Retail Property News

Lloyds and NatWest to shut 81 branches

31st March 2023

Lloyds and NatWest are the latest banking groups to announce the further axing of a number of their high street branches. Between July and September, Lloyds Banking Group will close 26 Lloyds Banks outlets, nine Halifax branches, and four Bank of Scotland branches. NatWest says it will close 42 of its sites. This comes days after Barclays announced the closure of 14 of its branches. The two banking groups cited a lower amount of customer demand for in-person banking, as more people turn to online and mobile banking. This echoed HSBC’s sentiment in December when it said that footfall levels showed no signs of recovery. In January, Lloyds announced that 18 Halifax and 22 Lloyds sites would close, while NatWest said in November that 43 of its branches would shut in the first half of 2023. A spokesperson for Lloyds said: “Our customers are increasingly using digital channels to manage their money – we now have over 20 million regular digital users, so it’s important we continue to develop the online services our customers want to use.” “Our branches will continue to be an option for our customers, alongside our telephone services, mobile app and online bank”, they added. A spokesperson […]

Luxury retailers to upsize at Sloane Street

31st March 2023

A number of luxury designers including Louis Vuitton, Christian Dior, and Bottega Veneta are set to upsize their Sloane Street stores as a £46m makeover of the shopping destination goes ahead. Louis Vuitton will add an additional 1,874 sq ft with a new floor at its store at 190-192 Sloane Street. Christian Dior will move to a new store entirely, moving to a 9,000 sq ft site at no.196-198 which is expected to open in July. Bottega Veneta will extend its current space at no.33 while Valentino is set to move to a new 8,170 sq ft space at no.185-186. These moves come as part of a transformative project which looks to widen the pavements, add new street furniture and lighting, and introduce a planting scheme to create a green boulevard from Knightsbridge to Sloane Square. Announced in 2019, the £46m project is due to finish by the end of 2024. London landlord the Cadogan Estate is delivering the project in conjunction with Kensington and Chelsea Council. Hugh Seaborn, CEO of Cadogan, said: “These works will strengthen Sloane Street’s position as a global destination for luxury retail and create an even more desirable environment for local residents and businesses –...

Hammersmith arts centre to enter administration

31st March 2023

Riverside Studios in London has filed a notice to appoint administrators. The arts centre cited “eye-watering” energy bills and debts incurred from recent developments as reasons behind the decision. The site, a former Victorian engineering works, was transformed into an arts centre in the mid-1970s after being used as a film studio since the early 1930s. The centre closed in 2014 for developments and reopened in November 2019 on the eve of the COVID pandemic, which saw the temporary closure of the venue. The Riverside Trust charity received three grants to turnaround the venue’s fortunes from the Government’s cultural recovery fund, for a total value of over £1.8m. It also received an additional £927,000 of “emergency resource support” as a culturally significant organisation that Arts Council England designated as “at imminent risk of failure”. A difficult post-Pandemic trading environment paired with a 300% increase in energy bills for the arts centre’s new complex, which is home to three theatres, TV studios, a cinema, bars and a restaurant, has made it increasingly difficult for the centre to remain profitable. Tony Lankester and Rachel Tackley, joint chief executives of Riverside Studios, said: “To avoid administration and to give us time to re-engineer […]

Marston’s secures debt facility increase

31st March 2023

Marston’s has secured agreements to increase and extend its debt facilities. The pub operator’s previous £280m arrangement will be replaced by a £300m revolving credit facility, substantiated by two new banks alongside the group’s previous partners. Marston’s has also restated its £40m private placement, bringing the total amount of its debt facilities to £340m. The group said this decision represents progress in its “Back to a Billion” strategy, in which the pub operator looks to achieve £1bn in sales. In March, the group put 61 pubs up for sale, as it looked to focus on its core estate.

Barkby eyes REIT status as it targets “substantial” roadside portfolio

31st March 2023

Barkby Group says it is exploring the possibility of becoming a real estate investment trust (REIT) as it aims to build and scale a substantial portfolio of modern and ESG-compliant roadside real estate investments. In its interim results for the second half of 2022 the group, which also operates a pub company, says construction has progressed well with two of its commercial developments in Wellingborough and Maldon, with a number of tenant contracts already signed. The Wellingborough development is expected to be completed in April with contracted annual rent at the site set to be £228,000, bolstered by the signing of Greggs, Formula One Autocentres, City Plumbing Supplies, and C. Brewers & Sons. Construction of the Maldon development is due to conclude in May, and is expected to produce annual rents of £280,000 through tenancies including Costa Coffee, Formula One Autocentres, and Toolstation. Barkby says that both developments will be held on its balance sheet. The group has also submitted a planning application for a 27,000 sq ft scheme in Swindon and is expecting an imminent decision. The proposed scheme would be anchored by a national drive-through operator with trade and industrial operators occupying the rest of the site. Charles […]

Landsec gets green light for O2 Centre Masterplan

31st March 2023

Camden Council has granted planning permission approving plans for Landsec’s O2 Centre Masterplan in Finchley Road, North West London. The Masterplan aim to deliver a mixed-use urban neighbourhood across a 14 acre site behind the O2 retail centre and is the largest planning application in Camden since Kings Cross. Landsec aims to create 180,000 sq ft of retail, leisure, and community spaces, alongside the delivery of 1,800 energy efficient homes. The development will also see the conversion of an under-used car park behind the O2 retail centre into residential and green public spaces. The real estate investment trust says the Masterplan will create 1,000 new jobs and deliver up to £34.5m in additional annual spending in the local area. Mike Hood, CEO of Landsec’s regeneration arm, said: “Our O2 Masterplan brings our purpose to life and is an important step for our business as we focus on shaping more mixed-use urban neighbourhoods that champion communities, the environment and quality of life.” The proposals are part of Landsec’s wider strategy to grow its mixed-use regeneration business. Through income generation, development upside and medium-term growth, Landsec says it can provide an attractive mix of returns through the balanced risk profile provided by mixed-use developments.

Wildwood owner considers rebranding underperforming sites

30th March 2023

Tasty, the owner of restaurant chains Wildwood and dim t, is considering rebranding some of its underperforming sites. Aimed at a broad market, Wildwood currently serves its ‘Pizza, Pasta, Grill’ menu at 46 restaurants, while two branded sites have remained closed since the Pandemic. Pan-Asian restaurant dim t operates from six sites, including one in Loughton which was converted from a Wildwood site and relaunched in November 2022. Tasty say that the brand has performed well in recent years due to an increase in demand for Asian food and takeaways. The group said that given the success of its Loughton rebrand, it will look at opportunities to grow the dim t brand within its own estate. Tasty said it is considering disposing of poorer performing sites, as some of its leases have termination provisions this year allowing the group to either renegotiate terms or surrender the lease. A process to sell the two closed Wildwood units is underway, while some sites are expected to see conversion into dim t restaurants. The group said it would only consider expanding once the economy and energy market stabilise. Keith Lassman, chairman of Tasty, said: “We expect our customers to continue to enjoy eating […]

ESTAMA makes UK property management appointment

30th March 2023

ESTAMA has appointed Toby Schofield as the latest member of its property management team as the company continues to expand throughout the UK. The commercial asset and property management agency say that his appointment will support the company’s drive to maximise the full potential of its clients’ properties, and ensure efficiencies and continued positive results for stakeholders. He joins from Savills, where he worked for the business space team working across a variety of office and industrial properties. Schofield has also previously worked as a property manager in bot the MAPP retail management and Strutt & Parker residential teams. ESTAMA say his experience will help its position as a leading commercial asset and property management agency and further accelerate its growth plans. George Grimes, head of property management at ESTAMA UK, said: “We are delighted to welcome Toby to the ESTAMA team, he will play a key role in solidifying our property partnerships with our clients. His experience in property management will aid us in continuing to deliver a best-in-class service and grow our portfolio throughout the UK.”

Under pressure Revolution Beauty secures lending agreement

30th March 2023

Revolution Beauty has secured an amended facility agreement with its banking partners, as it looks to lift the suspension on trading in its shares. The overall size of the loan has been agreed at £32m, down from the £40m previously negotiated, and has been fully drawn. The multichannel retailer said that the lending facility reflects its cash requirements and provides sufficient liquidity. Revolution Beauty said that as of 28 February, its cash balance was £11m. The retailer has been under pressure after an independent investigation found a number of wrongdoings, including regarding historical sales, methods of inventory provisioning and personal loans made by a former CEO. After twice failing to post its annual results, Revolution’s shares were suspended from trading in September and the group was subsequently investigated by law firm McFarlanes and accountancy Forensic Risk Alliance. Revolution now expects its audited results for the 2022 financial year to be posted by the end of April. It said it will be working with its nominated adviser to lift the current suspension as soon as these results are released. In addition, the retailer said it is working towards posting its unaudited statements for the six-month period to August 31 2022.

Primark to relocate to Bolton ex-Debenhams site

30th March 2023

A Bolton Primark is set to relocate to a former Debenhams site at a nearby shopping centre a few blocks away. The retailer will be moving to the nearby Market Place, occupying the ground floor and part of the lower ground floor of the former Debenhams site. Primark is aiming to open in late 2024 or early 2025. Alison Stewart, asset manager at Market Place’s owner Moorgarth, said: “It consolidates even further the retail and leisure offer in the town, will strengthen the offer and wider visitor attraction to Bolton and Market Place, and delivers a new anchor store with massive multi-million-pound investment into Bolton Town Centre”. Primark’s move will enable Bolton Council to undertake plans to demolish the retailer’s current home at Crompton Place shopping centre. Bolton Council director of place John Dyson described the move as “significant step towards the regeneration” of part of Bolton. Last year, the council’s £1bn regeneration plan called for the construction of a 110-bed hotel, 150 homes, as well as offices on the former site of the 280,000 sq ft Crompton Place. However, local authorities are exploring other options for the site’s future.

Electric car brand charges up at Bristol

30th March 2023

Electric vehicle manufacturer Polestar is set to join Bristol’s Cribbs Mall, marking the brand’s fifth UK location and its first in the South West. Taking a 2,495 sq ft unit on a 10-year lease, Polestar at Cribbs will showcase the brand’s range of electric cars as it looks to challenge the traditional automotive retail model. Customers can test drive the cars on-site, or schedule deliveries to their home or office addresses. Orders can be placed through the Polestar App or website either at home or with the guidance of a member of staff at the showroom. Cribbs Mall itself is also looking to encourage a shift towards electric vehicles with the introduction of 26 charging stations across the scheme. Scott Linard, portfolio director at M&G Real Estate, said: “Now more than ever it is important to encourage sustainable travel and Polestar’s new showroom will help to showcase the role electric vehicles can play in helping to reduce the UK’s carbon emissions. The arrival of Polestar also coincides with our wider commitment to work with South Gloucestershire Council to install more electric vehicle charging points across Cribbs Causeway to help make electric transport more accessible for all.” This news follows the […]

CBRE makes head of UK hotels appointment

29th March 2023

CBRE has announced the appointment of Miles Auger as head of hotels, UK. Auger previously held the role of head of hotel valuations at the global real estate advisor, responsible for leading, undertaking and co-ordinating projects. He has worked for over 20 years in the real estate sector and has spent 13 of those at CBRE, being solely focused on the hotels market. In his head of hotels role, Auger will be expected to drive performance and deliver CBRE’s hotel sector strategy across all business lines. The heads of these business lines, which include valuations, advisory, and capital markets, will report to Auger directly. Kenneth Hatton, head of hotels, Europe at CBRE, said: “Miles has a depth of knowledge and experience that is highly valued by both key sector players and peers. He also has the vision to understand the wider UK market dynamics. This appointment provides our UK Hotels team with dedicated leadership that spans the key business lines so that clients can benefit from the comprehensive sector coverage that CBRE can provide.” Auger will be succeeded by Tom Holt-Wilson, who has been a senior director at CBRE since June 2020.