Property

Selfridges’ new owners to redevelop Oxford Street space

Selfridges’ new owners, Central Group and Signa Holding, have announced that a redevelopment of the “underutilised” hotel, car park and mews at Selfridges Oxford Street is being assessed to create additional value. Several store transformation programmes and new developments are ongoing in multiple countries. Central Group said that store transformation…

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St James Quarter adds Cos and Neom to offering

St James Quarter, the 1.7 million sq ft retail-led lifestyle district in Edinburgh, has announced it has signed deals to lease a collective 8,084 sq ft to fashion and wellness brands Cos and Neom. Cos has picked the lifestyle quarter as the location for its new Scotland store, which will…

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Frasers Group offloads retail parks for £205m

Frasers Group has announced it has completed the sale of a number of retail parks for a headline price of £205m.  The group completed the disposal of a number of freehold and long leasehold retail parks held by its owned subsidiaries, to RI UK 1 Limited. Frasers Group intends to…

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Lush to further retail investment by £7.6m

Lush has revealed its plans for a retail investment increase of £7.6m, which is to be allocated to growing shops, relocations and redesigns across the UK, Ireland and Europe.   The news follows after the British cosmetics company agreed last week on a new 15-year lease on 98 Buchanan Street, in…

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West End landlords Shaftesbury and Capco agree £5bn merger

Capital and Counties Properties PLC (Capco) and Shaftesbury have announced they have reached an agreement for an all-share merger, valuing the combined group’s portfolio at £5bn with annualised gross income of approximately £165.5m. Under the terms of the agreement, the Capco Group will own 100% of the issued and to…

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John Lewis announces proposed locations for rental homes

The John Lewis Partnership has announced its first three locations where it proposes to build new rental homes.  The three proposed sites include building over Waitrose shops in Bromley and West Ealing in Greater London and replacing a vacant John Lewis warehouse in Mill Lane, Reading.  The three locations were…

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West End set for £80m injection over Jubilee weekend

The New West End Company, which represents 600 retail, restaurant, hotel and property owners across Bond Street, Oxford Street, Regent Street and Mayfair, said that it forecasts that sales over the Jubilee weekend (2-5 June) will hit £80m. The New West End Company, which represents 600 retail, restaurant, hotel and…

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Shaftesbury acquires £27.5m Soho leasehold

Shaftesbury has announced that it has acquired a 200 year ungeared leasehold interest in Soho for £27.5m, allowing the creation of 11 new units for new retailers and F&B concepts, all of which will be available from autumn 2022. Located on the lower floors of 92-104 Berwick Street, the portfolio…

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Landsec returns to profit amid retail recovery

Landsec has announced it has returned to profit in FY22 boosted by record office leasing and a return to growth in its major retail destinations. For the year ended 31 March 2022, Landsec delivered pre-tax profits of £875m up from a loss of £1.3bn the year prior. The group said…

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Shop owners to be forced to rent out empty premises

Shop owners in England could be forced to let out premises that have been vacant for over a year, under new plans from the government. The plans are set to be unveiled as part of the Levelling up and Regeneration Bill, expected to be unveiled in the Queen’s speech on…

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