17A St James Street

North Shields, Smiths Dock

unit 14

Unit N

Bank of Scotland Unit

Unit 34, Eddisbury Square, Frodsham, WA6 6QS

Unit 8 The Mall

16 Vicar Street

featured_image

gordon-ramsay

Gordon Ramsay

<figure class="wp-block-image size-large"><img src="https://news.completelyretail.co.uk/wp-content/uploads/2024/05/BSK-Stratford-Internal-1024x736.jpg" alt="" class="wp-image-22087"/></figure>







Lendlease has confirmed that Gordon Ramsay Restaurants has signed for <a href="https://completelyretail.co.uk/shops-to-rent/stratford">Stratford</a> Cross' Pavilion Building.



The 10,000 sq ft space will be a sixth opening in London for the celebrity chef's Bread Street Kitchen and Bar concept.



Opening in June, the restaurant will span all three floors of Stratford Cross' Pavilion and feature additional areas for private dining and events. A 3,000 sq ft rooftop bar will offer al fresco dining with views across Queen Elizabeth Olympic Park and East Bank cultural quarter.



The venue's ground floor will also feature a café and an outdoor terrace with space for 30 diners.



Gordon Ramsay Restaurant's arrival adds to the collection of food and beverage options at Stratford Cross, formerly known as International Quarter London.



Guy Thomas, head of retail and place assets at Lendlease, said: “The Pavilion is the landmark building for Stratford, in the heart of a neighbourhood that has fast become a cultural and creative hub for London. We knew how important it would be to enliven such an iconic building, and secured Gordon Ramsey following a surrender of the former D&amp;D lease. With the Everyman Cinema joining later this year, and the Turing Building launching in the coming months, a multi-dimensional F&amp;B offer from Gordon Ramsay Restaurants gives Stratford Cross exactly what it needs to support a growing community of residents, workers, and visitors.”



Andy Wenlock, CEO of Gordon Ramsay Restaurants, added: “The bold vision for Stratford Cross is what initially attracted Gordon and I to the destination. Spending time within its energetic, creative neighbourhood and inclusive community, there is no doubt it is an ideal home for us. The jewel in Stratford Cross’ crown is certainly the Pavilion building, creating a striking location for a brand-new flagship Bread Street Kitchen &amp; Bar.”



Peter Hawthorne, CEO of Lendlease's joint venture partner LCR, said: “Taking over what is the focal point of the Stratford Cross development, Gordon Ramsay’s highly-recognised F&amp;B brands are an ideal match for such an iconic building as the Pavilion. Stratford Cross is an exceptionally exciting location full of potential for F&amp;B and retail brands, businesses, and residents.”



Nash Bond, CF Commercial, and Shelley Sandzer represented Lendlease.

Gordon Ramsay's Bread Street Kitchen to open Lendlease's Stratford Cross

105-109-oxford-street

105-109 Oxford Street

Aspida Capital, a family office specialising in investment and asset management, has completed the acquisition of 105-109 Oxford Street in <a href="https://completelyretail.co.uk/shops-to-rent/london">London</a> for £18.5m in partnership with another family office.



The property is let to retail tenants Flying Tiger and Harmony on long-term leases, and produces a passing rent of £1,075,000 per annum. Both tenants had their rents rebased and leases extended during the Covid pandemic, however the property still provides early lease events and asset management opportunities.



There is also a planned review for a minimum rent increase in 2025 to £1.25m, which is likely to be higher based on rental tone.



The previous owner of the property, Thor Equities, acquired the building in in 2015 for £42m. At that time, the asset had a combined income of £1,127,580 per annum. By 2019, the property had an estimated rental value of £1,638,700, with a market value of over £50m.



Antony Antoniou, managing director of Aspida Capital, said: “Oxford Street is reclaiming its crown as the UK’s top retail destination. What started with the Elizabeth Line drawing increased footfall is now being cemented with the £1bn investment in the flagship retail stores for international brands. This acquisition represents a very attractive investment opportunity, with excellent scope for both rental and underlying asset value growth, over the short to medium term.



“We are currently seeing a narrowing of the gap between vendor expectation and investor appetite in the real estate sector. This has been driven by increasing pressure from banks for returns on their investments and the ‘higher for longer’ interest rate mantra from both sides of the Atlantic, underlining that any swift change in the market is unlikely.



“The current market conditions are ideal for family office investors, who are cash rich and ready to deploy that capital in quality assets. We are actively looking at a number of commercial investment opportunities in the Capital and beyond.”



Aspida Capital was represented by Cyril Leonard, whilst the vendors were represented by Tydus.

Family office snaps up Oxford Street retail asset

meadowhall-3

meadowhall

The investment arm of Norges, the central bank of Norway, has acquired British Land's 50% stake in the <a href="https://completelyretail.co.uk/scheme/meadowhall-sheffield-3590">Meadowhall</a> shopping centre in <a href="https://completelyretail.co.uk/shops-to-rent/sheffield">Sheffield</a> for £360m.



The deal means Norges Bank Investment Management controls 100% of the scheme, and follows the sale of some ancillary land by its joint venture with British Land for £7m earlier this year.



Combined, the two transaction value Meadowhall at £734m, 3% above September 2023's book value.



British Land said the sale is in line with its strategy to focus on retail parks and reduce its exposure to covered shopping centres, and that the proceeds will be used for general corporate purposes including reinvestment into retail parks.



Under the terms of the transaction, British Land will remain as asset manager of Meadowhall.



Simon Carter, chief executive of British Land, said: “We have had a successful partnership with Norges over many years and are delighted to continue to work alongside them as asset managers of the centre.



Following the sale of Meadowhall, 93% of our portfolio is now in our preferred segments of retail parks, campuses and London urban logistics.



We will continue to grow our retail park portfolio; with low capex requirements parks offer attractive cash returns and at 99% occupancy we are delivering strong rental growth.”



Earlier this year, <a href="https://news.completelyretail.co.uk/mike-ashley-emerges-as-frontrunner-for-meadowhall-purchase/">it emerged that Mike Ashley's Frasers Group emerged as a frontrunner amongst a number of parties to purchase the scheme</a>.

Norges acquires British Land's 50% Meadowhall stake

the_liberty_romford-2

THE_LIBERTY_ROMFORD 2

Redical has announced the appointment of Cushman &amp; Wakefield and Green &amp; Partners to act on retail and food and beverage leasing at <a href="https://completelyretail.co.uk/scheme/the-liberty-romford-4874">The Liberty Romford</a>.



The new leasing team will look to help elevate and evolve the Romford scheme, which is home to 120 brands in total including Primark, H&amp;M, M&amp;S, Flannels, JD Sports, Footlocker, and Next.



<a href="https://news.completelyretail.co.uk/redical-appoints-directors-to-leeds-and-romford-schemes/">Alongside The Liberty's new leasing director Oliver Lloyd</a> and asset manager Daniel Tucker, Cushman &amp; Wakefield and Green &amp; Partners will work together to help drive the destination forward, with the latter leading on lease expiries and rent reviews.



Oliver Lloyd, leasing director at The Liberty Romford, said: “Under the new ownership of, and significant investment from, Redical, The Liberty Romford is undergoing an exciting transformation.  As the asset gathers place, it is imperative we have the right team on board to support our growth and develop our tenant mix. I am confident that the breadth of experience, industry reach and clear passion held by Cushman &amp; Wakefield and Green &amp; Partners makes for the perfect combination to elevate the destination and drive it forward.”



Adam Bindman, equity partner at Green &amp; Partners, said: “To be part of The Liberty Romford and Redical team is fantastic. They have a clear vision of where they want to take the destination and together with Cushman &amp; Wakefield, we are eager to play a pivotal role in the evolution of the shopping centre.”



James Merrett, partner at Cushman &amp; Wakefield, added: “It is always exciting to work on giving a new lease of life to a destination, but especially so for The Liberty Romford. Redical has a visionary plan for the centre and we look forward to propelling it into a new era as we work in collaboration with Green &amp; Partners, complementing their expertise with our own specialist and steadfast approach.”



The new leasing team will work with Montagu Evans' on-site property management team, which has recently undergone expansion under centre manager Tom Stobbard.

Redical appoints new leasing team to The Liberty Romford

mark-allan-landsec

mark allan landsec

Landsec has said it will focus on acquisitions for the remainder of the year, as the real estate investment trust (REIT) looks to invest funds it has accrued through disposals.



The REIT <a href="https://news.completelyretail.co.uk/landsec-offloads-617m-worth-of-retail-and-hotel-assets/">has completed £617m worth of non-core asset disposals since September</a>, including the sale of some retail centres and its entire hotel portfolio.



Following these sales, Landsec has now disposed of £3.1bn of the c.£4bn worth of assets it said it intended to sell over a six year period, following the launch of its strategy in late 2020. The group said it is aiming to recycle the proceeds of its hotels disposal into opportunities in major retail.



Landsec added that it would be making an accretive investment of c.£100m into its existing retail destinations over the next three years, and said it will continue to recycle capital where assets do not meet its return requirements or strategic focus.



Mark Allan, chief executive of Landsec, said: "Our continued operational outperformance, with rising occupancy and positive rental uplifts in retail and London, is driving robust like-for-like rental income growth and demonstrates the importance of owning and operating the best-in-class real estate. Around 80% of our portfolio is now invested in twelve places with significant scarcity value, where our competitive advantages in shaping and curating these places mean we expect like-for-like rents to continue to grow.



"Following a reset of values over the past two years driven by rising interest rates, the stabilisation in rates and evidence of continued rental growth is starting to attract increased investor interest for the best assets. Around 60% of our portfolio already showed stable values in the second half and overall yields were largely stable in the final quarter, pointing to a positive outlook for our overall return on equity.



"The quality and return prospects of our portfolio are further bolstered by our strong balance sheet. After a period of proactive capital recycling, most recently with over £600m of non-core assets sold in the past seven months, we have meaningful capacity to invest in high quality assets that add to our best-in-class portfolio at what we believe to be an attractive point in the cycle."



This comes as the REIT releases its final results for the 2024 financial year, a period which during it recorded EPRA (European Public Real Estate Association) earnings of £371m, down from £393m the previous year. During the year ending 31 March 2024, Landsec made a loss of £341m, up from a loss of £622m in 2023.

Landsec to switch focus to acquisitions

screenshot-2024-05-17-at-11-42-24

Screenshot 2024-05-17 at 11.42.24

A retail-led asset in Clevedon, Somerset, has been placed in the market with a price tag of £5.9m.



The Triangle Centre comprises a neighbourhood shopping centre made up of two retail parades with 11 units as well as a self-contained office on the first and second floor.



The scheme provides a total of 59,000 sq ft of accommodation across a 3.34-acre freehold site, and is supplemented by a car park with approximately 167 spaces.



The asset is anchored by B&amp;M with other retailers including Boots, Superdrug, Card Factory, and Bargain Booze, and has a weighted average unexpired lease term of 4.1 years to expiry and 3.9 years to break. The scheme produces a total passing rent of £597,775 per annum.



There are also a number of asset management opportunities following the granting of planning permission in 2022 for the redesign and extension of the scheme.



Clevedon is a commuter town located 12 miles south west of <a href="https://completelyretail.co.uk/shops-to-rent/bristol">Bristol</a> and 10 miles north of Weston-Super-Mare. It has a catchment population of almost 230,000 people living within a 20-minute drive.



Harvey Spack Field has been instructed to find a suitable purchaser.

South West retail asset handed £5.9m price tag

phase-eight-centremk-19

Phase Eight centremk 1[9]

Phase Eight is set to open an upsized store at <a href="https://completelyretail.co.uk/scheme/bluewater-dartford-3739">Bluewater</a> later this month, following 20 years of trading at the Kent scheme.



The fashion retailer's new store will span 2,499 sq ft, an increase in size of 336% compared to its previous unit at Bluewater.



Stocking a range of clothing, shoes, and accessories, the store will feature the retailer's new store concept, which has been rolled out in other locations since the brand opened at <a href="https://completelyretail.co.uk/scheme/westfield-london-shepherds-bush-3618">Westfield White City</a> in 2022.



Phase Eight began to expand its estate last year with 13 stores across the UK and Europe. It is also planning to open stores in places such <a href="https://completelyretail.co.uk/shops-to-rent/bury-st-edmunds?lat=52.24690409999999&amp;lng=0.7112514&amp;n=52.28032744156687&amp;s=52.21406895843313&amp;e=0.7698282415668667&amp;w=0.6675339584331332&amp;name=Bury%20St%20Edmunds">Bury St Edmunds</a>, <a href="https://completelyretail.co.uk/shops-to-rent/glasgow">Glasgow</a>, and <a href="https://completelyretail.co.uk/shops-to-rent/dublin">Dublin</a> later this year.



James Waugh, centre director of Bluewater, said: “Here at Bluewater, we are always striving to create the best possible guest experience, so we’re delighted to be welcoming back Phase Eight following its relocation to a larger space.



“Phase Eight is among our longest-standing brands, having traded at the centre for over 20 years, so we’re sure our guests will be delighted to be able to shop an even wider array of clothing in the new flagship store.”

Phase Eight to upsize at Bluewater

ma-cross-street-1-3

MA - Cross Street (1)

B&amp;M is set to open at <a href="https://completelyretail.co.uk/scheme/manchester-arndale-shopping-centre-manchester-3676">Manchester Arndale</a>, taking residency in high street rival Wilko's former unit at the scheme.



The discount retailer has signed a five-year lease for the 30,000 sq ft unit, which is set to open later this year at the <a href="https://completelyretail.co.uk/shops-to-rent/manchester">Manchester</a> scheme.



The store will offer a range of products including home goods, groceries, electronics, as well as seasonal items.



The arrival of B&amp;M at Manchester Arndale follows a flurry of leasing activity at the scheme over the last few months, <a href="https://news.completelyretail.co.uk/space-nk-joins-manchester-arndale-as-existing-tenants-renew/">including retail lettings to Space NK</a>, Dune, Moss, The North Face, and Sunglass Hut. Black Sheep Coffee, Krispy Kreme, and Lazy Sundae are also amongst recent additions.



M&amp;G Real Estate and Global Mutual act as joint asset managers of Manchester Arndale, whilst Metis Real Estate and Time Retail Partners are the centre’s retained letting agents, with Green &amp; Partners retained as lease advisory agents.



Steve Gray, head of European retail asset management at Global Mutual, said: “We’re delighted to welcome such a strong household name like B&amp;M to Manchester Arndale. We place great importance in having a truly mixed offer and its fantastic to be able to bring in a retailer that offers a wide array of products at accessible prices. From high-end fashion brands to discount retailers, its clear operators across the board have long-term confidence in the centre as Manchester Arndale continues to cement its reputation as the North West’s leading retail destination with a varied line up of exciting retail, F&amp;B and leisure.”

B&M snaps up former Manchester Arndale Wilko unit

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