Property
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Jun- 2019 -6 June
TfL holds competition for £100k retail space for a year
Transport for London (TfL) has launched a new innovation competition, which challenges businesses to come up with an “innovative and technological concept” that will reimagine the use of physical space in retail and deliver a unique experience for customers who travel using the transport network. The competition offers the winner…
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4 June
Network Rail sees retail sales growth of 4.36% in 2018/19
Network Rail saw its retail sales grow 4.36% and like-for-like sales increase by 1.32% in the 2018/19 financial year – above the British Retail Consortium’s (BRC) figure of 0.05% for the whole of the retail sector in the same period. The transport company said its largest station retail offer –…
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May- 2019 -31 May
Monsoon landlords seek equity stake in exchange for CVA
The landlords of fashion retailer Monsoon Accessorize are reportedly seeking an equity stake in the company in exchange for the support of a CVA. According to Sky News, British Land, Hammerson, M&G Investments and Roubaix Group have written to the company’s owner Peter Simon, asking to negotiate improved terms. Simon…
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13 May
Shop vacancy rate rises to highest level in four years
The national town centre vacancy rate rose to 10.2% empty outlets, according to data from the BRC-Springboard Footfall and Vacancies Monitor. This is an increase on the previous quarter’s 9.9% rise and the highest vacancy rate seen since April 2015. In the four weeks from 31 March to 27 April,…
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7 May
Burberry to scrap new Leeds factory
Fashion label, Burberry has announced it is to scrap its plans for a major factory in Leeds as it looks to sell the land it was set to be built on. The brand will sell 10 acres of land located next to the Grade I listed Temple Works building, after…
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7 May
Debenhams to ask for 50% cut in business rates bills
Embattled department store Debenhams has reportedly planning to ask 30 local authorities to accept a 50% reduction in its business rates bill, as part of its proposed CVA. According to the Sunday Times, the department store’s creditors are set to vote on the proposal on Thursday (9 May). Small landlords…
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2 May
Increase in redeveloped units set to ‘reimagine’ retail
The number of units that were structurally changed or redeveloped (demolished, merged, split or converted for another use such as residential or logistics) increased by 32% in 2018 as landlords and place managers work to “reimagine requirements” for bricks-and-mortar retailing. A new report released by retail location insight business, Local…
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Apr- 2019 -29 April
Retail rents fall as pressure on sector continues
High street shop prime rents fell by 1% in the first quarter of the year, according to real estate company CBRE’s latest Prime Rent and Yield Monitor. This indicated an acceleration of the falls reported in Q3 (0.4%) and Q4 (0.4%) of 2018. Shopping centre prime rents fell 1.3% over…
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26 April
Debenhams to close 22 stores with 1,200 jobs at risk
Department store chain, Debenhams has announced it is to close 22 stores putting 1,200 jobs at risk. The closures come as part of a revival plan for the department store laid out by lenders including Barclays and Bank of Ireland. Terry Duddy, Debenhams executive chairman, said: “Debenhams has a clear…
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23 April
British Land to sell its 12 Sainsbury’s stores for £429m
British Land has announced the sale of 12 superstores from its joint venture with Sainsbury’s to the Realty Income Corporation for a price of £429m. The company said its share of the proceeds totals £193.5m representing a “modest premium” to September 2018 book value. The move is the latest example…
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