Retail Property News

Sterling snaps up Birmingham development and Nottingham scheme in £236m haul

20th June 2024

A mixed-use canalside development in Birmingham and a hotel-led scheme in Nottingham have been acquired by Sterling Property Ventures in a £236m deal. Water’s Edge at Brindleyplace, Birmingham and Chapel Bar in Nottingham have been purchased as part of a larger portfolio from British Airways Pension Trustees. Water’s Edge is a 62,000 sq ft canalside restaurant and bar development, comprising 12 units fully let to operators including All Bar One, Wagamama, Cosy Club, and Slug and Lettuce. The scheme had been under the ownership of British Airways since its completion in 1994. James Howarth, Sterling’s managing director, said: “Sterling now has three significant assets in Birmingham. The Water’s Edge enjoys a prominent location at Brindleyplace, opposite the International Convention Centre and close to the National Sea Life Centre and Utilita Arena.  It is one of the best performing regional restaurant/bar schemes in the UK.” Chapel Bar in Nottingham sits near the city’s Old Market Square, and includes a 120-bed Premier Inn hotel, five retail and leisure units, and office space. The larger portfolio acquired by Sterling includes the 449,079 sq ft Hempstead Valley retail and leisure scheme in Gillingham, and three retail warehouses totalling 74,060 sq ft in Longwell Green, Bristol. The […]

UK’s ‘first robotics-powered restaurant chain’ signs for The Brunswick Centre, Bloomsbury

20th June 2024

The UK’s “first robotics-powered restaurant chain” has signed for The Brunswick Centre in Bloomsbury, London. KAIKAKU, which is derived from the Japanese for ‘radical change’, has agreed to take a 2,791 sq ft unit on a 10-year lease, trading as Common Room. As well as a restaurant, the unit functions as a robotics lab, office, and central production kitchen. KAIKAKU was founded in 2023 by a team bringing together experience within robotics and hospitality. The company aims to use automation, robotics, 3D printed components, AI technologies, and wider operational economics to transform the customer experience within the quick-service restaurant sector. The opening at The Brunswick Centre marks a milestone in the operator’s expansion plans, with KAIKAKU looking to open up to 10 more sites in London in 2024. Savills acted for the landlord Lazari, and is also working with KAIKAKU to find more suitable locations. Olly Eades, associate in the National Retail Team at Savills, said: “Leading restaurant chains worldwide are embracing technology to streamline their operations and elevate customer experiences, and KAIKAKU is one of the most exciting companies implementing robotics in a hospitality first approach. We are delighted to have secured them as a tenant for the Brunswick Centre in...

Chopstix strengthens Haven partnership with two new sites

20th June 2024

Pan Asian-inspired quick-service restaurant (QSR) brand Chopstix has further strengthened its relationship with Haven, with two sites set to open at the operator’s holiday parks this month. The two new units will open at Devon Cliffs, Exmouth, and Hafan y Môr, Gwynedd, following the successful launch of Chopstix at Thornwick Bay site earlier this year – a first with in partnership with Haven. The new restaurants bring the total number of Chopstix sites with Haven up to six, with the other units located at Presthaven, Haggerston Castle, and Craig Tara. As with the other Chopstix sites at Haven parks, full management of the restaurants will be overseen by the holiday park operator, with team members undergoing a full Chopstix induction. Expansion through franchise partnerships has been a key factor in driving Chopstix’s growth, with the brand already securing high-profile franchise agreements with established food and beverage operators over the past three years. Currently the largest Pan-Asian-inspired QSR brand in the UK, Chopstix is aiming to become the largest on the continent. The founders, Sam Elia and Menashe Sadik, have set a target of 300 sites by 2027. Sam Elia, co-founder and director at Chopstix, said: “We’re thrilled to be opening our […]

Joint agents appointed at Glasgow’s Princes Square

20th June 2024

Culverwell has been appointed as joint letting agents at Princes Square in Glasgow, working alongside Savills. The 118,625 sq ft asset features four self-contained retail units along Buchanan Street as well as an inner mall spread across five levels. The scheme is home to retailers including Cos, Everyman Cinemas, Reiss, Space NK, and Sweaty Betty. Recent lettings include Allsaints, & Other Stories, and Bloom. Located in the city centre, Princes Square is accessible from both Queen Street and Buchanan Street, which currently has no vacancies. The Grade B-listed building dates back to the 1840s and was recognised in 2016 as Scotland’s best building of the last century by the Royal Incorporation of Architects in Scotland. The scheme was acquired in January by commercial property and investment group M Core, with its subsidiary, The LCP Group, appointed as asset manager.

Capital & Regional extends deadline for NewRiver takeover offer

20th June 2024

The deadline for NewRiver to make an offer for Capital & Regional has been pushed back to July, as the two REITs continue discussions. NewRiver now has until 18 July to declare whether or not it intends to make a firm offer for Capital & Regional. The previous deadline was 20 June (Thursday). Capital & Regional – which specialises in regional shopping centres – said there can be no certainty that any firm offer will be made, nor as to the terms of any such offer. In May Capital & Regional’s majority shareholder, Growthpoint, had received a preliminary expression of interest from NewRiver regarding a full takeover. The REIT had also received an offer from the Johannesburg-based Vukile Property Fund regarding a possible cash and share offer for its entire issued share capital. However, Vukile pulled out after being unable to reach an agreement with Growthpoint – which controls around 68.1% of Capital & Regional’s share capital – as to the terms and structure of any possible offer.

Long-standing Canary Wharf chair to step down

19th June 2024

The chair of the Canary Wharf Group (CWG) is to retire from the board in July after 36 years at the company. Sir George Iacobescu has been a key factor in driving the redevelopment of London’s Docklands since joining the company in 1988. He became chief executive of CWG in 1997 before taking on the role of chair in 2011. Iacobescu was knighted in 2012 for services to charity, community, and the financial services industry, and is the only Romanian-born British citizen to receive this honour. He will be succeeded at CWG by Sir Nigel Wilson as non-executive chair. Wilson is currently chief executive officer of Legal & General, where he has led for almost 12 years. Sir George Iacobescu said: “It has been the honour and the challenge of a lifetime to have worked with an extraordinary group of people transforming a derelict dock into a thriving mixed-use city district. CWG is the first company on the planet to have built an entirely new central business district from scratch. “Today, Canary Wharf is home to thousands of residents, businesses large and small across many sectors, one of the U.K.’s busiest shopping centres as well as parks, gardens, shops, restaurants and...

Edinburgh’s largest brownfield site set for £1.3bn development

19th June 2024

The City of Edinburgh Council has unveiled plans to transform the city’s largest brownfield site into a mixed-use development. The proposals – created in partnership with Cruden Homes – outline the first phase of a £1.3bn sustainable coastal town at Granton Waterfront. Included are over 800 homes, as well as commercial units, transport infrastructure, new public spaces, capacity for a new school, and a low carbon heat network. At the heart of the development is the iconic Granton Gasholder, which is currently being restored to become a public park, as well as a number of historic buildings including the refurbished former Granton Station. Council leader Cammy Day said: “We’ve been consulting with people every step of the way to deliver this project. I’m really pleased that after listening to feedback from the local community and others interested in the area, the team has submitted plans for the largest regeneration project of its kind in Scotland at Granton Waterfront as part of the £1.3 billion regeneration. To deliver our net zero targets for the Capital, sustainable regeneration is so important and every element of this development has been designed with that in mind. “We have a once-in-a-lifetime opportunity to build a […]

Columbia Threadneedle puts Norwich’s Anglia Square on the market

19th June 2024

Columbia Threadneedle Investments has appointed Knight Frank to market the Anglia Square redevelopment opportunity in Norwich. The 11.4 acre site – which has been given a minimum guide price of £8.5m – currently has planning permission for a mixed-use scheme to create over 86,000 sq ft of commercial space as well as 1,100 homes. The site sits in the heart of Norwich City Centre, just 500 metres from the city hall and the historic market. Currently, Anglia Square consists of a covered 34-unit retail mall, a former cinema, two office buildings, a multi-storey car park, and two night clubs. Anglia Square presents a potentially attractive investment opportunity for developers, as Norwich struggles with high demand for housing and commercial space. A £300m revamp of Anglia Square by Weston Homes was scrapped in February. Charlie Hart, head of development land at Knight Frank, said: “We are pleased to be offering Anglia Square for sale on behalf of Columbia Threadneedle Investments. It has been a priority asset for Norwich for over two decades, and despite the well-publicised withdrawal by Weston Homes earlier this year, we are very excited about the prospects for the property looking forward. “Viability challenges exist across the regional […]

Metrocentre sweetens line-up with Mango signing

19th June 2024

Mango is set to join Metrocentre in Gateshead later this summer, opening its largest store in the region to date. The Mediterranean-inspired fashion retailer’s 6,233 sq ft store will be located on the scheme’s Lower Red Mall, offering both womenswear and menswear. The retailer will sit adjacent to Jo Malone and in close proximity to other fashion brands such as Zara, H&M, and Flannels. Ben Cox, director at scheme asset manager Sovereign Centros from CBRE, said: “Introducing Mango to Metrocentre brings an added dimension to an already compelling fashion offer. Mango will be a highly complementary addition to our Red Mall line up, which has seen significant investment and an abundance of new commitments over the last twelve months. We prove time and time again that we really are the go-to destination for retail, and we look forward to seeing Mango thrive here at Metrocentre.” The announcement follows the recent news that Footasylum has opened a new upsized store at Metrocentre, taking a 12,375 sq ft unit in the Red Mall. In addition, Metrocentre has seen a flurry of new investment and the re-anchoring of the Red Mall, with the relocations and upsizes of Sports Direct, Flannels, and Zara creating […]

Landsec secures 28,000 sq ft of Inditex deals across two destinations

18th June 2024

Landsec has signed three deals with Inditex across two of its destinations, which will see the fashion retail group take 28,000 sq ft of space in total. At St David’s in Cardiff, Pull&Bear is set to make its Welsh debut, after agreeing to take 8,500 sq ft across two floors. The signing means that St David’s will be home to all five of Inditex’s brands, bringing the group’s total footprint at the scheme to over 60,000 sq ft. Inditex will also open Pull&Bear and Bershka stores at Bluewater in Kent, with both retailers taking 10,000 sq ft each. At both schemes, the new stores will bring together Bershka’s three lines – Bershka, BSK, and Man – as well as Pull&Bear’s full collection of menswear and womenswear.   As previously announced by Landsec, Inditex will also open a 46,000 sq ft flagship Zara store at Trinity Leeds later this summer, with the fashion retailer upsizing and relocating from its existing store in the city. Pablo Sueiras, head of brand account management at Landsec, said: “We enable brands to grow their reach with their target customers by partnering with them across our UK-wide portfolio of prime retail destinations. Our strong fashion performance...

British Land CFO poached by B&Q’s parent company

18th June 2024

The chief financial officer of British Land is set to leave the real estate investment trust to join the parent company of the B&Q and Screwfix brands. Bhavesh Mistry will join Kingfisher following a 12-month notice period put in place to allow British Land to successfully transition his responsibilities. Simon Carter, CEO of British Land, said: “I’d like to thank Bhavesh for his significant contribution in the past three years over which time we have allocated capital well, controlled costs and positioned the balance sheet to seize the opportunities that are now emerging.” Mistry will succeed Bernard Bot at Kingfisher, who will retire from the company no later than January 2025 to further pursue his non-executive career. Prior to his time at British Land, Mistry was deputy CFO of Tesco from 2018 to 2021. Before that, he held senior finance positions for over two decades at a range of companies including Whitbread, Virgin Media, and drinks company Anheuser-Busch inBev. Thierry Garnier, CEO of Kingfisher, said: “I am very pleased to welcome Bhavesh to Kingfisher as our new chief financial officer. Bhavesh has a wealth of finance and retail experience, combined with a strategic mindset and an excellent track record of […]

Superdry’s turnaround plan sanctioned by court

18th June 2024

Superdry’s restructuring plan which looks to “secure its long-term future and return to profitability has been sanctioned at a court hearing held on Monday. In April, the clothing retailer announced plans to delist from the London Stock Exchange, as well as undertake a restructuring and equity raise. The restructuring plan included the cutting of rents at 39 of the retailer’s stores. Superdry previously said the proposals would also “compromise” its business rates liabilities, and affect amendments to its existing debt facility agreements with its principal lenders, Bantry Bay and Hilco. The retailer said that should the restructuring plan not come into effect, it would need to enter into administration or an equivalent insolvency process. The restructuring plan is reliant on the equity raise, which was approved by Superdry’s shareholders last week and raised £10m in gross proceeds. Superdry said the sanction of the restructuring plan will enable it to implement its capital and restructuring measures. Peter Sjӧlander, Superdry chair, said: “This is an important moment for Superdry. My thanks and those of the entire board go to the shareholders and creditors of Superdry who have supported the proposals, which will enable the business to go forward with the right structure,...