Retail Property News

P-THREE expands team with senior surveyor appointment

27th November 2024

Retail, leisure, and placemaking specialist agency P-THREE has bolstered its leasing team with the appointment of Louise Hannah as senior surveyor. Reporting to P-THREE co-founders Hannah McNamara and Thomas Rose, Louise Hannah will work across the agency’s leasing, consultancy, and occupier representation activity, and will look to expand the firm’s client roster. This includes brands such as Third Space, Metrix UEFA Champions League, F1Arcade, Puttshack, Rosa’s Thai, Crosstown, and Wahaca. She joins from Montagu Evans, where she spent three years as a surveyor and partner for landlords and occupiers. Her tenant representation work included the acquisition of key sites for major global and national brands across London and the UK. Hannah McNamara, co-founder at P-Three, said: “Louise is a valuable addition to our growing team, as we look to help our clients create the next ‘place-to-be’ destinations. Her expertise lies in unlocking the potential in the UK’s retail and leisure sectors by blending strategic agency work, asset management and development consultancy. Louise helps bring destinations to life and we’re excited to have her join our growing team.” Louise Hannah added: “P-Three is helping to create some of the UK’s most dynamic retail and leisure destinations, and is playing a central […]

French investor acquires mixed-use building in London for £18.5m

27th November 2024

French investor Sofidy has acquired a mixed-use building in Holborn, London for over £18.5m on behalf of its SCPI Sofidy Europe Invest fund. Located at 36-38 Hatton Garden, the asset comprises 25,123 sq ft of space across five floors. The building has three ground floor retail units as well as a gym at basement level. The upper floors are currently being used for offices. The building sits in London’s Midtown, on a street known for its jewellers, and benefits from nearby occupiers including multinational companies, financial institutions, and technology companies. It is located 200 metres from Farringdon Station, a new transport hub on the Elizabeth line. Jean-Christophe Avellaneda, investment director at Sofidy, said: “Thanks to recent developments in the Farringdon area, including the opening of the Elizabeth Line, the sector should benefit from good growth dynamics in rental prices in the coming years.*” Avison Young acted for Sodify. *translated from French.

ODEON just the ticket for Bristol’s Cabot Circus

26th November 2024

ODEON has signed for a new cinema venue at Hammerson’s Cabot Circus in Bristol. Opening next year, the cinema brand becomes the 10th new occupier to sign at Cabot Circus in 2024, as Hammerson looks to bring new brands and experiences to the central Bristol shopping destination. Hammerson said a cinema was the most requested leisure experience, according to a survey, with the ODEON signing underpinning the group’s vision to create a multi-use destination. Other leisure operators which have recently signed at Cabot Circus include King Pins Bowl – which will open its 16,500 sq ft bowling, gaming, and leisure venue next year – and Treetop Golf, which is set to open in December. Restaurant concept Six by Nico will also soon be opening at Cabot Circus, as well as Honi Poke, which chose the scheme for one of its first locations outside London. Retail signings made in 2024 at Cabot Circus include Marks & Spencer, which is making its return to Bristol city centre, with a fit-out now underway. Meanwhile, Inditex-owned brand Stradivarius and leisure brand Lids opened at the scheme earlier this year. Toby Tait, director of asset management at Hammerson, said: “Cabot Circus is proud of its record […]

Shaftesbury Capital: West End estates “busy and vibrant” going into Christmas

26th November 2024

Shaftesbury Capital has said that its West End estates are “busy and vibrant” ahead of the Christmas period. This comes as the real estate investment trust – which has properties across Covent Garden, Carnaby, Soho, and Chinatown – provides a trading update for the second half of the year. Since July, the group has welcomed 48 new retail and hospitality openings across its estate. In Covent Garden, outdoor brand Peak Performance made its UK debut on Long Acre, whilst Swiss watchmaker Longines and English heritage brand Aspinal are set to open on James Street and in the Market Building respectively. In Seven Dials, eight new brands have been introduced since July, including sustainable menswear brand NN.07, boutique retailer Saint + Sofia, and apparel concept Gandy’s International. In the Carnaby Street area, Shaftesbury Capital has welcomed 17 signings over the recent months, including Brazilian fashion brand Farm Rio and lifestyle brand Barbour. Contemporary jeweller Astrid & Miyu has opened a flagship store on Foubert’s Place, sports brand Saloman has opened on Broadwick Street, whilst Australian beauty brand Grown Alchemist has selected Soho for its first store. A number of new tenants have also added to the group’s hospitality portfolio in Soho in […]

Catella APAM raises £102m for real estate investment

26th November 2024

Investment and asset management specialist Catella APAM, a subsidiary of the Catella Group, has launched its inaugural fund as it looks to invest in listed UK property companies. The fund, Catella APAM Strategic Equities, closed with £102.2m in commitments from institutional investors, and will be focused on identifying mispricing within the UK listed real estate sector. Founding shareholder of Catella APAM, Simon Cooke, will lead the fund’s investment strategy alongside the firm’s head of investment and research, Ben Kennedy. They will be supported by Catella APAM’s senior asset and development management teams, which have advised on over £4.5bn of assets within the UK and Ireland since its inception. The fund’s strategy has been designed to target undervalued real estate companies, where underlying asset values have been impacted by recent macroeconomic challenges and shifting demand patterns. Ben Kennedy, head of investment and research at Catella APAM, said: “The real estate sector has become more operationally intensive and complex, as asset owners begin to acknowledge their role in providing a service to customers rather than just passively holding assets. This is likely to create a more disparate distribution of returns as the gap between winners and losers widens. Our access to actionable, […]

Next to triple presence at Kent’s Bluewater

26th November 2024

Next is set to triple the size of its presence at Bluewater in Kent, with the retailer relocating to what will be one of its largest stores in the UK. The fashion retailer will be upsizing from its existing 44,600 sq ft store into a 133,000 sq ft space, currently occupied by House of Fraser. The expanded store will offer the brand’s range of clothing for men, women, and children alongside a homeware section and a café. Next will also relocate beauty brand Bath and Body Works into a neighbouring 2,000 sq ft store. This follows a period of strong leasing activity at Bluewater, which has completed 12 new lettings and five upsizes in the last six months. Brands such as Sephora, Pull & Bear, Aesop, and Bershka are all set to open at the scheme before the end of the year. Bluewater is jointly-owned by Landsec, M&G, Royal London, and Schroders. Pablo Sueiras, head of brand account management at Landsec said: “The best brands are investing in bigger, better stores in prime locations. Next is at the forefront of retail innovation which has made it one of the most in demand brands among consumers. Next’s new store will transform...

MINISO to make UK outlet debut at London Designer Outlet

26th November 2024

MINISO is set to open its first UK outlet store at Wembley Park’s London Designer Outlet (LDO). The lifestyle brand has taken a two-year lease for a 1,341 sq ft store, located adjacent to retailers such as Levi’s, Nike, Boss, and Kurt Geiger. MINISO at London Designer Outlet will offer a range of toys, technology, and stationery from brands such as Hello Kitty and Friends, Disney, BT21, and Minions. Founded in 2013, MINISO has rapidly expanded its portfolio of stores across the UK with more than 30 now open. The brand’s first UK outlet store will look to capture the attention of LDO’s customer base, which is younger than the sector average. The signing comes during a busy period of leasing activity at LDO, with the shopping destination recently welcoming both French Connection and Rituals. The two brands will occupy 1,919 sq ft and 2,434 sq ft respectively, further diversifying LDO’s mix of international retailers. Matt Slade, retail director at Quintain, said: “LDO is the perfect location for MINISO to open its first UK outlet store as they are able to tap into London’s diverse catchment of shoppers whilst taking advantage of the sense of discovery that outlet retail offers. […]

M&S lays out plans for 60,000 sq ft store in Ipswich

26th November 2024

Marks & Spencer has unveiled plans to develop a 60,000 sq ft store at Copdock Interchange in Ipswich, Suffolk. The new store – which is yet to be granted planning approval by Ipswich Borough Council – would offer customers products from M&S’s clothing, food, and beauty ranges, alongside an 80-seat café. If approved, the store will join the retailer’s existing locations in Ipswich at Westgate Street, Martlesham Heath Retail Park, and its convenience store at Ipswich Hospital. M&S said the store could generate over 90 new jobs in the area, with the store expected to open in summer 2027. The new store would be the latest in a series of investments from M&S across the east of England, with the retailer putting more than £60m into new and renewed stores across the region over the past three years. Will Smith, property director at M&S, said: “At the Copdock site, we have a unique opportunity to create a brand defining M&S store in Ipswich alongside our existing Westgate Street presence and grow our footprint across East Anglia. The show stopping store, offering food, clothing and beauty, would be one of the most modern in the UK and create over 90 new jobs. […]

Søstrene Grene continues expansion with Livingston opening

25th November 2024

Søstrene Grene has opened a new store at The Centre, Livingston, as it looks to reach 100 UK stores by 2027. The Danish homeware retailer – which operates over 300 stores across Europe – has signed a 10-year lease for a 6,097 sq ft space. The new Scandinavian-inspired store’s offer includes textiles, furniture, toys, kitchen accessories and gifts. Søstrene Grene becomes one of many retailers to arrive at the shopping centre over the last year, including beauty brand Rituals and Cinnabon for its first location in Scotland. Neil Woodward, asset manager, said: “The arrival of Søstrene Grene at The Centre, Livingston reflects our ongoing commitment to bringing in diverse and high-quality retailers that resonate with our shoppers. This store adds a unique offering that perfectly complements our existing range of retailers.”  Rakesh Joshi, LCP Director, added: “The Centre, Livingston continues to go from strength to strength as a key retail destination. Welcoming Søstrene Grene is a fantastic milestone and reinforces our strategy to attract premium and distinctive brands to enhance the shopping experience.” 

Former Asda boss returns as executive chair

25th November 2024

The former CEO of Asda Allan Leighton has returned to the grocer after being appointed as executive chair. Leighton – who led the business from 1996 to 2001 – will look to help reverse the retailer’s fortunes following a recent decline in performance. Other roles he has previously held include president of Loblaw Companies, the second-largest food retail business in North America, and nine years as chair of The Co-op. Leighton succeeds Lord Stuart Rose, who has served as chair since 2021. Rose will remain with the board during the transition period. Allan Leighton said: “Stuart has done an important job in helping to create a retailer with a presence in every format and I am delighted to be returning to the business which has always been a special place for me. The potential for Asda now is significant, and my focus will be to work with the leadership team to help make Asda special for our colleagues and millions of customers.” Stuart Rose added: “It has been a privilege to work alongside the Asda team over the past three years and to support the business through this period of transition. Asda will benefit enormously from Allan’s experience of leading the business...

Ann Summers’ owners could sell business as it explores options

25th November 2024

The family owners of Ann Summers could sell the business as they explore options for the retailer’s future. The Gold family is close to appointing Interpath Advisory to work on a strategic review which may lead to a full or partial sale of the lingerie and adult toy retailer, Sky News has reported. Ann Summers – which is fully-owned by the Gold family – trades from 83 stores in the UK. Sources told Sky News that a dilution of the Gold’s interest in the retailer was likely, although it was uncertain whether the family would sell a controlling stake. Responding to Sky, Vanessa Gold, chair of Ann Summers, said: “We, like many other retailers, are dealing with the unhelpful backdrop to business of the decisions announced by the government at the Budget and the rising cost to retail. “As a family-owned business, we are in a fortunate position and have committed investment for over 50 years. “This has created a robust and resilient business. “We are exploring a number of options to further grow the brand into 2025 and beyond.” The Ann Summers chair was one of a number of leading figures in retail to sign a letter from the […]

Energy provider to open first physical store at Derbion

25th November 2024

Energy provider Tomato Energy is set to open its first-ever physical retail store at Derbion in Derby. Taking a 1,024 sq ft space on a five-year lease, Tomato Energy will look to help consumers take control of their energy consumption, either through the installation of solar panels at their homes or via a series of tariffs. The brand says it is on a mission to empower UK communities to generate their own energy and power their homes affordably. Tomato Energy becomes the latest in a series of brands to join Derbion, with recent arrivals including Pavers and Castore. The new signing reflects the scheme’s aim to attract exciting and growing occupiers to Derby and expand its retail offering. Beth McDonald, managing director at Derbion said: “We are really excited that Tomato Energy has selected Derbion for its first physical retail store. Their goal of encouraging UK communities to live affordably and sustainability with their innovative approach to installing solar panels at home, aligns with our own commitment to delivering a sustainable future through Derbion’s ESG strategy, with a focus on creating sustainable operations, healthy communities and lifestyles. “This letting to a growing and innovative business is a great example of...