News
Escape room and bar concept to make regional debut at Metrocentre
25th April 2024Escape room and bar concept The Escapologist is set to make its debut in the North East at Gateshead’s Metrocentre. Opening this summer, the concept will occupy a 4,367 sq ft space on the scheme’s Lower Yellow Mall. Joining its existing sites in Leeds and Castleford, The Escapologist will bring a series of themed escape rooms to Metrocentre, with genres such as heists, fantasy, horror, and space. The venue will also have a steampunk-style bar, offering a range of cocktails and mocktails. The Escapologist will complement the existing leisure operators already within Yellow Mall, including Namco Funscape, Clip ‘n Climb, Treetop Golf, and Odeon Cinema, as well as nearby bars and restaurants such as Slim Chickens, Wagamama, and Wingstop. Ben Cox, director at scheme asset manager Sovereign Centros from CBRE, said: “Metrocentre has an evolving leisure offer which is a key strategic focus. As the second biggest shopping centre in the country, we have a great opportunity to make the experience of visiting Metrocentre more compelling by introducing exciting leisure venues alongside the best retail brands. Escape rooms have proven their popularity across the country, so getting a quality operator in The Escapologist will enhance the Yellow Mall leisure offer […]
Deals
Wiltshire’s The Shires to welcome trio of retailers
25th April 2024The Shires in Trowbridge, Wiltshire, is preparing to welcome a trio of new retailers, as an existing tenant commits to expanding at the shopping centre. Health and beauty retailer Bodycare has secured 4,262 sq ft of space on the ground and first floors, whilst charity chain Debra UK has committed to a 1,451 sq ft store. Independent creative business Habersashery will also be opening at the scheme. Bakery chain Greggs will be relocating from its existing store at the scheme, taking 3,886 sq ft and effectively doubling its capacity at the shopping centre. Spanning 125,000 sq ft of enclosed retail space, The Shires was acquired by LCP, part of M Core, in 2023. LCP’s changes have included complementary first-hour parking and the introduction of Microshops bringing space for independent businesses. Other retailers at the scheme include JD Sports, Superdrug, Holland and Barrett, H Samuel, F Hinds, Poundland, and TUI. George Watson, asset manager at LCP, said: “LCP acquired The Shires last year and has already welcomed a range of new businesses to the shopping centre, from Microshops to larger thriving businesses new to the area. We are striving to provide a range of business opportunities that encourage economic growth to […]
Requirements
Costa Coffee lays out requirements in nationwide expansion drive
24th April 2024Costa Coffee is targeting drive-through, retail park, high street, and travel locations across the UK as it continues to expand. The coffee shop operator is targeting drive-through sites at out-of-town and edge-of-town roadside locations adjacent to food stores, retail warehousing, and leisure operators. Ideal drive-through sites will be on main arterial routes with a minimum traffic flow of 15,000 vehicles per day. The operator requires leasehold buildings between 1,250 sq ft to 2,200 sq ft in size with dedicated or shared car parking. Building conversions will be considered. Costa is also targeting retail park units between 1,500 sq ft and 2,000 sq ft in size, with external seating and car parking in close proximity. The chain will consider freestanding or in-line units. The operator is seeking in-town units in Scotland, the South West, the Midlands, and in Wales. Costa is looking for units ranging in 1,300 sq ft to 2,000 sq ft on high streets and in shopping centres, universities, hospitals, and leisure spaces. The chain is also expanding its presence within travel locations, such as transport hubs and train stations. Costa is looking for units at least 125 sq ft in size in areas with significant footfall. Standard retail […]
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
Swiss Life offloads Nottingham retail park for £18.65m
24th April 2024Swiss Life Asset Managers has sold a retail warehouse scheme in Nottingham to a private investor for £18.65m. Lady Bay Retail Park occupies a 7.6 acre site and comprises 105,000 sq ft of retail space arranged across 13 units. Key tenants at the freehold scheme include The Range, Hobbycraft, The Food Warehouse, Dreams, Burger King, Subway, and Greggs. The scheme is also supplemented by a 400-space car park. The asset collects a total rent roll of £1,592,829 per annum, representing an average passing rent of £15.09 per sq ft. The £18.65m purchasing price represents a net initial yield of 8%. Font Real Estate advised the purchaser, and has been retained as the scheme’s asset manager. BNP Paribas Real Estate advised Swiss Life Asset Managers.