Retail Property News

Newcastle’s Eldon Square appoints new centre director

21st February 2025

The Eldon Square shopping destination in Newcastle has appointed Helen Cowie as centre director. A local to the Newcastle area, Cowie has over 30 years of retail and operational experience, having held senior positions at Marks & Spencer across multiple regions including Scotland, North East and North West England. She joins as the investment programme at Eldon Square continues, with new arrivals set to join the destination this year including NEXT, River Island, Flight Club, and Freight Island. Matthew Beddow, senior director of asset management at Eldon Square, said: “We are thrilled to welcome Helen Cowie to the Eldon Square team. Helen’s wealth of experience and passion for delivering an excellent customer experience will be instrumental in shaping the future of the centre. With her strong background in the sector and her deep understanding of the evolving retail, leisure and entertainment landscape, Helen is well positioned to lead Eldon Square through this exciting chapter.” Helen Cowie added: “I’m extremely excited to be joining Eldon Square during this transformational period for the centre. Eldon Square is more than just a shopping centre, it’s an integral part of Newcastle City Centre with a mission to elevate itself to becoming the go to […]

Travel brand to make northern England debut at Victoria Leeds

21st February 2025

Travel and lifestyle brand TUMI is set to open its first store in the north of England at Victoria Leeds. Located within Victoria Quarter, the 517 sq ft store will open this June and offer a range of luggage, backpacks, business, and travel products. Rachel Bradburn, leasing director at Victoria Leeds, said: “TUMI joining Victoria Leeds is a huge testament in our ability to entice brands out of the capital and launch exciting regional firsts. It’s another great step in reaffirming Victoria Leeds as the go-to premier destination for luxury brands and we can’t wait for our customers to see the store come to life when the doors open.” Deepak Patel, brand manager at TUMI, added: “Victoria Leeds’ sophisticated retail landscape perfectly complements our craftmanship and innovation. With a highly engaged customer base, we’re confident that TUMI will resonate with the distinctive style and energy of Leeds.” The signing of TUMI marks the second north of England debut at Victoria Leeds in 2025, with Australian skincare brand Aesop recently opening its flagship store at the scheme. Lunson Mitchenall and Central Retail acted for Victoria Leeds. Row Advisory represented TUMI.

Grade II-listed London Bridge railway arch refurbed for F&B

20th February 2025

A Grade II-listed railway arch at London Bridge Station has been transformed into a space for food and beverage and leisure businesses following a refurbishment. Stephen George + Partners has worked with The Arch Company to redevelop the arch, which is situated amongst landmarks such as The Shard, City Hall, and Tower Bridge. Constructed between 1864 and 1866 and designed by Victorian architect Charles Henry Driver, the arch forms part of the final bay of the viaduct supporting the elevated London Bridge railway track. In more recent times, the arch housed part of the famous Jacks nightclub, which hosted the Chemical Brothers’ first ever London gig in 1994. The club was closed in 2015 to facilitate the expansion of London Bridge Station and the arches have remained dormant since. The redevelopment on Crucifix Lane forms part of Project 1000, The Arch Company’s £200m plan to bring a thousand empty or derelict spaces into use across England and Wales by 2030. The project is one of several on which SGP is working with The Arch Company, with a number now already on-site or completed. Alan Soper, studio director at SGP, said: “The architecturally distinct arches at this section of Crucifix Lane have played […]

Newly-developed Leeds retail park changes hands

20th February 2025

A retail park in Leeds which opened in September 2024 has been acquired by an institutional investor for an undisclosed sum. Located on the Middleton Ringroad, St Georges Retail Park was placed on the market at the end of last year with an asking price of £18m. The scheme – developed by a partnership between Rothstone Estates and Marshall CDP – has seen the transformation of a six-acre brownfield site into a retail-led destination with a gross internal area of 64,311 sq ft. It is also supplemented by a 275-space car park. Businesses at the retail park include B&M, Aldi, McDonalds, Costa, Greggs, Subway, Harrison Family Vets, Card Factory, The Extra Care Charitable Trust, Sbarro and Vendor Guarantee. As of October 2024, the scheme had a weighted average unexpired lease term of 15.1 years to expiry and 13.1 years to break. Other nearby retailers include Asda and Iceland. TW Keil acted for the purchaser. Mason Partners and Savills acted for the vendors Rothstone Estates and Marshall CDP.

Aberdeen retail park hits market with £3m price tag

20th February 2025

A retail park in Aberdeen has been placed on the market with a price tag of £3m. Located at the intersection of the A90 and A96, Haudagain Retail Park comprises four units including two drive-throughs and two retail units, alongside a 76-space car park. Tenants at the scheme include American Golf, Pets&Care, KFC, and Taco Bell. Haudagain Retail Park has a gross internal area of 10,989 sq ft and produces an annual rental income of £242,000. Pets&Care, KFC, and Taco Bell are all subject to five-yearly rent reviews. The site also has potential for further drive-through and drive-to development. Aberdeen-based agency FG Burnett – which has been appointed to find a suitable buyer for the scheme – said the asking price of £3m represents a net initial yield of 7.58%. The retail park was previously owned Rhino Investment Management before being sold to a private Northern Irish property company in 2017 for £2.7m.

Quiz Clothing to close 23 stores as administrators called in

20th February 2025

Quiz Clothing is set to close 23 of its stores after calling in administrators. Last month the womenswear retailer appointed Teneo as administrators to Zandra Retail, which operates Quiz’s stores across the UK and Ireland, after discussions surrounding a rescue deal. The retailer is now set to dispose of the stores as part of a pre-pack administration, Sky News has reported. The company’s remaining assets are to be acquired by Orion Retail, a subsidiary of the company controlled by the Ramzan family, which founded Quiz. This will see Orion hold the right to trade from 42 of Quiz’s remaining stores across the UK and Ireland. The retailer’s online business, concessions, and international operations are operated by other subsidiaries and are unaffected by the administration. Sheraz Ramzan, CEO of Quiz, said in a statement to Sky News: “The board took the difficult decision to appoint administrators to Zandra Retail Limited in light of the continuing challenging trading conditions impacting the group’s performance. “We are deeply sorry to those affected by the store closures, including our retail colleagues. “However, this decision will put the business in a more sustainable footing for the future and protect several hundred jobs as a result.” Quiz...

FG Burnett launches brand refresh

20th February 2025

Scottish commercial property agency FG Burnett has announced a brand refresh, aimed at staying ahead of industry trends whilst building on the firm’s legacy. The refresh has seen the firm unveil a new logo, redesign its agency boards, update its website, refresh its report styles, and rebrand its pool car. These changes come following FG Burnett’s decision to review its brand as part of a strategy aimed at enhancing visibility and reinforcing its values. The brand refresh – which was created in collaboration with Form Digital – looks to not only reflect the firm’s evolution, but also inspire its staff to continue building upon the legacy of founder Frank G. Burnett. Based in Aberdeen but with a nationwide reach, FG Burnett has operated within the Scottish property market for over 65 years.

Richmond retail investment handed £2.5m price tag

19th February 2025

A retail investment in Richmond-upon-Thames has been placed on the market with an asking price of £2.5m. The property – located at 2-6 Hill Street and 2 Red Lion Street – spans a total area of 6,179 sq ft across three floors and is leased to Waterstones on a new 5.25 year lease, expiring in January 2030. It produces an annual rental income of £172,500. The store is located in a prime position within Richmond, with nearby retailers and operators including Søstrene Grene, L.K. Bennett, Wagamama, Pizza Express, ODEON, The Ivy, Five Guys, M&S, Barclays, and Zizzis. It is also situated opposite Sheen Lane’s 90,000 sq ft mixed-use redevelopment of the former House of Fraser department store. The asking price of £2.5m represents a net initial yield of 6.49%. TW Keil has been appointed to find a suitable purchaser.

Property manager appointed at Leatherhead shopping centre

19th February 2025

Estama has been appointed by Mole Valley District Council as property manager for the Swan Shopping Centre in Leatherhead, Surrey. Located on the town’s high street, the 106,019 sq ft shopping centre is anchored by retailers including Sainsbury’s, Boots, WHSmith, and Poundland, alongside a number of independent businesses. George Grimes, director and head of property management for Estama, said: “We are thrilled Estama has been appointed by Mole Valley District Council to manage Swan Shopping Centre at this exciting time for the shopping centre with further development and works to improve the asset planned for the coming years. “Their retailer mix and fantastic central location in this thriving town offers great potential. “We are pleased to add both the shopping centre and working with Mole Valley District Council to our portfolio and look forward to liaising with their teams to maximise the scheme.” This follows a busy 2024 for Estama, which was appointed on a number of asset and property management mandates including at The Kingdom Centre in Glenrothes, Queen Elizabeth Olympic Park in Stratford, Island Green Retail Park in Wrexham, and Britannia Shopping Centre in Leicestershire.

Columbia Threadneedle brings pair of Sainsbury’s Local stores to market

19th February 2025

Columbia Threadneedle Investments has brought a pair of Sainsbury’s Local convenience stores to the market, seeking offers of over £7.4m in total. The first store is located on Nightingale Road in Balham, London, and has been valued at £4.6m. It spans 4,047 sq ft of accommodation and produces an annual rental income of £247,070. The recently-developed store is supplemented by a petrol filling station which can service up to eight cars at a time. The second store is located on Hill Lane in Southampton and is being offered for £2.5m. The property is let to Sainsbury’s for a term of 20 years expiring June 2033, and produces an annual rental income of £148,156. The lease is subject to five-yearly index-linked uplifts geared to RPI, collared at 2% and capped at 4%. Sainsbury’s previously agreed to remove the June 2023 break option, highlighting its commitment to the location. Green & Partners has been appointed to find suitable purchasers for the properties.

Glasgow retail asset changes hands for £13.8m

19th February 2025

Savills, acting on behalf of Old Park Lane Management (OPLM), has sold 98 Buchanan Street and 31 Royal Exchange Square in Glasgow to Cervidae for £13,775,000. Comprising 21,498 sq ft of prime retail space, 98 Buchanan Street is let in its entirety to Lush on an unexpired lease term of 12 years. The property at 31 Royal Exchange Square totals 9,402 sq ft and is let to Italian restaurant Banca di Roma on an unexpired lease term of six years. The sale comes as OPLM looks to focus on its core strategy of large-scale central London development, with Buchanan Street representing its last remaining asset held in Scotland. Eilidh Levein, associate in Savills’ Scotland investment team, said: “We were delighted to represent OPLM in this disposal, the conclusion of which follows a flurry of activity on Buchanan Street, with more than £25 million placed under offer at the end of 2024” JLL represented the purchaser.

Landsec’s Cardiff Debenhams redevelopment green lit

19th February 2025

Landsec’s plans to transform the former Debenhams store at St David’s in Cardiff into a new city square have been approved by councillors. The proposals, along with a £17m investment from Landsec, will look to create a vibrant, cultural place for residents and visitors, which is expected to open in by 2026. Demolition of the former department store is already underway. The plans include new play areas for families and an open space with a stage for performances. The area could also potentially host markets, local street food vendors, and other events. Helen Morgan, centre director of St David’s Cardiff, said: “Receiving approval is a huge milestone in this landmark development, and we’re delighted that Cardiff City Council and the community have recognised the positive impact that this space will have on the city. “A new city square will be revolutionary for this part of Cardiff, giving locals and visitors even more reason to spend time at St David’s and in the city centre. Combined with the recent and upcoming arrival of so many exceptional brands, this is a truly exciting time for St David’s and Cardiff.” The development will mark the next step in a period of growth for...