News
Regeneration of Salford’s MediaCity green lit
28th March 2024Revised plans for the redevelopment of Salford’s MediaCity scheme to create an additional 800,000 sq ft of commercial space and 3,200 more homes have been approved by councillors. In 2016, proposals were approved to create 555,000 sq ft of offices and 1,800 homes at MediaCity, some of which have already been delivered. The revised plans see a net increase of 2,000 homes and 375,000 sq ft of commercial space. MediaCity is home to some of the UK’s most renowned content and technology companies including BBC, ITV, and Satellite Information Services, as well as 80,000 sq ft of retail and leisure space. The 53-acre site also accommodates 1.4 million sq ft of offices and over 1,100 homes. Stephen Wild, MediaCity managing director, said: “The re-shaped regeneration proposals will support us in delivering a world-class destination where people will want to live, work and learn for many years to come. “As the home of future media, MediaCity’s output is global and its environment needs to reflect its international significance. While the waterfront is the gateway to MediaCity and the Quays, it’s right that it should compete with some of the finest waterfront destinations in the world.” Scheme owners Landsec and Peel said […]
Deals
Metro Retail Park fully let as NCF Living makes regional debut
26th March 2024Metro Retail Park in the North East is now fully let following the arrival of NCF Living for its regional debut. The furniture retailer has taken one of three units created by the redevelopment of the former Toys R Us store. The other two units are occupied by Dreams and Designer Sofas, resulting in all of the newly-created 25,000 sq ft of space being let. The completion of lettings follows significant investment at Metro Retail Park, which benefits from its adjacency to the regionally-dominant Metrocentre shopping centre in Gateshead. The scheme has seen investments including a newly designed terrace, car park resurfacing, and updated landscaping. Six electric vehicle chargers have also been installed, with plans to increase to twelve 350kW fast electric vehicle chargers by the end of the year. Ben Cox, director at asset manager Sovereign Centros from CBRE, said: “Having NCF Living open at Metro Retail Park completes the letting there, and marks a great milestone for the destination. The plan to create three new retail warehouse spaces was a carefully considered response to the challenge of Toys R Us closing. Having these taken by three leading furniture brands both justifies that decision, and keeps Metro Retail Park’s status […]
Requirements
Aldi unveils wish list of priority London locations
21st March 2024Aldi has revealed its list of priority locations in London where it is looking to open new stores. The supermarket retailer recently announced its long-term plan to operate 1,500 stores across the UK, with a particular interest in locations within the M25 due to strong demand. As part of a £500m investment to increase its presence in London, Aldi is aiming to open a further 100 stores within the M25. Priority locations include: Aldi is offering a finder’s fee for property agents, who recommend a previously unknown site, of 1.5% of a freehold price or 10% of the first year’s rent for leasehold sites. The retailer is on the hunt for sites at least in size 20,000 sq ft for its standard stores, with around 100 dedicated parking spaces and preferably on a main road with good access and visibility. Aldi is also looking for smaller sites to accommodate its Aldi Local format, which are around 5,000 sq ft in size. Jonathan Neale, managing director of national real estate at Aldi UK, said: “We want to make high quality, affordable food accessible to all, but there are still many areas in the capital that don’t have access to an Aldi […]
Insights
Teesside Park: British Land’s “winning” retail park format in action
14th March 2024As the retail landscape has evolved over the past few years, retail parks have become an increasingly attractive investment, or as British Land boss Simon Carter previously put it: “the winning retail format”. But what drives their success? For Grace Waterworth, asset manager at British Land, retail parks offer customers and businesses the three ‘A’s – affordability, adaptability, and accessibility. Waterworth is part of the team behind Teesside Park in Stockton-on-Tees, an asset which she says is a “prime example” of offering these three ‘A’s: “The format is incredibly attractive to retailers due to lower occupational cost ratios than high streets or shopping centres, driven by lower rents, rates and service charges and strong store turnover”, she says. Once a traditional, ‘boxy’ retail park, Teesside Park in the Tees Valley – of which British Land owns around 585,000 sq ft – is the primary retail destination for the surrounding catchment, which includes the towns of Darlington, Hartlepool, Redcar, and Middlesbrough. Accessibility to these surrounding areas has played a key role in the scheme’s success, says Waterworth: “At Teesside Park there is excellent access from the A66 and A19 directly into a large, free car park. This makes Teesside Park ideal […]
Advice
Finding the right retail property for you
20th March 2024Every business is unique, and for those who want to enter the world of physical retail, finding the right property is no different. If you’re a retailer ready to take your business to the high street, finding the right place to start can be daunting. It can be a real balancing act, but knowing what to look for before you begin your search can give you a head start. So here are the top things to consider when looking for the right retail property: Location, location, location It may be a cliché at this point, but the old adage rings true: location is one of the most important things to consider when choosing the right retail property. The first thing to consider is your target audience. You’ll want to find somewhere that attracts a demographic that matches your customer base. For example, if your business is looking to appeal to an audience of young adults, an area with a high student population such as in a university district would be an ideal spot. It’s also important to consider your local competition. Depending on the type of business you run, nearby competition either be beneficial to you or a thorn in […]
News
Papa John’s to close 43 sites as it looks to “invest in the right locations”
27th March 2024Papa John’s is set to close nearly a tenth of its 450 UK restaurants as it looks to invest in more profitable locations. The pizza restaurant chain will close a total of 43 underperforming locations by mid-May, following a consultation programme. Chris Phylactou, managing director at Papa John’s UK, said the move will allow the chain to invest “in the right locations with the right partners”. The company recorded global sales of over £1bn in the final three months of 2023. Phylactou added: “We are focused on driving shared profitable growth across our UK restaurants, by continuing to make improvements to our business to ensure that we are well positioned for the future. “We have been encouraged by the results so far from these initiatives.” He added that new openings in larger retail outlets will be announced in the coming months. Papa John’s is set to close branches in the following locations: Last year, Papa John’s acquired 91 UK sites from a franchisee operator and formed a portfolio of company-owned sites.