Retail Property News

Cheltenham retail park changes hands for £8.9m

9th September 2025

A retail park in Cheltenham has changed hands in a deal worth almost £9m. Pears Property, which acts on behalf of the billionaire Pears family, has acquired Gateway Retail Park for a total consideration of £8,860,000, reflecting a net initial yield of 7.4%. Set across a 2.8 acre site, the scheme extends to 36,557 sq ft and is fully let to Currys, Smyths Toys, and Caffé Nero. Gateway Retail Park is located on Tewkesbury Road (A4019) in the primary out-of-town retailing location in Cheltenham, with nearby schemes including Kingsditch Retail Park, Centrum Retail Park, and Gallagher Retail Park. Tenants at these retail parks include M&S, Next, Sainsbury’s, Dunelm, and B&M. CBRE advised Pears Property, whilst Edgerley Simpson Howe advised the vendor.

Hammerson confirms appointment of AEW boss as next CEO

9th September 2025

Hammerson has confirmed that AEW Europe boss Rob Wilkinson will be appointed as its next chief executive officer, effective from the New Year. As reported last week, he will replace Rita-Rose Gagné who will retire after five years in the role. Wilkinson has served as CEO of AEW Europe for over 11 years. He joined the company in 2009, initially serving as chief investment officer in Europe until 2014 when he was appointed as CEO. Prior to this, he was a non-executive director at Grainger from 2015 to 2023 and has also been a non-executive director of Derwent London since 2024. Wilkinson brings 30 years of experience in real estate investment markets to Hammerson, having previously worked at Goodman Group, Eurohypo and UBS. Robert Noel, chair of Hammerson, said: “We are delighted to be appointing Rob Wilkinson as the next CEO of Hammerson. Rob is an established and proven real estate leader who brings a wealth of experience and a track record of delivering shareholder value. Through a rigorous recruitment process, Rob stood out from a strong field of candidates as someone who was able to translate strategic insight into shareholder value creation through exceptional leadership. On behalf of the...

Catella APAM welcomes quartet of new lettings to Norwich’s Chantry Place

9th September 2025

Real estate asset and investment manager Catella APAM has welcomed four new openings in as many weeks to Chantry Place in Norwich. The spate of arrivals began on 21 July with Wingstop, which took a 4,400 sq ft unit fronting onto Chantry Plain. The opening comes amid a period of rapid expansion for the chicken wing restaurant chain, which recently made its city debut at Liverpool ONE and add a fifth site in Leeds. The following week, Accessorize opened a 1,800 sq ft unit at the scheme, adding its range of accessories to Chantry Place’s fashion offering. Chantry Place then welcomed Mowgli in August, with the Indian street food chain opening a 4,100 sq ft restaurant. The brand’s space on Chantry Square represents its first in the city. Finally, Holland & Barrett took on a 1,900 sq ft lower ground floor unit in August, relocating from the upper ground floor and adding an additional 300 sq ft of space. This move allows the brand to expand its product range and provide an enhanced customer experience. Nathan Reidy, associate director at Catella APAM, said: “Delivering four quality openings in just four weeks demonstrates the strong market demand for space at Chantry Place and […]

Beauty retailer Bodycare to close 32 stores

8th September 2025

High street health and beauty retailer Bodycare is to close 32 stores as it struggles with rising costs. The retailer – which operates 147 stores across the UK – was facing a fall into administration but no rescue deal could be reached, Sky News reports. Bodycare previously said it had come under pressure due to an increase in costs, a delayed transition from its online retail platform, and the effects of cost-of-living pressures on its customers. The retailer also said it suffered a shortfall in funding after aborting a planned stock market listing last year. The company had brought in administrators from advisory firm Interpath – which is now looking at a potential sale of the business and its assets – on Friday, according to Sky News. The stores which Bodycare is closing are located in: Nick Holloway, joint administrator and managing director at Interpath, said: “These remain challenging times for high street retailers as rising costs and reduced consumer spending continue to weigh heavily on trading. “Unfortunately for Bodycare, which was also contending with a significant funding gap and increasing creditor pressure, these challenges proved too difficult to overcome.”

Urban Outfitters makes first opening of 2025 at Metrocentre

8th September 2025

Urban Outfitters has made its first store opening of 2025 at Metrocentre in Gateshead. The retailer has taken an 8,000 sq ft store in Red Mall, joining Zara, Mango, Reiss, as well as Stradivarius, which opened in August. The new store features a mix of womenswear and menswear, accessories, and homeware. The addition of Urban Outfitters comes amid a boost in retail sales this year at Metrocentre, led by success in womenswear, which had a 13.1% uplift in July vs the same period in 2024. Ben Cox, director at Sovereign Centros from CBRE, asset manager of Metrocentre, said: “Urban Outfitters’ arrival is a clear indicator of the centre’s success in maintaining and expanding its best-in-class retail. Following the very successful opening of Stradivarius, Urban Outfitters further strengthens Metrocentre’s already established fashion lineup, alongside like-minded brands on Red Mall. This further cements Metrocentre as the go-to destination in the North East, as an enabler for global brands’ success.” Emma Wisden, director at Urban Outfitters Europe, added: “We’ve seen incredible growth across the UK and Europe in recent years, and we’re thrilled to be expanding further into Gateshead with our new Metrocentre store — our second in the North East. Customers here have […]

Colliers appoints director to business rates team

8th September 2025

Colliers has appointed Mike Dunlevey as a director within its national business rates team. In his new role, Dunlevey will deal with the delivery of Colliers’ CCA (Check, Challenge, Appeal) submission strategy for the 2023 Rating List; a list which the group said is undergoing scrutiny, given it was based on property values in March 2021. He will work on a national basis across Colliers’ 11 UK offices, supporting the rating team with challenging the current list, on their clients’ behalf. Prior to joining Colliers, Mike spent over 30 years at the Valuation Office Agency where he held senior leadership roles; becoming statutory valuation officer in the East Midlands and then for the London Valuation Unit. This role encompassed responsibility for the whole of Central London and the boroughs to the north to the M25, including Hertfordshire, and represented 30% of the total rateable values of non-domestic properties in England and Wales. In addition, when the new CCA system was introduced in 2017, Dunlevey was responsible for the delivery of the challenge function and implementation in general. Following his career at the VOA, he joined Altus Group as a vice president, responsible for strategic leadership, including organisation, policy, and process....

Cornish Bakery targeting South of England and Wales expansion

8th September 2025

Cornish Bakery has released its latest requirements list as it looks to expand its presence across Wales and the South of England. The bakery operator is targeting affluent seaside towns, market towns and cities, outlet centres, and tourist locations. Cornish Bakery is looking for units ranging between 1,400 sq ft and 2,500 sq ft in high street locations, 1,800 sq ft and 3,000 sq ft in outlet centres, and 300 sq ft and 2,000 sq ft in tourist locations. Target locations include but are not exhaustive to: Towns/cities: Tourist locations: Outlets: Alma has been appointed to find suitable locations.

Major Midlands shopping centre handed £250m price tag

5th September 2025

A major UK shopping centre in the West Midlands has been placed on the investment market with a price tag of £250m, reflecting a net initial yield of 9%. The owners of Merry Hill shopping centre in Dudley have announced that the 1.4 million sq ft scheme has been put up for sale, with Knight Frank appointed to find a suitable buyer. The scheme – which is over 96% let – has undergone a number of changes to its tenant mix in recent months, introducing new leisure concepts such as Hollywood Bowl and Funstation, and welcoming national debuts for Harvey Norman and XF Gym. Merry Hill also includes a full let retail park. The Merry Hill directors said in a statement: “The last few years have been transformational for Merry Hill, as investment, proactive asset management, and an effective leasing programme have combined to return it to its rightful place as a top 10 UK mall. Merry Hill is primed for the next stage of its journey, with several initiatives planned to cement its position in the super-regional hierarchy. Consequently, now is the right time for a new owner to take on an asset that is thriving to realise further value.” […]

BPerfect to open third Scottish store at Trinity Aberdeen

5th September 2025

BPerfect is set to open its third store in Scotland at the Trinity Centre in Aberdeen. The cosmetics brand – which was founded by Brendan McDowell in Belfast in 2012 – is stocked globally and has 14 stores across the UK and Ireland. This latest store will open in September and stock the brand’s full range of products across categories including makeup, tanning, and skincare. Kenny Bruce, centre manager for Trinity Aberdeen, said: “It’s fantastic to bring BPerfect to the Trinity Centre, a brand that further enhances the centres retail offering, supporting our commitment to bring new brands to Aberdeen. “Earlier in the year we saw Lovisa open at the centre and they have traded beyond all expectations. Brands are seeing the benefits of the growth at the centre and are investing in their stores to enhance their offer with us as well.” Brendan McDowell, founder of BPerfect, added: “Aberdeen has been on our radar for sometime as a location for a store and the Trinity Centre is the perfect location right in the heart of the city and with a complementary tenant mix for us to open a new store” Susanne Morris of Johnstone Property Consultants, which acted for the […]

Hammerson lines up AEW boss as next chief executive

5th September 2025

Hammerson is set to appoint Rob Wilkinson, currently chief executive officer of AEW Europe, as its next boss. He will replace Rita-Rose Gagné – who announced earlier this year that she would be stepping down from the business and retiring in 2026 – as chief executive of the real estate investment trust, Green Street News has reported. Hammerson is expected to make a formal announcement next week. Wilkinson joined AEW in 2009 and served as chief investment officer for the firm’s European operations before being made chief executive in 2014. His other appointments include vice-chair of INREV’s management board, and a non-executive position on the board of Derwent London. Prior to joining Hammerson, Gagné was president of growth markets at Ivanhoé Cambridge, responsible for over £5.9bn of real estate assets, platforms, and a development pipeline across Asia Pacific and Latin America. Having joined Ivanhoé Cambridge in 2006, she held a variety of positions including executive vice president of global strategy, portfolio management and investment funds, covering the North America, Europe, Asia Pacific, India, and Latin America markets. Speaking in June, Rita-Rose Gagné said: “In 2026 I will have been with Hammerson for an incredible five years, during which time I have...

Superdrug to expand store by over a third at Dundee’s Overgate

4th September 2025

Superdrug is set to expand its store presence at the Overgate Shopping Centre in Dundee by more than a third. The health and beauty retailer will increase the size of its existing store by over 35%, from 7,125 sq ft to 9,739 sq, taking over the adjacent former Clintons store. The store is due to open in October and feature a number of new offerings, including beauty studios, fragrance counters, and a nurse clinic with an enhanced pharmacy. The expansion forms part of Superdrug’s major nationwide investment to modernise, refurbish and extend 65 of its strongest performing stores this year. Malcolm Angus, centre manager at Overgate, said: “Once complete, the new store will offer a significantly elevated shopping experience for our customers. The introduction of new Beauty Studios, each offering a range of popular and affordable beauty treatments, is an exciting development, and the enhancement of Superdrug’s pharmacy with a new face-to-face private nurse clinic will bring a welcome personalised healthcare service. “This commitment by Superdrug is a resounding vote of confidence in Overgate, and the future of bricks-and-mortar retail in Dundee city centre. There is no doubt this new store will prove highly popular with our customers when it […]

Animal makes waves with first UK mall store at Cribbs

4th September 2025

Animal is set to open its first shopping centre store in the UK at Cribbs Mall in Bristol. The surfing retailer has signed a 10-year lease to occupy a 5,000 sq ft space, which will stock the brand’s full array of sportswear, ranging from wetsuits and swimwear to snow jackets and base layers for snowboarding. This comes amid continued success at Cribbs Mall, which has seen a 10% rise in footfall and 8% growth in sales over the past quarter. This follows the recent news that Pizza Express is set to join Cribbs Mall, opening its second location in Cribbs Causeway. Katie Searle, director of asset management at Sovereign Centros by CBRE, said: “Leading international brands continue to flock to Cribbs, and we are delighted to welcome Animal as our latest addition. Thanks to our extensive shopper base, for many of our brands Cribbs is consistently the best performing store across their UK portfolios. We expect Animal to perform well as the brand really resonate with our strong younger shopper demographic. “With exciting residential development activity underway across the Cribbs Causeway area, our shopper base continues to grow, and brands are keen to secure their space at Cribbs Mall. With more...