Lateral, said: “We’re proud to have secured the first North East branch of Maki & Ramen for Eldon Square. Their unique, high-quality offering adds another exciting layer to our growing food and drink line-up and plays a key role in our mission to […]

Supermarket Income REIT enters joint venture with US asset manager

24th April 2025

Supermarket Income REIT has entered into a joint strategic venture (JV) with funds managed by Blue Owl Capital, a US-based asset manager with over $250bn (£188bn) of assets under management. The real estate investment trust (REIT) – which specialises in investing into grocery properties – said the JV provides a platform for further growth, and that it intends to scale the JV up to £1bn over the coming years. The JV has been seeded with eight supermarket assets from Supermarket Income’s existing portfolio, which have been transferred into the JV at a 3% premium to their December 2024 book value. This seed portfolio has a combined value of £403m, an average net initial yield of 6.6%, and a weighted average unexpired lease term of 11 years. Supermarket Income REIT will retain a 50% stake in the JV, and will receive a cash consideration of approximately £200m in respect of the sale of the assets. The REIT will also receive a management fee of 0.6% per annum of the gross asset value for the ongoing management of Blue Owl’s interest in the JV, as well as a performance fee if the JV meets certain financial targets. Robert Abraham, CEO of Supermarket Income REIT, […]

Savills welcomes two retail and hospitality occupiers to Manchester suburb

23rd April 2025

Two retail and hospitality occupiers have opened within the Manchester suburb of Didsbury, with Savills acting for the landlord on each of the lettings. At 756 Wilmslow Road, homeware and fashion retailer Oliver Bonas has signed a 10-year agreement with landlord Hyrst Garth Estate for a two-storey, 5,000 sq ft unit. Meanwhile, at the nearby 41/43 Lapwing Lane, Portas Tapas has opened its fourth restaurant in the North West of England after signing a 10-year lease with Lapwing Investments for a ground floor and basement unit, totalling 2,400 sq ft. Situated five miles from Manchester city centre, Didsbury is home to a mix of independent and regional businesses. The suburb looks to offer a village feel that attracts a community-minded population, while remaining within reach of the amenities in the town. Jonathan Netley, retail director at Savills Manchester, said: “These two lettings are just the latest in a series of businesses wanting to have a presence in Didsbury. It offers the perfect combination of an established local community and easy access into Manchester city centre. These latest lettings are testament to its growing attraction and both offer appealing locations for attracting footfall.”

London Square acquires Wimbledon mixed-use development for resi conversion

23rd April 2025

London Square has acquired Wimbledon Bridge House from Federated Hermes, a mixed-use development which the group has earmarked for residential conversion. The property – which is situated opposite Wimbledon Quarter Shopping Centre and Wimbledon train station – comprises 128,000 sq ft of offices, a multi-storey car park, and 38,000 sq ft of retail space. The acquisition is London Square’s 15th since becoming part of Aldar in 2023 and its third major site purchase this year intended for residential development. The group’s first ever development was in Wimbledon Village in 2012, and has since launched schemes in locations such as Putney, Teddington, and at the Star and Garter Building on Richmond Hill. Work at two sites, located at Twickenham Square and Twickenham Green, is currently under way. London Square said it will now begin discussions with the London Borough of Merton on future plans for Wimbledon Bridge House, as it looks to contribute to enhancing the town centre for local residents, businesses, and visitors. Adam Lawrence, chief executive officer of London Square, said: “London Square’s first development was in Wimbledon Village, and we are excited to be back in one of the most desirable suburbs in the capital. We look forward to working...

Hobbycraft to close at least nine stores in restructuring plan

23rd April 2025

The owner of Hobbycraft is planning to close at least nine stores as part of a company voluntary arrangement (CVA) set to be launched this week. Modella Capital – the private investment firm which also recently took over WHSmith’s high street arm – could close nearly a quarter of the retailer’s stores under the terms of the restructuring, Sky News has reported. In addition to the nine stores already earmarked for closure, a further 18 could shut their doors if negotiations with landlords for lower rents fall through. A further 97 stores will remain unaffected by the CVA. As well as job losses at the closing stores, it is also expected that a number of roles within the head office and distribution centres could also be cut. Modella Capital is expected to launch the Hobbycraft CVA shortly before it begins a restructuring process at discount chain The Original Factory Shop, which it acquired two months ago. In a statement, a Modella spokesperson said: “Modella Capital is absolutely committed to bricks and mortar retail, at a time when the sector is coming under increasing pressure. “[Modella] understands that high streets provide a vital service to consumers, are an essential source of […]

Pull&Bear makes Glasgow debut at Silverburn

23rd April 2025

Pull&Bear has opened its first store in Glasgow at Silverburn shopping centre. The fashion brand has taken a 12,740 sq ft space within the former Topshop unit situated between Mango and River Island. The store becomes the Inditex-owned brand’s second in Scotland, joining its first location in Edinburgh. David Pierotti, general manager of Silverburn, said: “We’re proud to be the first West of Scotland location to welcome Pull & Bear and showcase the brand’s signature street-inspired casualwear, which is bound to be a hit with young fashion-forward shoppers.” The arrival of Pull&Bear follows a number of recent openings at Silverburn, including a flagship store for Zara and the launch of Hotel Chocolat. Bershka – also owned by Inditex – is set to make its Glasgow debut at Silverburn in the coming months alongside H Beauty. Pierotti added: “With Bershka set to follow later this year, this further solidifies Silverburn as Glasgow’s leading retail and leisure destination offering a best-in-class experience and bringing world-renowned brands to our guests.”