Retail Property News

River Island undergoes major refurb of 25,000 sq ft Metrocentre store

16th September 2024

River Island is undergoing a major refurbishment of its 25,000 sq ft store at Metrocentre in Gateshead. The updated store – which is the fashion retailer’s largest in the North East – will feature a revamped interior and feature curated collections, digital fitting rooms, and exclusive product edits. Customers will be able to use touchscreen interfaces in fitting rooms to request different sizes, explore alternative styles, or receive style advice. The refurbishment will be carried out in phases to ensure the store can remain open and operational during the process. Ben Cox, director at Sovereign Centros from CBRE, asset manager of Metrocentre, said: “River Island’s decision to refurbish its Metrocentre store is a significant endorsement of the destination’s ability to deliver best in class stores from major retailers. This investment highlights Metrocentre’s position as the premier destination in the North East for visitors, and our active leasing programme for Red Mall, bringing together the best in high street retail.” Gemma Scarfe, digital and marketing director at River Island, added: “We’re delighted to be investing in our Metrocentre store. Gateshead is a prime location that aligns perfectly with our brand, and we are excited to unveil the new look to our customers. The upgraded store promises […]

Frasers Group continues acquisition spree with Lancaster shopping centre purchase

13th September 2024

Frasers Group has continued to expand its retail property portfolio with the acquisition of St Nicholas Arcade in Lancaster. The 160,000 sq ft scheme is located in the town’s historic centre and is home to retailers including Next, Boots, HMV, and The Entertainer. Michael Murray, chief executive of Frasers Group, said: “At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK. “By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers. “This acquisition is also another step in developing our property segment, which is set to deliver significant long-term value for the group.” The purchase is the latest in a series of acquisitions by the group, which in July snapped up Doncaster’s Frenchgate Centre. Last year, it purchased The Mall Luton for £58m, the Overgate shopping centre in Dundee for £30m, and spent over £45m on the Junction 32 outlet centre in Castleford, West Yorkshire. Frasers Group is also reportedly the frontrunner to acquire Fremlin Walk in Maidstone, Kent and is in talks to purchase full ownership of Princesshay shopping centre in Exeter, according to reports.

Staffordshire retail park changes hands for £10.25m

13th September 2024

Birmingham-based property company Hortons has completed the sale of an out-of-town retail asset in Staffordshire for £10.25m. The independent property company has sold Cannock Gateway Retail Park in Norton Canes to a private investor. The asset comprises almost 38,000 sq ft of retail and drive-through accommodation, and is supplemented by an electric vehicle charging station. The scheme is fully let to occupiers including Tk Maxx, Costa Coffee, Burger King, Sofology, Greggs, and MFG EV Power. Cannock Gateway Retail Park lies on a 4.4 acre site adjacent to the M6 Toll. The site was acquired by Hortons in 2013 with the retail park built two years later. Harry Young of Hortons, said: “Our development of Cannock Gateway Retail Park has delivered a high-quality retail and leisure experience that has greatly supported the local economy. Its disposal releases capital to re-deploy into some exciting projects within Hortons’ portfolio, as well as some potential acquisitions.” Hortons was represented by Atlas Real Estate, whilst Parker & Co acted for the purchaser.

Barbour makes city debut at Victoria Leeds

13th September 2024

Barbour has opened at Redical’s Victoria Leeds, marking a debut in the city for the British heritage and lifestyle brand. The 2,679 sq ft store at Victoria Quarter’s 9-11 King Street spans two floors, and is centred around the brand’s ‘New Heritage’ design concept. Stocking a range of mens and womenswear collections, the new store has a focus on more fashion forward heritage ranges and features a ‘Wax for Life’ restoration service. This enables customers to have their well-worn was jackets restored by craftspeople. Rachel Bradburn, leasing director at Victoria Leeds, said: “Barbour’s decision to open a store at Victoria Leeds, is testament to the strength and performance enjoyed at the destination. We are very proud to welcome the city’s only standalone Barbour store and its first new heritage concept outside of London. Barbour is a brand highly regarded for its quality and craftmanship, making it a perfect new addition to the historic Victoria Quarter and further enriching our line-up of premium retailers.” Joining Barbour’s store opening are two additional firsts at Victoria Leeds: Missoma recently launched its first store outside of London at Victoria Quarter, whilst Scottish men’s streetwear brand Bee Inspired’s opened a six-month pop-up in Victoria Gate, […]

LCPs Three Spires Lichfield welcomes trio of new outlets

13th September 2024

Property and investment company LCP, part of M Core, has announced that M Three Spires in Lichfield is welcoming three new outlets. Fried chicken brand Pepe’s Piri Piri has now opened in a 1,300 sq ft unit on Gresley Row, whilst cake maker Cake Box has arrived on the aptly-named Bakers Lane, trading from a 1,130 sq ft unit. The scheme is also set to welcome children’s soft play centre Grandkidz in November. The operator will open in a 2,800 sq ft space with a café and will look to provide a safe space for children to learn through play. M Three Spires – which is owned and managed by LCP – is home to over 50 retailers, including Holland & Barrett, Boots, and The Entertainer, alongside a number of independent businesses. LCP director, Barry Flint, said: “LCP acquired M Three Spires in 2022 and has already welcomed a range of new businesses to the shopping centre, from independent brands to larger, thriving businesses that are new to the area. “We are striving to provide a range of opportunities that encourage economic growth, whilst ensuring that our customers continue to enjoy an outstanding retail experience.”

Canada Life hands Grimsby retail park £4.5m price tag

13th September 2024

Canada Life Asset Management has placed a retail park in Grimsby on the market for £4.46m. Constructed in 1997, High Point Retail Park spans 33,070 sq ft and is currently home to Currys and Dreams. Wren Kitchens signed a lease for the third and final unit in July and is yet to open. Currys has been in occupation since 1997 and renewed in 2019, whilst Dreams has traded since 2018 and renewed in 2023. The asset has a weighted average unexpired lease term of 7.3 years to expiry and a gross current rent of £395,027 per annum, representing £11.95 per sq ft. There is also an opportunity to install electric vehicle charging points with initial discussions having already taken place with a national operator, the benefit of which will be passed to the purchaser. High Point Retail Park is situated on the A16 and sits adjacent to Victoria Retail Park, home to operators including Bensons For Beds, Sports Direct, Smyths, Next, and The Gym Group. The scheme is also located across the River Freshney from Alexandra Retail Park, which hosts retailers including Oak Furnitureland, Poundstretcher, Pets At Home, The Food Warehouse, ScS, and Matalan. Other occupiers in the area include...

NewRiver given another extension to make Capital & Regional bid

12th September 2024

NewRiver has been given another extension to declare whether it intends to make an offer for fellow real estate investment trust Capital & Regional. This comes just days after property investment and management company Praxis announced that it would not be making an offer for Capital & Regional, leaving NewRiver as the sole potential bidder for the REIT, which remains in an offer period. NewRiver has now been granted another two weeks to allow discussions to continue, with the group being given until 26 September to announce a firm intention whether or not it will make an offer for the entire share capital of Capital & Regional. Capital & Regional said there can be no certainty that any firm offer will be made, nor as to the terms of any such offer. NewRiver first submitted a preliminary expression of interest to Capital & Regional’s majority shareholder, Growthpoint, regarding a full takeover back in May. At the time, Capital & Regional had also received an offer from the Johannesburg-based Vukile Property Fund regarding a possible cash and share offer for its entire issued share capital. However, Vukile pulled out after being unable to reach an agreement with Growthpoint – which controls around 68.1% of […]

URW announces host of new signings at London flagship schemes

12th September 2024

Unibail-Rodamco-Westfield (URW) has made a number of new signings across its two flagship shopping destinations, Westfield Stratford City and Westfield London. Both destinations are welcoming a host of food and beverage operators, with Westfield Stratford City set to host Black Tap Craft Burgers & Beer – which offers New York-style gourmet burgers – for its first UK store later this year. Mowgli Street Food and Aija are also set to join the food and beverage line-up. Recent F&B openings at the scheme include Fuwa Fuwa, famous for its Japanese pancakes; Master Bao, which offers bao buns and Asian delicacies; and ramen restaurant Shoryu. Meanwhile, Westfield London has recently seen the opening of Gopal’s Corner in the food court, specialising in authentic Malaysian Tamil cuisine, as well as ramen restaurant Kanada-Ya, enhancing the selection of restaurants on the scheme’s Southern Terrace.  Kate Orwin, leasing director UK at Unibail-Rodamco-Westfield (URW), said: “We’ve had a strong half-year in retail leasing across both of our London centres, significantly driven by the food and beverage sector. The addition of these reputable brands to our portfolio has significantly contributed to this growth, as major brands recognise the value of our prime locations and invest in providing […]

Battersea Power Station celebrates record summer as visitor numbers exceed 22 million

12th September 2024

Battersea Power Station is celebrating its strongest summer to date, with the redeveloped London landmark recording a 17% year-on-year increase in footfall from mid-July to the end of August. The total number of visitors at the mixed-use destination has also now exceeded 22 million since it first opened to the public in October 2022. During the summer months, fashion brands within the Grade II-listed power station and on Electric Boulevard – the riverside neighbourhood’s pedestrianised neighbourhood – performed particularly well. These brands recorded an increase in sales of 21% between mid-July and the end of August compared to the same period a year prior. Large-scale events also helped to boost visitor numbers during the summer, including The Battersea Games, which saw Battersea Power Station host an official Team GB Fanzone and ParalympicsGB Fanzone for Paris 2024. The landmark destination is also celebrating a strong period of leasing activity, with an average of one new brand opening at the scheme during the first half of 2024. This brought the total number of shops, restaurants, bars, and leisure venues to more than 150 across the destination. Food and beverage arrivals included Mexican restaurant El Pastor, neighbourhood bar Two Drops, and pastel de nata […]

Wingstop continues UK expansion with Eldon Square signing

12th September 2024

Wingstop has continued its rapid expansion throughout the UK after agreeing a deal to join Newcastle’s Eldon Square. Opening in early 2025, the American quick-service restaurant has chosen a 4,238 sq ft unit in Grey’s Quarter, nearby to The Alchemist. Wingstop at Eldon Square will offer the brand’s range of wings, tenders, burgers, and sides, as well as milkshakes, fizzy drinks, and beer from Camden Town Brewery. Since entering the UK in 2018 through its master franchisee Lemon Pepper Holdings, Wingstop has opened more than 50 sites nationwide. Kitty Vaughan, head of UK leisure and F&B at Eldon Square asset manager Pradera Lateral, said: “Eldon Square continues to flourish and welcoming Wingstop UK is sure to excite the young, vibrant demographic within the city. We anticipate Wingstop UK will not only attract new customers to the centre, but will also resonate strongly with students, young families and match day goers, enhancing the already huge footfall the city centre location already receives.  “The inclusion of Wingstop UK into Grey’s Quarter, as it continues to grow and be rejuvenated alongside the centre’s ambitious growth plans, is a sign of the centre’s commitment to becoming a ‘go to’ leisure, dining and entertainment hotspot in...

Pret a Manger leads trio of F&B signings at Gloucester Quays

12th September 2024

Pret a Manger is set to make its Gloucester debut, leading a trio of food and beverage signings at Peel Retail & Leisure’s Gloucester Quays. Taking a 1,841 sq ft unit on High Orchard Street, Pret a Manger at Gloucester Quays will accommodate 85 covers and offer a range of sandwiches, wraps, salads alongside baked goods and snacks. Customers will also be able to grab hot drinks including teas and coffees. Joining Pret a Manger on High Orchard Street will be Subway, with the made-to-order sandwich chain opening in a 603 sq ft unit near The Real Greek and Bill’s. Gloucester Quays will also welcoming a new kiosk for doughnut specialist Krispy Kreme, which will open in a dedicated space in the city for the first time. All three operators are set to open within the coming weeks. Paul Carter, asset director at Peel Retail & Leisure, said: “In Gloucester Quays’ unique crossover position as both outlet and de facto city centre, the importance of having a quality grab-and-go offer is not to be underestimated. Having these three global F&B brands commit to the destination points to that, particularly how we can cater to breakfast, lunch, and dinner audiences, whether […]

New leisure quarter at Merry Hill boosts footfall by 43%

11th September 2024

The arrival of Hollywood Bowl to anchor a newly-created leisure quarter at Merry Hill in Dudley has seen an increase in footfall at the destination. Since the bowling operator’s arrival one year ago, footfall within the leisure quarter area of Merry Hill has risen by 43%, with the entrances around the area now the busiest in the centre. Featuring 24 bowling lanes and a number of amusements, the 36,000 sq ft Hollywood Bowl at Merry Hill sits alongside a variety of recently-added food and beverage establishments including Wagamama, ASK Italian, and Wingstop. All four additions were made as part of an initiative by the centre’s asset manager Sovereign Centros from CBRE to create a hub for family-friendly entertainment in the destination. Since Hollywood Bowl’s arrival, overall footfall at Merry Hill has increased by 5.4%, whilst sales have risen by 4.8%, with over half of that increase directly attributable to the new leisure quarter tenants. Alistair Winning, asset manager at Sovereign Centros from CBRE, said: “The past year has been transformative for Merry Hill, with Hollywood Bowl and the leisure quarter playing a crucial role in its success. The centre’s ability to attract leading operators across retail, dining, and leisure is...