Retail Property News

Former Oxford Street House of Fraser secures first tenant

11th February 2025

Elephant, the mixed-use development at the former House of Fraser store at 318 Oxford Street in London, has secured its first tenant. Luxury health and fitness club Third Space will take 30,000 sq ft of space and will offer a gym floor, a wet spa, and dedicated studios. Once complete, the development at Elephant will see the creation of a 250,000 sq ft mixed-use destination with 159,000 sq ft of office space, 42,000 sq ft of retail space, and a 12,400 sq ft rooftop restaurant with views over London. Originally built in 1937, the Art Deco building is undergoing a major retrofit by McLaren which includes the replacement of the sixth and seventh floors, as well as the addition of an eighth storey. Thomas Rose, co-founder at P-THREE, which secured the letting, said: “This lease will deliver the West End’s largest health club, operated one of London’s most exciting health and wellness brands, at the heart of an iconic building. At P-THREE, we pride ourselves on being ‘place to be’ makers, collaborating with our clients to create the UK’s most dynamic retail and leisure experiences. Elephant is currently undergoing a remarkable transformation and we are curating a distinctive tenant mix […]

Goldsmiths to more than double the size of Queensgate store

10th February 2025

Goldsmiths is set to more than double the size of its Queensgate Peterborough store, upsizing by an additional 139%. The retailer will be opening a 6,674 sq ft store adjacent to Skechers, located in close proximity to other jewellery specialists such as Pandora, TAG Heuer, Swarovski, Fraser Heart, and Beaverbrooks. The new store is set to open this summer, following an amalgamation of two existing units. Goldsmiths’ upsize comes during a period of growth at Queensgate, which welcomed a 27,500 sq ft ODEON cinema last year, anchoring an all-new leisure quarter alongside Putt & Play. Søstrene Grene and Taco Bell have recently made their regional debuts at the scheme, while Frasers Group will open the doors to Frasers, Flannels, and Sports Direct stores later this year. Ed Ginn, director of investment management at Invesco Real Estate, said: “After years of investment, Queensgate has entered a new phase in its journey, with these additions boosting the centre’s trajectory. They’re confirmation of the success brands can have here and are exactly the kind of diverse options we want our visitors to enjoy – affordable to premium, retail to leisure – elevating our offer and creating a real point of difference from other...

Aesop opens first store of 2025 at Victoria Leeds

10th February 2025

Aesop has opened its first store of 2025 at Redical’s Victoria Leeds shopping centre. Making its debut in the north of England, the retailer has opened a 753 sq ft store at the Grade II-listed Victoria Quarter, joining other beauty brands such as Le Labo, L’Occitane, and Molton Brown. The opening follows a strong year for health and beauty at Victoria Leeds, which saw a year-on-year increase in sales of 15% across the category in 2024. Rachel Bradburn, leasing director at Victoria Leeds, said: “Welcoming Aesop as our first store opening of 2025 sets an exciting precedent for what is to come at Victoria Leeds this year. We celebrated a successful 2024 which cemented us as the go to destination for luxury brand debuts outside of London, further evidenced by Aesop’s decision to open their first Northern store with us. 2025 looks to be another year of brand firsts, new and exciting concepts, as well as enhanced customer and brand offerings, so watch this space!” This opening follows a successful 2024 for Victoria Leeds, which saw increases in sales during December and annually, record-breaking footfall, new brand signings, as well as several refits and upsizes. Lunson Mitchenall and Central Retail acted […]

Sephora to make regional debut at Sheffield’s Meadowhall

10th February 2025

Sephora is set to open at British Land’s Meadowhall shopping centre in Sheffield, marking a regional debut for the beauty retailer. Located on High Street, within the centre’s upper level, the 3,389 sq ft store brings a range of brands to Yorkshire for the first time. This includes “Only at Sephora” names such as Makeup by Mario, Haus Labs from Lady Gaga, and Tarte Cosmetics. Sarah Boyd, managing director at Sephora UK, said: “We are thrilled to continue our exciting UK expansion plans with the opening our first store in Yorkshire at Meadowhall in Sheffield. We spent the last year refining our incredible in-store experiences as we rolled out our first batch of regional stores, highlighting our dedication and commitment to being inclusive, accessible, and connected to the communities we serve. Meadowhall is the perfect location for us to continue driving that experience in this dynamic, thriving region, and our team is eager to welcome customers to our beauty playground.” Richard Crowther, retail leasing director at British Land, added: “As one of the top four regional shopping malls in the UK, Meadowhall attracts the best of the best in retail, and our current line-up reflects that. Sephora is the latest […]

Landsec hands Northampton retail park £31m price tag

10th February 2025

Landsec has placed Nene Valley Retail Park in Northampton on the market with a price tag of £31,645,000. Located approximately half a mile south west of Northampton city centre, Nene Valley is a purpose-built retail park providing 149,965 sq ft of retail warehousing space. The scheme is fully let and is home to retailers including Currys, Dunelm, B&M, Wren Kitchens, Smyths Toys, NCF, Dreams, Tapi, Mattressman, and Carpets4Less. It has a weighted average unexpired lease term of 5.1 years to expiry. The retail park generates a rental income of £2,592,979 per annum, reflecting an average rent of £17.29 per sq ft. It is also supplemented by a 679-space car park. Rosebury Real Estate has been appointed to market the asset.

Fortress’ Loungers takeover sanctioned by High Court

7th February 2025

The takeover of hospitality group Loungers by US private equity firm Fortress Investment Group’s is set to go ahead after being sanctioned by the High Court. An initial agreement between Loungers and Fortress – which also owns the Poundstretcher and Majestic Wines brands – was reached in November 2024, valuing Loungers for almost £340m. However Fortress submitted a higher offer in January. The newer offer, which values Loungers at around £366.6m, was then approved by the operators’ shareholders. Loungers operates over 280 sites across the Lounge, Cosy Club, and Brightside brands. Fortress previously said it believes it is a strong partner for Loungers, its management team, its employees and its other stakeholders in the next stage of its growth journey. The investment group added that it believes in Loungers’ growth prospects, and the future of experience-led retail and hospitality offerings in the UK market.

How will the UK Net Zero Building Standard impact the retail sector?

7th February 2025

Savills' Olivier Garnier and Yorgos Koronaios look at the new UK Net Zero Carbon Building Standard and how the retail sector will be affected.

Cards Direct targeting over 20 new stores in 2025

7th February 2025

Cards Direct is looking to open more than 20 new stores in 2025. The retailer – which operates over 80 stores – is seeking units with between 1,200 sq ft and 2,000 sq ft of sales space. Ideal units will have a minimum width of 18 ft and will be located in prime or good secondary areas including shopping centres and high streets. Cards Direct opened 21 stores last year and has branches in major locations including The Centre in Milton Keynes, Queensgate in Peterborough, and Cabot Circus in Bristol. The retailer’s target locations include, but are not limited to: AS Retail has been appointed to find suitable units.

Homebase to close 33 stores in February

7th February 2025

Homebase is set to close 33 stores this month as its administrators continue to wind down the DIY retailer’s store estate. The retailer fell into administration last year before The Range and Wilko owner CDS Superstores purchased its brand and 71 of its stores for £25.6m. In January, Homebase’s administrators Teneo closed 13 stores, most of which have reopened as The Range stores. These latest closures bring the total amount of Homebase stores which have closed since its administration to 52. CDS Superstores’ acquisition of 71 Homebase stores left 74 remaining on the market. B&Q acquired five of these last month for £2.5m, whilst Sainsbury’s is in talks to purchase three branches after acquiring 10 stores last August. The Homebase stores set to close in February include:

Former Peterborough department store changes hands for £4m

6th February 2025

A former Beales department store in Peterborough has been sold to a private developer for £4m. The property extends to approximately 151,356 sq ft over 1.5 acres and has consent for the construction of 125 residential units and 9,106 sq ft of commercial or retail space. The site is located on a corner location on the north side of Westgate, opposite Queensgate Shopping Centre and in close proximity to the town’s bus and train stations. Savills completed the sale on behalf of Panther Properties. Edward Gee in the commercial agency team at Savills Peterborough, said: “This is an exciting sale for Peterborough as the prominent former Beales site is set for redevelopment which is much needed. We look forward to seeing the plans progress adding to the vibrancy within Peterborough city centre.”

Wingstop makes city debut at Liverpool ONE

6th February 2025

Liverpool ONE has made its first food and beverage signing of 2025, with chicken wing restaurant Wingstop set to make its city debut at the scheme. The restaurant operator’s new space on Lord Street spans 3,000 sq ft and will cater to over 50 covers when it opens this spring. Wingstop at Liverpool ONE will offer the American fast-casual chain’s range of wings, tenders, burgers, and sides, sauced in a choice of ten different flavours. The signing comes after a significant period of growth for Wingstop, which opened 18 new sites in 2024. The operator recently announced record UK expansion plans for 2024, as it targets more than 20 new openings this year. Rob Deacon, asset management director at Liverpool ONE, said: “Having celebrated a phenomenal festive period, we are now looking ahead to the year of firsts that will be 2025. Wingstop’s city debut is a great example of the sustained demand among leading brands to share in Liverpool ONE’s continued success.” In what will be Liverpool ONE’s biggest year for openings since it opened in 2008, Wingstop will join the likes of Sephora, TFG London, and UNIQLO in joining the scheme in 2024.

Redevco appoints asset manager from Nuveen

6th February 2025

Real estate management company Redevco has appointed Lauren Chew as an asset manager within its UK team. She joins from Nuveen, where she worked for over three years asset managing a range of properties including high street shops, shopping centres, and retail parks. Prior to her time at Nuveen, Chew spent 18 years at out-of-town specialist Edgerley Simpson Howe. Reporting to the newly-appointed UK portfolio head Deborah Green, Chew will be responsible for the asset management of Redevco’s 16-strong retail park portfolio. Deborah Green, portfolio director at Redevco UK, said: “Lauren is a highly skilled asset manager and her appointment comes at a significant time for our business as we drive performance of our retail park portfolio.” Lauren Chew added: “While out of town retail is acknowledged as the standout performer of the sector shrewd and proactive asset management remains key to maximising returns. I look forward to meeting this challenge at Redevco.” Redevco acquired the retail park portfolio at the end of 2024 from Oxford Properties for £518m.