Retail Property News

Birmingham’s Brindleyplace acquired for £125m

5th September 2023

Property investment and management firm Praxis along with private credit investor Veld Capital has acquired the Brindleyplace mixed-use development in Birmingham for £125m. The 14.9-acre canal side campus was purchased from HSBC Alternative Investments, and is one of the city’s most popular business and leisure destinations. Developed by Argent in the early 2000s, the campus is home to a number of office-led buildings, as well as ground floor leisure space, a retail arcade, an art gallery, an aquarium, a four-star hotel, and a multi-storey car park. The site is currently 90% occupied, with food and beverage operators at the site including Pret a Manger and Zizzi complementing a range of blue chip and local tenants. Under its previous ownership, Brindleyplace benefitted from significant investment, as well as the delivery of a new tram connection and the opening of the nearby Paradise development. James Hewitt, chief operating officer at Praxis, said: “This is a hugely exciting acquisition for us. We are committed to ambitious net zero carbon targets for the assets we acquire, and the exceptional quality of the Brindleyplace scheme makes these buildings prime candidates for our retrofit strategy. Our intention now is to invest significant capital to decarbonise the […]

The North Face to make central Manchester debut at the Arndale

5th September 2023

The North Face is set to make its debut in Manchester city centre after signing a 10-year lease for the Manchester Arndale Shopping Centre. The outdoor clothing and equipment retailer will take a 3,630 sq ft unit on New Cannon Street, building on its existing presence in the North West with stores in Liverpool and Trafford. The North Face will join a number of fashion brands which have recently opened at Manchester Arndale, including Moss, Gilly Hicks, Hollister, Kurt Geiger, Carvela, and Tommy Jeans. Since the start of the year, Nike, Manchester City, Blue Banana, Be More Geek, Oseyo, Black Sheep Coffee, and Sunglass Hut have all signed at the centre, bringing its retail occupancy to around 95%. Steve Gray, head of European retail asset management at Global Mutual, said: “We are delighted that The North Face has become the latest big name brand to sign a long-term letting at Manchester Arndale. Our leasing activity since the pandemic has seen us welcome a truly diverse mix of international and local businesses, as well as a wide variety of retail, leisure, and F&B brands, to ensure there is something for everyone visiting Manchester Arndale. “Through this approach, footfall has continued to...

AEW appoints joint letting agents at Windsor Royal Station

5th September 2023

AEW has appointed GCW alongside Lunson Mitchenall as joint letting agents for its recently-purchased Windsor Royal Station retail and leisure scheme. AEW’s Urban Real Estate Fund (UREF) acquired the 74,000 sq ft scheme last month for £18.5m. GCW advised on the purchase and created a retail and leisure leasing strategy for the project. Forming part of Windsor & Eton Central train station and situated opposite Windsor Castle, the Grade II-listed building was originally built for the exclusive use of the Royal Family. The scheme’s retail tenants include Hobbs, Whistles, Phase Eight, Jigsaw, Space NK, Jo Malone, Sweaty Betty and Mint Velvet, whilst its food and beverage offering is led by Bills, Five Guys, and All Bar One. It also sits adjacent to the 260,000 sq ft Windsor Yards shopping centre, which UREF acquired in May 2021. GCW have worked on the shopping centre for over 20 years. Nick Warr, partner at GCW, said: “Given Windsor’s enviable status as a major tourist destination, together with one of the most affluent catchments in the country, we have a unique opportunity to continue to deliver a strong retail and leisure offering for visitors, with the proposed transformation of the town centre, which will cement Windsor […]

Leisure operators wanted for Wigan Pier development

5th September 2023

The developer behind the transformation of the Wigan Pier complex has begun a search for operators to populate the development. Step Places, which is working in conjunction with Wigan Council on the project, is looking for leisure, culture, and entertainment operators for the 55,000 sq ft scheme. The redevelopment of the pier, which was made famous in George Orwell’s The Road to Wigan Pier, has seen the creation of space for offices, retail and leisure operators, as well as community facilities. Harinder Dhaliwal, director at Step Places, said: “We have invested significantly in the development of the Wigan Pier scheme. With Piers 2, 3 and 4, we are open to discussion with events operators, micro brewers/distillers, food beverage, hospitality operators and any end users who want to be located in these iconic buildings. We are committed to delivering the best possible facility for Wigan and the North West. “We are delighted to see real interest in Wigan Pier from the culture, leisure and hospitality sector. We have had approaches from the creative, music and leisure scene. “Our ambition from the start was to put this area back on the map as one of the premier cultural destinations in the North, […]

Bill’s “back on track” and planning expansion

4th September 2023

The Bill’s restaurant group is “back on track”, its owner has said, and plans to expand its estate and open more sites. Richard Caring told The Times that the business had taken the “necessary steps” to turn the business around with a “forensic approach to cost controls”. “The numbers speak for themselves that Bill’s is back on track,” added Caring, who also owns The Ivy Collection and the Birley Group. Last year, the chain let go of 12 underperforming sites, which were sublet or surrendered, leaving it with an estate of 46 restaurants. Bill’s once had over 80 restaurants, but Caring later said that the brand had become “tired” and decided to bring in new management. In March, Bill’s also refinanced its banking facilities with HSBC to around £38m, whilst caring himself provided an extra £750,000 of funding. As a result, the business has seen an uptick in performance. In the six months to the end of June, it delivered an increase of 4.5% in like-for-like sales from continuing operations to £45.3m, whilst its underlying earnings swung from a £100,000 loss to a profit of £2.45m. All restaurants had generated higher year-on-year underlying earnings and welcomed a total of 2.67 […]

John Lewis Oxford Street redevelopment faces delays

4th September 2023

John Lewis’s plans for a £150m redevelopment of its Oxford Street flagship have been delayed due to doubts around the property market. Last year, property developer Hines and Korea’s National Pension Services were chosen as the preferred bidders for the project, which would involve the conversion of the store’s upper levels into offices. However, a fall in property values and increasing interest rates have stifled the deal, The Times reports. Despite this, John Lewis are believed to still be in contact with Hines and other potential bidders regarding the project. The building on London’s prime retail street was expected to be worth around £750m once the offices were completed. Earlier this year, the retailer announced it would be reducing the size of its head office, moving from its 220,000 sq ft home on Victoria Street to a 108,000 sq ft unit in Pimlico. The news follows M&S’s announcement that it has launched a legal challenge against the Government’s decision to reject its redevelopment plans for its nearby flagship store on Oxford Street.

Bruce Gillingham Pollard appoints associate director to investment team

4th September 2023

Retail and leisure consultancy Bruce Gillingham Pollard (BGP) has appointed Ollie Wilkinson as an associate director to its investment team. He joins from Knight Frank where he worked in the capital advisory team raising debt and equity for clients across a range of property sectors. Prior to this, he held investment roles at Watkin Jones and Cushman & Wakefield’s business space and retail investment teams. BGP said that over the course of his career, Wilkinson has built up a varied client base, developed a highly technical skillset, and has a strong track record in transaction management. Head of the BGP investment team, Jack Barratt, said: “Ollie brings a depth of understanding of client requirements having most recently been in the Capital Advisory team at Knight Frank, and the ability to consider investors’ perception of the market when negotiating the ever-changing capital markets landscape.” Ollie Wilkinson added: “BGP continues to go from strength to strength advising both domestic and international capital, and I am looking forward to joining and assisting the teams as it moves into its next phase as a business. The wider macroeconomic environment certainly poses some challenges but with it comes opportunity, particularly from an asset management perspective.”

Over 13,890 sq ft of deals struck at Gloucester Quays

4th September 2023

A number of new deals have been signed at Gloucester Quays, with eight brands committing to the outlet centre for a total of over 13,890 sq ft of space. Jewellery and accessories brand Claire’s has taken a 1,050 sq ft unit, whilst greeting card retailer Hallmark has relocated to join new entrant Yankee Candle in a 2,009 sq ft store. Family-owned footwear business Pavers has opened a refitted store, launching within a 2,809 sq ft unit last week. Luggage retailer Bag Barn will take the adjacent unit, opening a 1,038 sq ft debut outlet store. Other brands which have recently committed to the Gloucester centre include health retailer Holland & Barrett, clothing brand Joules, and sporting goods retailer Asics, all taking a combined 6,989 sq ft of space. Paul Carter, asset director at Peel L&P, which manages the scheme, said: “Gloucester Quays has taken some big steps forward this year, and having a constant stream of new leasing, renewals, and refits is what has kept the offer strong and compelling. All of these brands will help us deliver diversity of retail, creating more choice for our customers, and we are delighted that they have committed to Gloucester Quays.” These deals […]

Reiss launches at Centre:mk

4th September 2023

Reiss has opened the doors to a key regional store at the Centre:mk shopping destination in Milton Keynes. The premium fashion brand has taken a 1,884 sq ft store on Silbury Arcade, offering a range of menswear, womenswear, accessories, and childrenswear. The store was co-designed by Reiss’s creative director James Spreckley and D-Raw Architects, and aims to reflect the brand’s reputation as a modern fashion house with the use of sustainable materials in its design. Kevin Duffy, Centre:mk’s centre director, said: “Continually outperforming benchmarks for footfall and conversion to sales, and with one of the strongest anchor brand line-ups in the UK, Centre:mk continues to prove to be a destination of choice for leading UK and international brands. Reiss’s decision to launch a key regional store at Centre:mk reflects our reputation as a dominant destination in the UK”. Reiss’s opening at Centre:mk follows the recent arrival of Mango at the Milton Keynes scheme, which opened a 4.693 sq ft unit on Midsummer Arcade. FMX and CBRE acted for Centre:mk

Developer acquires Bristol mixed-use building for £2.1m

4th September 2023

Rengen Developments has completed the acquisition of a mixed-use building in Bristol city centre for £2.1m. Real estate consultancy and agency Lambert Smith Hampton (LSH) acted on behalf of a private landlord to dispose of the 8,500 sq ft Hanover House in Bristol’s Old City. The building is currently fully let to Dirty Martini, Stretto Architects, Wards Solicitors, Belltown Power, and Digital Visitor. Rengen Developments operates in various sectors working on a range of different types of buildings, as well as national monuments. The developer plans to convert the upper buildings of the building whilst retaining the ground floor occupiers. Peter Musgrove, senior director and head of South West and Wales for LSH, said: “The building is well located in the heart of the Old City, which is both an historic and vibrant part of Bristol. “Having worked on this building for a number of years, it is exciting to see what this next chapter will hold and how the building will be transformed into a new purpose.”

Manchester’s Hatch to close to make way for new ownership

1st September 2023

The Hatch retail and leisure space in Manchester is set to close as part of proposals to bring a new developer to the site. Developer Bruntwood has announced that the venue on the Oxford Road Corridor will close at the end of September, making way for leisure group STACK to take over the site. Since opening in 2017, Hatch has provided a space for Manchester-based independent businesses to innovate and grow. A joint planning application is currently in progress which will see STACK create a permanent offering with a larger footprint at the site. STACK plans to bring together a mix of street food operators and bars set around a central plaza, with a stage and giant screen providing a full programme of live entertainment. The chain creates retail and leisure hubs out of shipping containers and empty properties, currently operating sites in Newcastle and Seaburn in Sunderland. STACK is also developing hubs in Durham, Whitley Bay, Bishop Auckland, Middlesbrough, Lincoln, Northampton, and Carlisle, along with a new home in Tyneside. Peter Bearpark, asset management director at Bruntwood, said: “We are incredibly proud of what we accomplished at Hatch. Originally conceived as an idea for how to utilise unused space […]

Next ups Reiss stake with £128m purchase

1st September 2023

Next has acquired private equity firm Warburg Pincus’ 34% stake in premium fashion retailer Reiss for £128m. As part of the arrangement, Next’s holdings in the retailer will increase from 51% to 72%, whilst the Reiss family and its management team will maintain interests of 22% and 6% respectively. Next first made an initial investment into the ‘quiet luxury’ brand in 2021, taking a 25% stake. The news may come as a surprise, as it was reported in June that Next was considering a sale of its stake in Reiss in a deal worth £500m. Under the terms of the deal, Reiss will continue to retain its own directors and its management, including chief executive Christos Angelides, will remain autonomous. However, its online operations will remain contracted to Next’s Total Platform. Simon Wolfson, Next chief executive, said: “Reiss has performed exceptionally well since we first invested in March 2021. This success has been driven by the strength of its brand, first class management and the benefits of Total Platform; we look forward to continuing to develop the business with Christos and the Reiss team. Warburg Pincus has been an excellent partner throughout the term of our investment and we have...