News
Metrocentre’s Green Mall to welcome trio of brands
17th April 2024Sovereign Centros from CBRE has announced that a trio of retailers will be opening at Metrocentre’s Green Mall in Gateshead. Leading the signings is specialist kitchenware brand ProCook, which is set to open a 3,326 sq ft space on Metrocentre’s Lower Green Mall later this year. The store will offer a range of cookware, knives, tableware, and smaller kitchen appliances. The Green Mall will also welcome footwear retailer Clarks next month, which will relocate from Metrocentre’s Lower Red Mall. Taking a 3,619 sq ft unit opposite Boots, the store will offer Clarks’ new ‘modern workshop’ format, delivering a new look. Also relocating from the Lower Red Mall is Victoria’s Secret, which will open in a 5,411 sq ft space later this summer adjacent to Next. The store will offer the international brand’s range of products including intimate apparel, beauty products, and sleepwear. Ben Cox, director at Sovereign Centros from CBRE, said: “The investment in Green Mall, by new and established tenants, highlights its growing appeal among some of the most popular retailers in the UK. The creation of these new stores also reinforces our position as the leading destination in the North East, adding more diversity to what is already […]
Deals
Sustainable clothing brand Pangaia to open first standalone UK store
17th April 2024Sustainable fashion brand Pangaia is set to open its first standalone store in the UK within Shaftesbury Capital’s Soho neighbourhood. The 1,500 sq ft store at 57 Carnaby Street will offer the brand’s range of genderless apparel and will aim to connect customers with nature and Earth-conscious retailing. The store will also provide visitors with the opportunity to learn more about Pangaia’s materials science innovations. Pangaia’s signing follows a number of debuts within Shaftesbury Capital’s Soho neighbourhood, with the retailer set to sit alongside End’s debut London store, as well as Adidas Originals and Axel Arigato’s first global stores. Michelle McGrath, executive director at Shaftesbury Capital, said: “Pangaia is one of the most interesting and innovation-driven brands globally. Their flagship UK debut in Soho’s Carnaby Street underscores the district’s reputation for UK firsts, world-class experiences and sought-after consumer demographics. The signing highlights our approach to active curation, seeking out challenger and high growth brands which complement the multi-dimensional nature of the area and its existing brands and restaurants such as Aimé Leon Dore, Adidas Originals, End, Mountain, Kiln and Rita’s.”
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
Chesterfield retail park hits market with £6m asking price
17th April 2024A retail park in Chesterfield has hit the market with a price tag of £6,000,000, reflecting a net initial yield of 8.5%. Wheatbridge Retail Park extends to 52,944 sq ft and is fully let to Wickes, Carpetright, and Smyths Toys. The asset has a weight average unexpired lease term of 9.3 years to expiry, with both Wickes and Carpertright having recently extended their leases, whilst Smyths recently signed a new lease. The retail park has a passing rent of £544,488 per annum, equating to an average of £10.28 sq ft. The scheme – which sits on a 3.41 acre freehold site – is also supplemented by a 209-space car park Wheatbridge Retail Park is located just west of Chesterfield town centre and sits in the town’s main retail warehouse pitch. It is situated close by to Ravenside Retail Park, Markham Retail Park, Spires Retail Park, and Lordsmill Street Retail Park. Park Place Retail has been instructed to find a suitable buyer.
