Retail Property News

BOXPARK to vacate Shoreditch site by end of summer

19th July 2024

BOXPARK is set to vacate its Shoreditch site by the end of the summer, making way for redevelopment works to take place. Opening in 2011, BOXPARK Shoreditch began as a ‘meanwhile use’ scheme at Bishopsgate Goodsyard. The venue was created to provide a platform for independent businesses to develop their brand and served as a catalyst for the regeneration of Shoreditch. Following 12 years of occupation, BOXPARK Shoreditch has reached the expiration of its lease and notice has been served by the site’s landlord. This comes after the Mayor of London approved planning permission for the redevelopment of the 4.5 hectare site, with BOXPARK making way for new homes, retail, leisure, and office space, and a new park. During its tenure, the scheme saw residencies from over 250 independent brands, and generated almost £100m economic value for the city. The closure comes as BOXPARK prepares for new site openings later this year, with the operator set to open in two London locations; Camden Town and Liverpool Street, and make its debut in Bristol early next year. The group also recently launched its first venue in Liverpool. Simon Champion, BOXPARK CEO, said: “Whilst our time in our current site at Shoreditch is […]

Macquarie to create independent real estate investment manager

19th July 2024

Macquarie Asset Management has announced plans to create an independent real estate investment manager with €11.4bn (£9.6bn) of assets under management. Manova Partners will largely be comprised of real estate activities that Macquarie acquired following its purchase of GLL Real Estate Partners in 2018. Macquarie said that following the expansion of these activities, a strategic review concluded that their next phase of growth would be best served as an independent operation. Headquartered in Munich, Manova Partners will manage and source investments in properties and portfolios across the office, industrial, residential and retail sectors. Over 150 staff are expected to transfer from Macquarie Asset Management into the new company to manage a growing portfolio currently comprised more than 170 properties and development projects across Europe, the Americas, and Asia-Pacific. Christian Goebel and Florian Winkle, incoming co-chief executive officers at Manova Partners, said: “Our clients value the research-led, boots-on-the-ground philosophy that our team has refined over more than two decades, including over the last six successful years as part of Macquarie Asset Management. Launching Manova Partners as an independent and specialised real estate player will allow us to further develop this offering, identifying differentiated opportunities in established and growing markets. It will...

Frasers Group: property investment a “key focus”

19th July 2024

Frasers Group has said that property investment remains a “key focus”, as the group reflects on a “break-out” year. The retail group’s property division, which makes up 1.3% of its total revenue, saw an increase in revenue of 101.4% during the 2024 financial year. The group said this was largely due to the annualisation of acquisitions it had made the prior year – at The Mall Luton, the Overgate in Dundee, and Coventry Arena – as well as the impact of current year acquisitions such as Junction 32 in Castleford. The group said its property profit from trading declined by £58.2m, with the equivalent result in the previous year including £95.4m worth of gains from disposals. Frasers Group said its experience occupying stores, warehouses, and office space has given it a “unique advantage”, unlocking opportunities to acquire property assets at attractive prices. “By leveraging these acquisitions, we not only fulfil our retail representation requirements but also drive additional footfall, enhance the tenant mix, and ultimately increase the value of our assets. When market conditions are favourable, we maintain the flexibility to sell these assets, capturing the value created and redeploying the proceeds across the group”, the group said in its 2024 financial year final […]

Over half of Carpetright’s stores at risk in Tapi takeover deal

19th July 2024

Over half of Carpetright’s estate is located in close proximity to a Tapi Carpets store, casting doubt over how many branches will remain open should a rescue deal from its rival go through. Of Carpetright’s 270-strong estate, 152 stores are located within six miles of a Tapi, according to research from Retail Week. This comes after Tapi emerged as a frontrunner to acquire its rival, which had confirmed that it had filed a notice of intent to appoint administrators, with PricewaterhouseCoopers (PwC) lined up to handle the process. The retailer said it had taken the measure whilst it works to “secure the long term future of the company”. Carpetright pointed towards “financial pressures” following a software attack in April which impacted sales and plans to restructure. The retailer said this has resulted in it seeking a period of protection whilst sale negotiations proceed. Carpetright said it will continue to operate all stores and services and continue to fulfil all orders and fitting appointments as scheduled. Tapi’s prospective acquisition of Carpetright would likely be delivered through a pre-pack administration.

Saltrock surfs into West Yorkshire’s Junction 32

19th July 2024

Surfwear retailer Saltrock is set to open its first store in West Yorkshire at Castleford’s Junction 32 outlet shopping centre. Opening on July 20th, the 1,900 sq ft store will look to serve as a hub for surf enthusiasts, beachgoers, and outdoor adventurers, offering a range of apparel and accessories for men, women, and children. The outlet centre is riding the wave of the increasing popularity of surfing in the UK, with sales of surf wear fashion also seeing a boost. The signing builds on the recent opening of Sports Direct and the expansion of Mountain Warehouse at Junction 32. Saltrock’s arrival reflects the scheme’s strategy of introducing brands which cater to current fashion trends and consumer demand for wider sports apparel. Rachel Scott, head of leasing at Global Mutual, said: “Welcoming Saltrock is a really important moment for us – we watch shifts in consumer trends carefully and have seen the rise of surfing, cold water swimming, van life and festival-going. Saltrock speaks directly to this movement, and we really see a place for this vibrant brand at Junction 32.” Louise Rees, head of retail at Saltrock, added: “This location is perfect for us to connect with new customers and engage with […]

AshbyCapital refinances £83m retail park trio

18th July 2024

Private equity real estate firm AshbyCapital has secured £82,445,000 of debt refinancing for a trio of retail parks from Deutsche Hypo – Nord/LB Real Estate Finance. The loan has a term of three years and secured against Abbotsinch Retail Park, Glasgow, Westside Retail Park, Guiseley, Leeds, and Morfa Retail Park, Swansea. All three assets are fully let. Abbotsinch Retail Park extends to over 265,000 sq ft and is fully let to 14 tenants including furniture and homeware retailers. The asset – which was acquired by AshbyCapital in 2019 – is supplemented by a 1,098-space car park and is well-connected to the surrounding area via strong transport links. Also acquired by AshbyCapital in 2019, Westside Retail Park comprises 13 units across 121,101 sq ft of retail space, and is let to retailers from homeware and fashion to electronics. The retail park is supported by 513 parking spaces. The 256,399 sq ft Morfa Retail Park is the premier retail park in Swansea and is home to 18 units, which are let to a mix of fashion, electronics and bulky goods retailers, as well as restaurant operators. The retail park – which is adjacent to the Swansea.com Stadium – was acquired in 2015 and...

First tenants to open as part of Westminster’s landmark Oxford Street initiative

18th July 2024

Four new shops are preparing to open on Oxford Street and the surrounding area as part of a landmark project by Westminster Council to welcome new and upcoming brands to the iconic shopping street. The Meanwhile On project was set up to provide prime location shops for new brands at reduced rents, using vacant spaces on Oxford Street and some units formerly occupied by low quality businesses. The three-year project by Westminster City Council will help set up each brand in a prime location with significant relief on business rates, a budget for store design, and support and mentoring from project delivery partner Someday Studios. Since the campaign was announced last year, over 800 applications have been received from new businesses. Now, the first wave of new brands is set to open on the famous street. These include CANVSS, a custom footwear brand, which will open in a unit a short walk from Bond Street Station. The brand has an impressive roster of customers, with its products having been worn by the Ed Sheeran, the Euro 2022-winning Lionesses squad, as well as England’s Gareth Southgate, Harry Kane, and Phil Foden during the 2022 World Cup. Due to the high volume […]

Dunelm sees “significant opportunity” as it eyes more smaller format stores

18th July 2024

Dunelm has said it sees “significant opportunity” for the 2025 financial year, with the homewares retailer “increasingly confident” in its smaller format stores. The retailer also said it is finding “quality sites” for new stores, but added that it will “need to maintain strong operational grip”, given financial pressures. This comes as Dunelm releases a trading update for the final quarter of the 2024 financial year, a period during which it opened a new store in Brighton and relocated its Edinburgh branch. This brought the total number of new openings for the retailer during the year to six, with the stores a mixture of superstores and smaller format stores. Dunelm said it is “encouraged” by the early performance of the new openings. During the fourth quarter – which comprises the 13-week period ending 29 June – Dunelm reported that its total sales were up 5% year-on-year to £399m. For the whole financial year, the retailer recorded sales of £1.7bn, a year-on-year increase of 4%. The retailer is expecting a pre-tax profit of £200m, slightly ahead of current market expectations. Nick Wilkinson, Dunelm chief executive officer, said: “We delivered another strong performance in Q4, with continued volume-driven sales growth across both […]

Tapi eyes rescue deal for rival Carpetright

18th July 2024

Tapi Carpets is closing in on a deal to rescue its rival Carpetright, as it emerges as a frontrunner to acquire the embattled flooring retailer. Tapi Carpets is not believed to be interested in an acquisition of Carpetright’s head office, The Times has reported. Tapi’s prospective acquisition of Carpetright would likely be delivered through a pre-pack administration, potentially leading to the closures of some of the retailer’s 272 UK stores. The Times reports that it is thought that Carpetright’s executives had not wanted to approach Tapi due to fears surrounding sensitive trading information. It is understood that Carpetright was looking for a quick sale, and was worried Tapi would have to go through competition clearance. Last week, Carpetright confirmed that it had filed a notice of intent to appoint administrators, with PricewaterhouseCoopers (PwC) lined up to handle the process. The retailer said it had taken the measure whilst it works to “secure the long term future of the company”. Carpetright pointed towards “financial pressures” following a software attack in April which impacted sales and plans to restructure. The retailer said this has resulted in it seeking a period of protection whilst sale negotiations proceed. Carpetright said it will continue to operate […]

New leasing team appointed at Epsom’s Ashley Centre

18th July 2024

The Ashley Centre in Epsom has made a number of new appointments to its retail and office leasing teams. Lunson Mitchenall has been appointed to oversee retail and F&B lettings at the scheme, working alongside the centre’s retained agent GCW. With the upcoming arrival of anchor store Primark, the completion of the scheme’s £7 million refurbishment, and the recent openings of the likes of GAIL’s, Deichmann, and JD Sports, the team will look to build on existing momentum at the Ashley Centre. Lunson Mitchenall and GCW will aim to elevate the tenant mix whilst enhancing the offer for Epsom’s growing consumer base. William Hooper, director at Lunson Mitchenall, said: “The Ashley Centre is a fantastic new instruction for Lunson Mitchenall, and we are thrilled to be part of the team. The landlord’s recent investment has elevated the centre to new heights, and we look forward to attracting more aspirational brands and new concepts that resonate with the affluent catchment.” Bray Fox Smith and Stiles Harold Williams (SHW) have also been appointed to the centre, acting as joint agents on its office lettings. The firms will work together market an opportunity for up to 50,000 sq ft of office space within...

Cineworld in talks with major landlords over closure plans

17th July 2024

Embattled cinema chain Cineworld is in talks with some of the UK’s largest landlords over restructuring plans which could see it close a quarter of its estate. Commercial landlords such as Landsec and Legal & General – which own around 30 Cineworld venues between them – are currently engaged in talks with the cinema operator, Sky News has reported. City sources told Sky News that a date had been set for a hearing at which a majority of the cinema chain’s creditors would need to approve Cineworld’s proposals to close around 25 sites, with rent reductions being sought at a further 50. Some landlords are said to be in opposition to the proposals, however it is unclear whether a sufficient amount will be able to block the restructuring plan. Cineworld – which trades from over 100 sites nationwide – had initially held talks with prospective buyers about a potential sale of the business, but has since switched its focus to a restructuring process. Should a sufficient number of landlords refuse to agree with the proposals, rival cinema chains are expected to take over some of Cineworld’s sites. The cinema chain delisted from the London Stock Exchange last August, after its […]

River Island to open expanded concept store at Newcastle’s Eldon Square

17th July 2024

River Island is set to relocate and upsize its store at Eldon Square shopping centre in Newcastle. Spanning over 20,000 sq ft, the new store will be located across two floors on St Andrews Way in the former Topshop unit. The new concept store will offer exclusive products, specialist sections, and next-generation technology, allowing customers to order items in-store or for home delivery. The digital-first service will also extend to the fitting rooms, where products will be identified on entry for ease of purchase. Customers will also be able to make use of touch screens to ask for more sizes, choose alternative styles, or get help from in-store experts. River Island’s new opening aligns with the strategic vision of Eldon Square’s owners, XPE Group, which recently rebranded from Intu Debenture. Under its new identity, XPE Group will look to implement strategies aimed at future-proofing its three schemes, with its portfolio also including XSite Glasgow and The Potteries Centre Stoke. Pete Cooper, director at XPE Group, said: “The expansion of River Island’s concept store represents a significant milestone in Newcastle’s retail landscape, marking the first retail announcement since Intu Debenture rebranded to XPE Group. The new store supports our strategy of elevating...