News
Hereford retail park handed £6.1m price tag
23rd April 2024A retail park in Hereford has been placed on the market with a price tag of £6,100,000. Brook Retail Park on Commercial Road is located on a main arterial route into the city centre and is surrounded by key commercial uses including Hereford Rail Station, a student hall, and Hereford County Hospital. The food-anchored retail warehouse comprises two terraces and extends to a total ground floor area of 32,922 sq ft. The scheme is fully let to Lidl, Pets at Home, and Poundstretcher, with all tenants having regeared in the last three years with an average rent of £13.34 per sq ft. The asset benefits from a weighted average unexpired lease term of 15.2 years to expiry and 9.2 years to break. The asking price of £6.1m reflects a net initial yield of 6.75%. Edgerley Simpson Howe has been instructed to find a suitable buyer for Brook Retail Park.
Deals
Oliver Bonas opens largest Kent store at Bluewater
22nd April 2024Oliver Bonas has opened its largest store yet in Kent at Bluewater shopping centre. The clothing and homewares retailer has taken 3,272 sq ft on the scheme’s Lower Guildhall, opposite John Lewis. The store offers a range of clothing, accessories, and furniture. James Waugh, centre director at Bluewater, said: “Oliver Bonas is a brand that our guests have told us they were keen to shop at in Bluewater for some time, and we’re excited to be finally welcoming them to our retail line-up. “The new store will have been worth the wait for our guests, as we’re proud to say this is the largest Oliver Bonas in the region, with the widest range of products on offer. We know our guests will love the array of designs available in the new store.” Oliver Tress, founder of Oliver Bonas, added: “We are excited to be expanding our presence into Bluewater shopping centre. We’re not just opening a new store; we’re creating an uplifting space where curated design meets community, and we’re inviting people to come and explore, and to discover unique finds and a joyful experience.”
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 2024William Barton / Shutterstock.com Every 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 […]
News
JD Sports expands US presence with sportswear retailer acquisition
23rd April 2024Sportswear giant JD Sports is set to expand its presence in the United States after announcing the acquisition of American retailer Hibbett in a £899m deal. Headquartered in Birmingham, Alabama, Hibbett trades from 1,169 stores across 36 US states under both the Hibbett and City Gear fascias. In the 53 weeks ending 3 February 2024, the retailer generated net sales of over $1.7bn (£1.38bn) and a pre-tax profit of $131.6m (£106.5m). JD Sports – which operates over 3,300 stores worldwide – said the acquisition represents an important milestone, accelerating its growth plans in North America as the retailer looks to tap into the world’s biggest sportswear market. The retailer said that its combined revenue – along with Hibbett – would be approximately £4.7bn, increasing North America’s share of group sales from approximately 32% to around 40%. Régis Schultz, CEO of JD Sports, said: “We are delighted to announce the proposed acquisition of Hibbett. This acquisition is in line with our strategic priorities and is a very important transaction for our strategic and financial development. “Strategically, it enhances our presence within North America and achieves our objective of strengthening our Complementary Concepts division. Hibbett’s footprint is highly complementary, adding a stronger presence in […]