Retail Property News

Boxing heavyweight looking to open 250 UK clubs

6th April 2023

Global boxing brand UBX is looking to open new sites across the UK as part of a £40m expansion plan. Property consultancy GCW has been appointed to help deliver 250 clubs within the next six to eight years. The boxing club was co-founded by fitness entrepreneur Tim West and four-time world champion boxer Danny Green. The brand has been franchising gyms since 2016 and now operates over 90 sites across Australia, New Zealand, and Singapore. In 2022, the owner of énergie Fitness, Empowered Brands, reached a deal with UBX to roll out the concept across the UK and Ireland. The brand is looking for locations for its small-format boxing and strength training clubs ranging in size from 1,200 to 2,000 sq ft. UBX typically takes a 10-year lease with no breaks subject to a market rent free period. Last month, UBX opened its first UK franchise centre in MediaCity, Salford, and has since secured deals at Sheffield and Bath. GCW partner Simon Horner said: “UBX is an exciting and innovative fitness brand. Having enjoyed great success internationally, its unique offer is just what the UK market is looking for. We are confident that we can help build a strong portfolio […]

Space NK debuts in Liverpool

6th April 2023

Space NK is set to open at Liverpool ONE’s Peter’s Lane, marking the cosmetics retailer’s debut in the city. Set to launch in June, the 1,850 sq ft debut will add to the beauty specialist’s existing 73 stores across the UK and Ireland. Space NK Liverpool ONE will offer over 100 beauty brands and feature consultation areas for makeup and skincare as well as a treatment room. The news follows the recent arrival of the ARNE pop-up at Peter’s Lane which ran from 10-12 March and saw the online footwear brand bring their product range to a physical space. Space NK’s CEO Andy Lightfoot said Liverpool was one of its most requested locations. Rob Deacon, senior asset Manager at Grosvenor, said: “We’re looking forward to welcoming Space NK to Liverpool ONE come June, marking the brand’s city debut in the UK’s beauty capital. Joining other internationally renowned brands on Peter’s Lane, including Sweaty Betty which is also set to open in June, Space NK will feel very much at home in the region’s leading destination for premium lifestyle brands.” Metis and CBRE acted for Liverpool ONE, while Hicks Retail acted for Space NK.

Homeware retailer looking for “Loaf Shacks” nationwide

5th April 2023

Bed, sofa, and homeware retailer Loaf is targeting new “Loaf Shacks” in a number of UK cities. GCW and Curson Sowerby have been appointed to find highly prominent units between 10,000 and 15,000 sq ft in size with Class E retail use. Ideal sites will offer on-site parking and/or nearby public transport links. Loaf is looking to open new showrooms in: The retailer currently operates “Shacks” in Battersea, Notting Hill, Spitalfields, Guildford, Solihull, Wilmslow, Bristol, St Albans, and Edinburgh.

Diamonds aren’t forever as London jeweller goes bust

5th April 2023

Luxury London-based jeweller Vashi has called in insolvency practitioners following a winding-up petition put forward by Canary Wharf Group, one of its retail landlords, Sky News has reported. Benjamin Dymant and Matthew David Smith of Teneo Financial Advisory were called in earlier this week as joint liquidators of the jewellers, which operates four London stores. Founded by Vashi Dominguez in 2016, the jeweller sells engagement rings at prices of up to £150,000. A statement on Vashi’s website reads: The Company has ceased to trade with immediate effect and no further orders will be accepted.” Teneo said it had been appointed “following the making of a winding-up order”. “The intention of the liquidators is to locate and preserve assets of the business for the benefit of creditors”, it added. One source told Sky News that the presence of liquidators suggested a lack of capital within the business to enable it to trade through a conventional administration. During its fundraising round in 2022, Vashi valued itself at £250m. It had raised £75m and was looking to expand into the United States.

Health and wellness hub aiming for 40 sites after London signing

5th April 2023

Health and wellness centre Until has signed for its third London location, as it aims to open 40 clubs within four years. Previously a car showroom, the 8,500 sq ft unit on Westminster’s Wigmore Street will join Until’s existing sites in the capital at Liverpool Street and Soho. The holistic concept allows health and wellness professionals to run their businesses on a contractual basis within its facilities, which include therapy rooms, gyms, and treatment rooms. It is actively seeking sites in Southbank, Victoria, and Kings Cross. Hanover Green Retail advised site owner Duke Street Property on the deal. Matt Hyland, principal at Hanover Green Retail, said: “We have been working with Duke Street Property for several years, introducing new retail and food uses to the neighbourhood. The lifestyle and wellness sector is particularly buoyant in Central London and with Until we have secured a best in class addition to the tenant mix.”

Lookers targets 20 new sites in 2023

5th April 2023

Automotive retail giant Lookers is aiming to open 20 of its cosmetic repair facilities in 2023. By the end of 2022, the group had established 29 fixed repair facilities alongside 20 mobile repair vans. Lookers is also aiming to launch a further ten of these vans in 2023. It also expects its first, new standalone multi-franchise used-vehicle site to be operational later this year. The Altrincham-headquartered Lookers operates a number of used car dealerships and repair centres across the UK. In its preliminary results for 2022, the group said it had made “significant progress and momentum’ across all of its strategic priorities. Despite a fall in yearly profits from £90.1m to £82.7m, the group’s chief executive Mark Raban hailed an “excellent performance”. He added: “We have strong momentum in the execution of our strategic priorities. Our operational optimisation agenda remains the cornerstone of our strategy and we have made demonstrable progress on our self-help initiatives. In addition, I am particularly pleased to see the expansion of our offerings through partnerships with a number of exciting new brands and the addition of incremental revenue streams including cosmetic repairs.”

Co-op issues profit warning for 2023

5th April 2023

The Co-operative chair Alan Leighton has said that group profits in 2023 are likely to fall, warning of “another year of economic uncertainty and higher prices”. This comes alongside the group’s financial results for 2022, with the Co-op seeing an increase in revenue of £0.3bn, however its underlying operating profit was unchanged from 2021, remaining at £100m. The co-op said entered 2022 targeted cost savings of £50m, but in recognition of a challenging economic environment this was raised to £101m, which was met. The group said the sale of its petrol forecourt business in October meant that group revenue and profit took hits of £150m and £10m respectively. However this contributed to a reduction in net debt for the group, down to £333m by the end of 2022, compared to £920m a year prior. It added that active Co-op memberships had grown for the first time in five years to 4.41 million members. The group has set a target of welcoming one million new members over the next five years. Co-op said its board remains confident in its strategy as it looks to drive growth through its core businesses via physical and digital routes. “We expect the volatile external environment […]

Franco Manca operator to be snapped up for £93m

5th April 2023

Fulham Shore, the parent operator of the Franco Manca and The Real Greek restaurant chains, is set to be acquired by a global food company in a deal worth around £93m. The group has received an offer from Great Sea Kitchens, a newly-created company operating on behalf of global restaurant operator Toridoll. Headquartered in Japan, Toridoll operates nearly 1,800 restaurants in 30 countries and regions within a variety of brands, including 10 Wok To Walk sites in the UK. Toridoll said that Fulham Shore’s business offers a “leading customer proposition”. “In spite of the challenging trading circumstances of recent years, Fulham Shore has continued to deliver robust performance overseen by its highly experienced management team”, it said. The restaurant group added that it recognised the opportunity to expand Fulham Shore’s presence in the UK, where its 97 sites reflect an “under penetration compared to peers”. It’s also eyeing expansion internationally and through Franco Manca’s newly-launched retail channels. The news comes alongside Fulham Shore’s trading update for its financial year ending 26 March 2023, in which it said both its restaurant businesses delivered creditable performances despite the impact of industrial action, social disruption, and cost of living increases on its customers. […]

Asda lays out requirements for convenience store rollout

4th April 2023

Asda is seeking properties nationwide for its store expansion plans, following its appointment of real estate advisor CBRE. The advisory firm has been chosen to bring the grocer’s ‘Asda Express’ brand to more sites across the UK. Asda is searching for sites between 3,500 and 5,000 sq ft in highly visible locations close to transport hubs. Ideal sites will have a petrol filling station and will be based in new housing developments or district centres. The grocer is also considering the acquisition of existing businesses and further supermarket opportunities. Launched in October 2022, Asda Express is the retailer’s smaller-format convenience brand. The first two Asda Express stores opened before Christmas and the grocer is looking to open another 300 by the end of 2026. Adrian Hanley, director, UK retail at CBRE said: “Shopping patterns have evolved in recent years and whilst some shoppers will continue to grocery shop solely online, there will always be incredibly strong demand for physical grocery stores. Enhancing its store offering to include convenience stores on a national scale will further solidify Asda’s position as a leading supermarket.” Founded in 1949, Asda currently operates 633 stores across the UK. In October 2020, the supermarket retailer was […]

£9m price tag for site of world’s largest Lush

4th April 2023

The home of cosmetics brand Lush’s largest store has been put on the market. The 14,854 sq ft property on Liverpool’s Church Street was once home to Dorothy Perkins and Burton. Lush took up occupancy of the four-storey building in 2019 and has a deal to remain in the property for a further decade. The site is home to a floor dedicated entirely to Lush Spa. The property is in close proximity to a Tk Maxx, Primark, and Marks & Spencer. The sales process is being overseen by Knight Frank who have been instructed to seek offers in excess of £9m.

Birmingham mixed-use development site set for resi switch after acquisition

4th April 2023

Vita Group has reached a deal with LCR to acquire Birmingham’s Axis Square site, and will look to create a primarily residential development. Adjacent to The Mailbox and Arena Central, the 4.5-acre site was previously home to Birmingham Central Goods Station and had been earmarked by the council for a mixed-use development. However, Vita are set to consult with Birmingham City Council to discuss a new masterplan involving the creation of a mixed residential development under the name of Goods Station. Mark Oakes, Vita Group chief commercial officer, said: “Goods Station has the opportunity of becoming a true landmark destination within the city, fantastic places to live which attract talent, add to the growing economy and draw in tourism.” Peter Hawthorne, chief executive officer for LCR, added: “We have been working for a number of years to help the site realise its potential through enabling wide-scale regeneration, and are now excited to be able to handover to Vita to continue the transformation that we started and create a vibrant new destination in the city centre.” Savills provided agency services on the deal while Deloitte and Shoosmiths provided legal counsel for Vita Group. Eversheds Sutherland acted for LCR.

New images show £70m Rylands development plan

4th April 2023

Architecture company Jeffrey Bell + Company has unveiled renders of what new developments at Manchester’s iconic Rylands building could look like. Global real-estate investment firm AM Alpha is set to redevelop the Grade II listed former Debenhams building into a mixed-use development site comprising retail, leisure and office space. Originally built as a warehouse, the building on the corner of Market Street and High Street later saw use as a department store until Debenhams’ collapse in 2021 saw its closure. The refurbishment will include redevelopment of the existing business and conversion of the upper floors into high-quality office space. The ground floor will see the development of a shopping arcade. Work on the site is expected to begin in the coming weeks with completion expected in early 2025. Construction company Russell WBHO is acting as a construction partner for the project while property companies OBI and Barker Proudlove are letting agents for the building.