Retail Property News

Two award-winning and growing national brands, Loungers, the café restaurant, and gym operator Pure Gym are to open branches at The Galleries Shopping Centre, Washington. The leading operators have each agreed 15-year leases with the shopping centre and will be moving into the Marketplace, which will close on Sunday, January 28. Simon Eatough, director for landlord and tenant at LCP, part of M Core, which owns and manages the shopping centre, said: “Attracting two significant national brands to The Galleries is a major coup and will help with our plans to further improve the popular centre and we are looking forward to the opening.” “Across our entire retail portfolio up and down the country, we are always looking at ways we can enhance the experience for regular shoppers and occasional visitors, and we are confident that Loungers and Pure Gym at The Galleries will be a boost for the town and complement our existing mix of high-quality national and independent tenants.” Pure Gym is taking over 10,812 sq ft of space, while Loungers has signed up for 3,919 sq ft whilst talks with JD to upsize their presence in the Centre are also in the final stages of negotiations. Work to transform the units is expected to start in […]

Fourth UK debut restaurant in quick succession at Fitzrovia

Shaftesbury Capital has announced the signing of July, a brand-new Alsace-inspired dining concept, in leading Central London neighbourhood, Fitzrovia. The restaurant will open at 10 Charlotte Street in Spring 2024. The restaurant and wine bar has been created by food writer Solynka Dumas and co-founder Julian Oschmann. July evolved from their shared love of entertaining, and began with private supper clubs for friends while living in Berlin, shortly after the lifting of lockdown restrictions. As a neighbourhood restaurant, July will work with small growers and producers, offering seasonal, ingredient-led dining in the heart of Fitzrovia. Located adjacent to Sicilian eatery Norma, the 1,021 sq ft unit will host up to 44 covers, introducing a uniquely Franco-Germanic menu to the vibrant Central London neighbourhood. Solynka Dumas and Julian Oschmann, Co-Owners of July, said: “July is a real passion-project for us, born out of a shared love for entertaining, and using hospitality to create connections and long-lasting memories. Though we came together in Berlin, the dining scene in London is where we want to be, and where July can really thrive. It’s amazing to be part of the Fitzrovia neighbourhood, surrounded by so many like-minded restaurateurs and a customer group that will...

Shaftesbury Capital secures £300m refinancing loan

Shaftesbury Capital has secured a £300m facility with a three-year maturity as it looks to repay the balance of an existing loan. The mixed-use real estate investment trust (REIT) – which has a £4.9bn West End portfolio – secured the facility from Santander, HSBC, and BNP Paribas. Shaftesbury Capital said the proceeds from the facility will be used to repay the remaining balance, worth £376m, of an unsecured loan arranged at the time of the merger between Shaftesbury and Capco. The unsecured loan is currently due to mature in 2024. The REIT’s capital balance as of the end of September were approximately £200m whilst its Covent Garden facility of £300m is currently undrawn. The new facility has an option to extend the tenor of the agreement by two periods of one year each, subject to one year each. It also includes a £125m accordion feature. Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, said: “We are pleased to have completed the early refinancing of the £576 million loan through this facility and other initiatives this year, which highlight the attractiveness of our exceptional portfolio and further enhance our capital structure.” In November, Shaftesbury Capital reported that it had completed £82m worth of asset […]

Realm achieves B Corp certification

Outlet retail specialist Realm has announced that it is now a B Corporation (B Corp) certified company. The operator, asset manager, and advisor has met the standards of social and environmental by nonprofit organisation B Lab. The certification process requires applicants to demonstrate socially and environmentally responsible practices across its energy supply chain, waste and water use, worker compensation, diversity and corporate transparency. Realm joins a community of 7,000 B Corp-certified businesses, including Ellandi, Portman Estates, and TFT in the UK real estate community. Realm has previously been also received recognition for its environmental and community contributions with Green Apple, Flame of Hope, Park Mark Plus and Greener Business Award wins in addition as well as an ISO 14001 accreditation. Dan Mason, Realm managing director said: “We believe that the outlet retailing model is well suited to engaging in purposeful practices and responding to change – these come as part of our dynamic and agile management model. Whilst the discipline of reducing negative environmental impact has always been hard-wired into how we operate outlet schemes, the B Corp certification necessitates a different outlook, one with a clearer focus on finding better ways of doing business for planet, communities and people. […]

Coppa Club owner looking to raise £12m for growth

The owner of Coppa Club has confirmed press reports that it is looking to raise £12m to support further growth. Various Eateries – which also owns the Tavolino and Noci concepts – said it is in advanced stages of conducting a potential fundraising at 25p a share, but said there can be no guarantee any transaction will proceed. This comes after Sky News reported that the group, backed by entrepreneur Hugh Osmond, is looking to raise the funds to compete with its struggling rivals. It was also reported that investment bank WH Ireland is working on the capital-raising. In a statement released on the London Stock Exchange’s new system, Various Eateries said it is “well positioned to capitalise” on post-Covid opportunities. This particularly includes changes in consumer behaviour, as well as the availability and commercials of new sites. The group said any funds raised would be used to accelerate growth across both the Coppa Club and Noci brands. Earlier this year, Various Eateries said it is pursuing its expansion strategy “cautiously and at a measured pace”, citing the uncertain economic background.

Merry Hill welcomes Ask Italian and Sides

Restaurant chain Ask Italian and YouTuber-led fast food concept Sides have opened at Merry Hill Shopping Centre in Dudley. Opening a 3,350 sq ft restaurant, Ask Italian at Merry Hill features the chain’s refreshed concept, providing space for 140 diners and offering Italian-inspired dishes. Meanwhile, Sides has taken a 2,960 sq ft space accommodating 100 covers. The restaurant is the second standalone site for the concept, which is led by YouTube group The Sidemen. The group – which is headed up by the likes of YouTubers KSI, Miniminter, and Zerkaa – launched Sides in 2021. The concept has since garnered somewhat of a cult following and has seen success across various spaces in London. Jack Gordon, senior asset manager at Sovereign Centros, said: “The openings of both ASK Italian and Sides, two different but equally popular brands, marks another significant step in providing Merry Hill’s visitors with an increasingly diverse range of culinary options. These new additions are further evidence that we are committed to delivering our long-term strategy for the centre, curating a fulfilling, varied, and best-in-class experience for our community.” The arrivals of Ask Italian and Sides at Merry Hill follow a number of recent food and beverage...

Oxygen rebrands with new concept as it seeks new sites

Oxygen Activeplay is set to launch its new concept at a retail park in York as the brand seeks new sites nationwide. The leisure operator – formerly just ‘Oxygen’ – will open the 20,000 sq ft flagship at Clifton Moor Centre Retail Park in February 2024. Oxygen York, which is the first site designed under the brand’s new Activeplay Concept, will open following an investment of £2.3m. Comprising ground floor and mezzanine spaces, the centre will feature parkour zones, inflatable obstacle courses, climbing challenges, party rooms, and a sensory baby and toddler park. Parents and families will also be able to make use of a quiet lounge and a food and beverage offering. The York opening comes as part of a £10m investment programme implemented by Oxygen Activeplay over the last two years into its parks, staff, technology, and infrastructure. This investment has included a £1.2m revamp of Oxygen Croydon – which reopened in April – as well as refurbishments in Acton, Wilmslow, and Rayleigh. The brand is currently looking to roll out the Activeplay concept to more locations around the country, with leisure leasing agency Stärka instructed to secure new sites. Stephen Wilson, managing director at Oxygen Activeplay, said: […]

Lounge makes Liverpool debut with pop-up store

Lounge has made its debut in Liverpool, opening a Christmas pop-up store at South John Street in Liverpool ONE. Remaining open until 23 December, the underwear brand’s 4,000 sq ft store will offer its range of bestselling lingerie, loungewear, and nightwear. Lounge made its first venture into permanent bricks-and-mortar retail earlier this year after a series of successful pop-ups. The retailer is targeting a further seven sites over the next 12 months. Rob Deacon, asset management director at Grosvenor, said: “We are delighted to have welcomed Lounge’s highly anticipated city debut pop-up, marking yet another fan-favourite to select Liverpool ONE as the destination of choice for pioneering, first-rate retailers. The rapidly expanding brand aligns very well with our demographic here at Liverpool ONE and it was great to see our visitors enthusiastically interact with the pop-up over the launch weekend.” Mel Marsden, founder of Lounge, added: “As Lounge continues to expand into physical retail, we have been seeking locations that not only have high footfall numbers, but also align with our dedication to providing the ultimate customer experience, and Liverpool ONE’s core visitor-centred values and loyal consumer base made it the ideal home.” The opening follows the recent arrival of […]

LCP and Evolve Estates acquire The Centre Livingston

Commercial property investment companies LCP and Evolve Estates – both part of M Core – have jointly acquired The Centre in Livingston, their largest retail centre yet. The scheme – which is located in the centre of the Scottish town – was acquired for an undisclosed sum from Hines. Spanning one million sq ft, The Centre Livingston comprises 166 shops, restaurants, cafés, and leisure amenities. Anchor tenants at the scheme include Asda, River Island, H&M, Primark, and M&S. The scheme is located nearby to three car parks, with a total of 3,000 spaces. Danny O’Keefe, founding partner of Evolve, said: “For the past few years, we have focused on building our retail portfolio, acquiring convenience-led shopping parades, centres and retail parks across the UK, which we believe to be undervalued and offer long-term rental growth. “The Centre Livingston is our most ambitious retail acquisition yet in the UK and we are excited about the possibilities for improving it, which our proactive in-house team of experienced asset and property managers will be looking at now. “They have a significant network of contacts across many national brands and they are already looking to attract big names as well as ambitious local traders who want […]

Jollyes owner mulls £100m sale

The private equity owner behind Jollyes is considering a sale of the retailer worth over £100m. Kester Capital, which owns the pet retailer, is working with financial advisors at Houlihan Lokey on its “strategic options”, City sources told The Times. Jollyes – which operates over 70 stores across the UK – sells pet food, leads, and toys, and recently started providing grooming and veterinary services. Last week, Jollyes reported it had delivered its strongest ever trading period in the six months to the end of November, with like-for-like sales increasing 19%, whilst total sales grew by 31% to £70m. This comes during a period of expansion for the retailer, as it aims to open between 20 and 25 new stores in 2024. During the six month period, Jollyes opened stores in Swindon, Belfast, Merthyr Tydfil, Harrogate, Widnes, Swadlincote, Reading and Hull.

Wilko returns to high streets ahead of national roll-out

Wilko has opened new concept stores ahead of a national roll-out, following its exit from British high streets earlier this year. CDS Superstores, which owns The Range, has opened new stores in Plymouth and Exeter, with another branch in Luton set to open soon. The retail group acquired Wilko’s brand and intellectual property in September. Former Wilko employees have been prioritised in the recruitment process for the new stores, with the branches in Plymouth and Exeter welcoming three quarters and a third of returning employees respectively. Alex Simpkin, chief executive of CDS Superstores, said: “The customer reaction to the new stores opening today has been fantastic and proves we’re doing the right thing in returning this much-loved retailer to UK high streets.” CDS Superstores will continue the roll-out of the Wilko brand in 2024, with the retailer also set to open its first stores in Northern Ireland.

Majestic Wine makes appointments to new property roles