Retail Property News

Asset manager appointed at Centre:mk

6th November 2023

Retail property advisor Time Retail Partners has been appointed to the leasing team at Milton Keyne’s Centre:mk shopping centre. The firm will be working alongside the scheme’s existing leasing agents FMX Urban Property Advisers. The 1.79m sq ft scheme – which is located in Milton Keynes’ central business district – has recently welcomed tenants such as Reiss, Mango, H&M, Pho, and Itsu. FMX said: “As one of the UK’s top 10 retail and leisure destinations, it’s fantastic to see centre:mk backing niche retail specialists to lead on its leasing strategy, demonstrating confidence in our market-leading expertise and breadth of industry contacts.” Nick Symons, David Justice, Filippa Mudd, and Charlie Spilsbury are FMX’s agents appointed to the scheme. Antony Carroll, Matthew Cassell, and Alice Deadman have been appointed by Time Retail Partners.

Womenswear brand launches first permanent store on the King’s Road

6th November 2023

Womenswear brand Chinti & Parker has opened its first permanent store on Chelsea’s Kings Road, following a number of successful pop-ups over the last two years. Opening at No.322, Chinti & Parker will offer a range of designs including luxury cashmere, and will sit nearby to retailers such as Birdie Fortescue and Love My Human Townhouse. The store has been designed by the retailer’s in-house team, and looks to deliver a minimalistic and sleek experience. Sustainable fashion brand Aspiga has also opened a larger store on the King’s Road this month, replacing its current unit. The 1,835 sq ft store at No.312-314 will be open until March next year and stocks a range of dresses, corduroy tailoring, wool knitwear, resortwear, and handcrafted accessories. A collection of menswear is also available. Hannah Grievson, property director at Sloane Stanley, said: “Welcoming Chinti & Parker back to the King’s Road as a permanent tenant demonstrates just how successful our ‘on-demand’ leasing strategy is. By trying out the location and testing the waters with a series of pop-ups and growing its appeal to the wider demographic and community, we’ve been able to convert this into a permanent store. “We always want to collaborate, enabling...

Merry Hill welcomes fitness operator for UK debut

6th November 2023

Fitness operator XTRAFIT is set to make its UK debut next summer at Merry Hill Shopping Centre in Dudley. The German brand will occupy 40,000 sq ft of space in the former Debenhams department store, providing athletic space and offering a range of courses. The open-plan unit aims to be an industry-leading workout zone for all fitness levels. Open 24 hours a day, XTRAFIT will provide members with additional services including saunas, massage chairs, and changing facilities. Graeme Jones, director of asset management at Sovereign Centros, said: “The commitment of XTRAFIT as a UK debut is evidence of Merry Hill’s appeal, and the destination’s leasing momentum brought about by our determination to deliver a unique and compelling experience for our visitors. Fitness is an important facet of a well-rounded and future-proofed retail and leisure offer, one that keeps customers coming back, so we are thrilled to be welcoming XTRAFIT next year. When we were appointed to asset manage Merry Hill, a key priority was to find a solution for the former Debenhams unit and the signing of XTRAFIT to occupy an expansive portion of the first-floor space is a significant first step in fulfilling this.” The remaining 90,000 sq ft […]

M&S to invest £80m into “biggest ever” month of openings

6th November 2023

Marks & Spencer is set to invest £80m into its “biggest ever” month of store openings, in a move which the retailer said will create over 2,200 jobs. M&S will open nine stores in November, the highest number it has opened in a single month. This comprises six brand new stores and three store renewals. Kicking off the openings is a new 65,000 sq ft store in Birmingham’s Bullring, with the retailer planning to open a new store every seven days throughout the month. M&S will also be opening full line stores at Lakeside Shopping Centre, West Thurrock and the Trafford Centre, Manchester. The retailer will launch new food halls in Uckfield, Earlsfield, and Barnsley, with store renewals opening in Camberley, Handforth, and Newcastle. The openings are part of M&S’s long-term plans to become the UK’s leading omnichannel retailer. It is looking to pivot its estate from 247 stores to 180 higher quality, higher productivity stores, whilst also opening 100 food sites by the 2027/28 financial year. At the beginning of the year, M&S outlined a £500m investment into its store rotation programme, which has seen store relocations in Leeds White Rose and Liverpool ONE as well as a number […]

Cushman & Wakefield appoints head of UK valuation and advisory

6th November 2023

Cushman & Wakefield has announced the appointment of Tom Nuttall as head of UK Valuation & Advisory. He will take on the role from the beginning of 2024, succeeding Karen Clements who will be retiring at the end of the year. Nuttal, who is an international partner at the firm, joined Cushman & Wakefield as a graduate surveyor in 2006 and was most recently head of the Specialist Markets Valuation & Advisory team. There he covered the valuation of healthcare, living, life sciences, student accommodation, self-storage, hospitality, infrastructure, and alternative asset types. Cushman & Wakefield’s UK Valuation & Advisory team provides data-led insight and commercial advice to clients. George Roberts, head of UK & Ireland at Cushman & Wakefield, said: “Both Karen and I are delighted that Tom has been able to develop his career with us and progress all the way from graduate to becoming Head of our UK Valuation & Advisory business. His appointment reflects our belief in the strength of our Valuation & Advisory proposition and the importance of extending our valuation services to cover non-traditional asset types which is key to supporting the strategies of many of our clients.” Tom Nuttall added: “Karen has done a […]

Rare opportunity as South Molton Street estate put up for sale

3rd November 2023

A rare opportunity has arisen for investors as the City of London Corporation places its South Molton Street freehold estate in Mayfair on the market. The portfolio – which is being marketed by CBRE – has not been put up for sale for hundreds of years. The City of London Corporation is looking to use the proceeds generated from a sale for reinvestment, with a particular focus on environmental targets for the investment property portfolio. South Molton Street comprises 200 metres of prime retail space in a desirable London neighbourhood. The estate consists of 19 directly-managed freehold assets and 34 freeholds subject to long leasehold interests. In total, the net lettable area of the directly-managed freeholds is around 46,250 sq ft. Tenants at the destination include high-end retailers such as Sandro, Maje, Les 100 Ciels, and BA&SH. They are complemented by a mixture of offices and residential accommodation. CBRE said its data shows that there is over 2.5 million sq ft of redevelopment and repositioning of landmark buildings within close proximity to South Molton Street. This includes the £500m South Molton Triangle development, which is being led by Grosvenor and Mitsui Fudosan. The development is set to comprise high-end retail...

Wilko names first locations for high street return

3rd November 2023

Wilko has named the first three locations it will be opening its new concept stores, as the once-stricken retailer prepares to return to British high streets. The Range owner CDS Superstores, which acquired Wilko in September, recently revealed that it was planning to open five new Wilko concept stores before Christmas. Wilko had fallen into administration in August as hopes of a rescue deal fell through. The retailer’s new stores are set to open in Plymouth’s Armada Centre and Guildhall Shopping Centre in Exeter on 1 December, whilst a further store will open at Luton’s Arndale Centre on 8 December. The remaining two locations are expected to be announced soon. CDS Superstores chief executive Alex Simpkin said: “This initial rollout is only the beginning for our plans for revitalising the Wilko brand on the nation’s high streets and retail parks, and we’ll be announcing further store launches and re-openings throughout 2024”.

Wickes “confident” in 2024 store pipeline

3rd November 2023

Wickes has said it remains “confident” in its pipeline for new stores in 2024, as the home improvement retailer releases its results for the third quarter of 2023. During the quarter, the retailer has completed one refit and opened a new store in Chelmsford, whilst it has opened two new stores in Widnes and Torquay with a further four refits planned in the fourth quarter. For the 13 weeks to 30 September, Wickes like-for-like sales were broadly in line with the previous year, with a decline of 0.2%. For the year-to-date, Wickes has seen its total like-for-like sales increase by 0.4%. David Wood, chief executive of Wickes, said: “Once again thanks to our amazing colleagues we have delivered a solid performance in a challenging market as we continue to deliver against our strategic growth drivers. In our core business we have gained further market share and achieved a return to volume growth. We have fulfilled strong demand from our trade customers and been encouraged by greater stability in DIY. “As we continue to rollout our programme of store openings and refits, I am confident that we have the right product offer and the most attractive locations – enabling us to […]

CBRE snaps up one of UK’s largest asset managers

3rd November 2023

CBRE has announced its acquisition of Sovereign Centros, one of the UK’s leading asset management and development management businesses. The acquisition aims to enhance CBRE’s asset management and development management capabilities, particularly within the retail sector. Sovereign Centros focuses on retail assets such as shopping centres and retail parks, with nearly 14 million sq ft of space under its management. The company works with a number of global capital, banking, and financial institutions as well as pension funds. Key projects under the asset management of Sovereign Centros include The Metrocentre in Gateshead, Festival Place in Basingstoke, Merry Hill Shopping Centre in Dudley, the Telford Centre in Telford, and the St Enoch Shopping Centre in Glasgow. The firm’s 30-strong team will join CBRE’s existing asset management and asset development teams, which will be headed up by Sovereign Centros chief executive Chris Greaves. He said: “We are excited to join forces with CBRE and know that our combined experience and extensive network will be extremely powerful. Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.” Ciaran Bird, CBRE divisional president for advisory services, UK and Ireland, said: “The acquisition of Sovereign […]

Candle bar concept looks to sniff out Brighton location

3rd November 2023

Paddywax is looking for a suitable location in Brighton to open its ‘Candle Bar’ concept. The experiential retail stores allow customers to shop the candle brand’s curated collections, or create their own custom candle. Customers are welcome to daily one-hour workshop classes, enabling them to learn the art of candle making and using a range of different vessels and scents. The workshops are designed with events such as birthdays, hen dos, and team building days in mind. The operator is now seeking suitable units in Brighton between 1,000 sq ft and 2,000 sq ft in size for workshop and retail space. Ideal sites will be in close proximity to restaurants or other similar activity-oriented businesses. Preferred units will also have nearby parking. The brand’s target demographic is women between the ages of 20 and 60, in areas with a university or college population nearby. In the UK, Paddywax currently operates a site in Bath with one under offer in Edinburgh. The brand is part of US-based Designworks Collective, with its product line featured in American retail stores including Urban Outfitters and Nordstrom. Anna Hansen of Edinburgh-based commercial property consultants Orinsen has been appointed to find suitable locations.

Aldi supermarket included in £24.5m asset disposal

2nd November 2023

An Aldi supermarket in Leicester has been sold as part of £24.5m worth of asset disposals from LondonMetric Property’s recently acquired CT Property Trust portfolio. The property – which was acquired in 2016 for £4.6m – has been sold in an off-market deal worth £6m, reflecting a topped-up net initial yield of 5.3%. The site is currently let to Aldi for a further 13 years. LondonMetric has also disposed of a car showroom as well as three office assets in Newbury for a total consideration of £15.3m. Another office asset in Worcester has been sold for £3.2m. The property company said that following the disposals, it has now sold £154m worth of assets this year. In September, it disposed of a number of retail assets from the CT Property Trust portfolio for £16.9m. Andrew Jones, chief executive of LondonMetric, said: “Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market. Since completion of the CTPT acquisition in August, we have now sold seven of the 33 assets acquired representing c.8% of the portfolio by value, at prices comfortably ahead of our underwrite values.”

Luxury brands enjoy pop up success at Trafford Palazzo

2nd November 2023

Luxury brand platform Showcase has celebrated its four-week residency at Manchester’s Trafford Palazzo, with the operator making its debut in the North West. Showcase ran four consecutive weekends in the scheme’s dedicated 6,950 sq ft white box promotional space, TP Glow. The operator welcomed 10 leading brands at the Manchester scheme, including Sophia Webster, Reiss, Helmut Lang, Theory, Herschel, Olivia von Halle, and Matches. Showcase’s residency at Trafford Palazzo was one of the first in the UK, following successful ventures in cities such as New York and Sydney. The operator provides a space for brands to make room for new collections, clear seasonal inventory, and reach new customer bases. Showcase has permanent locations in London’s Regent Street and at Outlet Shopping at The O2. Mark Whittaker, executive director at Peel Retail & Leisure, said: “As the UK’s first next generation experience centre, Trafford Palazzo is the perfect place for unique retail formats to engage with significant volumes of high-spending consumers. Showcase’s hugely popular residency is proof positive of just how commercially successful the right concept can be in the right location and builds on the impressive track record that our innovative TP Glow pop-up space has established.” The TP Glow...