Landsec has acquired a 92% stake in Liverpool ONE, one of the UK’s leading retail and leisure destinations, for a total of £490 million. The deal was struck with a subsidiary of the Abu Dhabi Investment Authority (ADIA), which held a 69% share, and Grosvenor, which owned 23%. Of the total purchase price, £35 million due to ADIA has been deferred for two years. This acquisition aligns with Landsec’s strategy of focusing on major retail destinations. The company has recycled £464 million from non-core sales earlier this year to fund the purchase. With Liverpool ONE added to its portfolio, Landsec now owns and manages seven of the UK’s top 30 shopping centres. Opened in 2008, Liverpool ONE is a flagship destination offering a mix of retail, dining, and leisure experiences. Attracting an annual footfall of 22 million people, the centre has demonstrated strong performance, with retail sales rising by 5% in the past year. New leases have been signed at 10% above estimated rental values, while relettings and renewals are achieving 5% above previous rents. The centre maintains a robust occupancy rate of 96%. Landsec is set to assume full management of Liverpool ONE from Grosvenor in February 2025. Mark Allan, CEO of Landsec, commented:“The top 1% of the UK’s shopping destinations capture 30% of all in-store retail spend, which is why we’re seeing brands prioritise fewer but larger stores in the best locations. Liverpool ONE is a top-ten destination with an excellent return profile, and its addition strengthens our unique portfolio of seven top-30 centres in the UK. We’re excited to build on Liverpool ONE’s success with our operating platform and help drive its future growth.” James Raynor, CEO of Grosvenor Property UK, added:“Liverpool ONE is a phenomenal destination and a testament to what long-term investment and partnership can achieve. Over the past 25 years, it’s become one of the UK’s most successful retail and leisure hubs. Under Landsec’s unified ownership and management, we’re confident it will continue to thrive. “We plan to reinvest the proceeds into our core portfolio, including a 10-year investment programme in London and our residential debt business, which has already supported the delivery of 3,370 homes in two years.” In a statement last month, Landsec reiterated its confidence in the retail sector, citing “most attractive” returns in retail and its intention to further deploy capital into this space. This acquisition solidifies Landsec’s position as a major player in the UK’s retail landscape, with Liverpool ONE set to play a pivotal role in its growth strategy. Building, Design & Construction Magazine | The Choice of Industry Professionals

Frasers Group has officially opened the doors to its latest flagship Sports Direct store at Westfield White City, Shepherd’s Bush, further cementing its presence in the heart of London. This new 29,000 sq ft store, spread across two floors, follows the success of the brand’s first flagship on Oxford Street and promises an unparalleled shopping experience for sports and fitness enthusiasts. A Premium Sports Destination in West London Located within one of London’s premier shopping destinations, the new Sports Direct store offers an extensive range of fitness gear, performance wear, footwear, and sports equipment from some of the world’s top brands, including Nike, Adidas, Under Armour, Puma, and ASICS. Whether customers are seeking high-performance running shoes, outdoor adventure gear, or the latest in athleisure, this flagship store caters to every need. Exciting New Concepts for Fitness Lovers One of the standout features of the Westfield White City store is the introduction of Sports Direct’s Running Concept, alongside a newly-launched Outdoor Concept, designed to provide customers with everything they need for their specific sporting pursuits. The store is thoughtfully arranged into distinct sections dedicated to various sports categories, making it easier for customers to find exactly what they are looking for. Expanding the Sports Retail Experience In addition to its core offering, the store will feature brands from other Frasers Group-owned companies, including GAME and USC, providing a unique blend of sports, gaming, and fashion under one roof. This marks an exciting expansion for the Group, as it continues to diversify its portfolio and offer shoppers a broader selection of products. Michael Murray on the New Opening Michael Murray, Chief Executive Officer at Frasers Group, expressed excitement about the new store, saying: “As a leading global retailer in sports, Sports Direct is committed to providing customers with unparalleled access to the best brands and the best sports retail experience. We understand the importance of evolving to meet consumer needs – especially in a crucial market like London. With this opening, we’re building on the successful formula from our Oxford Street store, bringing another unmatched destination for sports enthusiasts.” What’s Next for Frasers Group? The opening of the Westfield White City store is part of Frasers Group’s wider strategy to expand its presence in London. Earlier this year, the Group secured two major leases at Westfield Shopping Centres. Following this store’s success, Sports Direct at Westfield Stratford is set to open its doors in Spring 2025, continuing Frasers Group’s mission to create sports retail destinations that stand out in the city’s competitive shopping landscape. Building, Design & Construction Magazine | The Choice of Industry Professionals

Marks & Spencer’s flagship store on Oxford Street is set for a transformative redevelopment, following approval from Deputy Prime Minister Angela Rayner. This decision paves the way for the creation of a modern retail and office space, marking a significant milestone in the revitalisation of one of London’s most iconic shopping streets. A Long Road to Approval M&S first submitted its redevelopment proposal for the Marble Arch site in March 2021, envisioning a flagship store complemented by a café, gym, and offices. While the plans initially received approval, they faced a setback in 2023 when then-Secretary of State Michael Gove rejected them. His concerns centred on the perceived harm to local heritage sites, including the neighbouring Selfridges store and nearby conservation areas. The recent green light from the government marks the end of a three-year struggle. Stuart Machin, CEO of M&S, expressed relief and optimism:“I am delighted that, after years of unnecessary delays and political posturing, our plans have finally been approved. This project is a chance to rejuvenate the UK’s premier shopping street, create 2,000 jobs, and set a global benchmark for sustainability.” A Vision for the Future The redevelopment promises to breathe new life into the Marble Arch site. Alongside a revamped M&S store, the plans include a café, fitness facilities, and modern office spaces designed to attract businesses to the heart of London. The new building will prioritise sustainability, aligning with the government’s ambitions to revitalise urban centres. It is also expected to act as a catalyst for rejuvenating Oxford Street, which has seen challenges in recent years due to the decline of traditional retail. A Step Towards Urban Revival The approval of M&S’s plans aligns with broader efforts to modernise UK cities and reinvigorate high streets. Machin’s comments reflected this sentiment:“We share the Government’s ambition to breathe life back into our cities and towns and are pleased to see they are serious about getting Britain building and growing.” Next Steps With approval in hand, M&S aims to move quickly on the project, signalling a commitment to delivering on its promise to enhance both the retail experience and urban environment at Marble Arch. The redevelopment of this flagship site stands as a symbol of resilience and reinvention for Oxford Street, offering a glimpse of a more dynamic and sustainable future for London’s most famous shopping destination. Building, Design & Construction Magazine | The Choice of Industry Professionals

Waitrose has made a significant comeback by opening its first new store in six years, located in Hampton Hill, south-west London. This latest addition marks the retailer’s 47th convenience store, as Waitrose shifts its focus towards smaller, community-based outlets. Convenience is Key The new Hampton Hill branch aligns with Waitrose’s strategy to concentrate on convenience stores, typically around 3,000 sq ft in size. The retailer has also announced plans to explore opportunities for larger convenience outlets, approximately double that size, to cater to evolving customer demands. Strengthening Strategic Partnerships The launch in Hampton Hill coincides with Waitrose’s ambitions to expand its collaborations with established partners, including Welcome Break and Shell. The retailer opened a store on the A14 in Spaldwick, Cambridgeshire, in November and is set to open another on the M1 in Rotherham, South Yorkshire, in January. A third location is planned for 2025, signalling the first new store openings with Welcome Break in over a decade. Having partnered with Welcome Break since 2009, Waitrose currently operates as Little Waitrose at 27 motorway service areas. The new store openings mark a revitalisation of this partnership, reflecting Waitrose’s commitment to offering premium food options to on-the-go customers. Waitrose’s presence at Shell forecourt shops has also surpassed the 100-store milestone, with further expansions planned for 2025. Customer Expectations on the Rise James Bailey, Executive Director at Waitrose, emphasised the growing customer demand for quality food in convenient locations:“The long-associated stereotypes of food at forecourts and service stations are becoming a thing of the past – expectations have moved on, and customers are rightfully demanding more. They want great tasting, quality food no matter where they are. Through new store openings and strategic partnerships, we will continue to evolve our shops to get better and better, whilst reaching new locations that help bring Waitrose’s great quality, service, and value closer to more customers.” A Bright Future for Waitrose With its renewed focus on convenience and strategic partnerships, Waitrose is positioning itself as a key player in the evolving landscape of on-the-go food retail. The opening in Hampton Hill represents not just a return to store expansion but a bold step towards meeting modern consumer needs. As the retailer grows its footprint, Waitrose is poised to redefine convenience shopping with its signature quality and service. Building, Design & Construction Magazine | The Choice of Industry Professionals

Marks & Spencer (M&S) has announced ambitious plans to open a cutting-edge, 60,000 sq ft store at the Copdock Interchange in Ipswich, subject to planning approval. This initiative reflects M&S’s commitment to bolstering its regional presence while continuing to serve customers at its established Westgate Street location. The proposed store will showcase the best of M&S, featuring a comprehensive range of food, clothing, and beauty products, as well as an 80-seater café. Beyond enhancing the shopping experience, the development is expected to create over 90 jobs, bringing significant economic benefits to the local community. With an anticipated opening in Summer 2027, the Copdock Interchange store is part of M&S’s broader investment strategy. Over the past three years, the retailer has allocated more than £60 million to developing and upgrading stores across the East of England, reaffirming its dedication to customer satisfaction and regional growth. This new store is set to elevate Ipswich’s retail landscape, offering a modern shopping destination and enriching the local economy. In addition to this exciting development, M&S is preparing to make its mark at the UK Real Estate Investment & Infrastructure Forum (UKREiiF) as a gold partner. This high-profile role will provide M&S with a prime platform to showcase its achievements and future plans. Engaging with an influential audience of over 16,000 developers, investors, local authorities, and decision-makers, M&S aims to solidify partnerships and drive further growth. Marks & Spencer’s continued investments reflect its commitment to innovation, sustainability, and strengthening its connections with communities across the UK. Building, Design & Construction Magazine | The Choice of Industry Professionals

Betfred, one of the UK’s leading bookmakers, has officially re-opened its Head Office in Warrington after a multimillion-pound investment, underscoring a new era of innovation, employee collaboration and commitment to the region. The plaque was officially unveiled on Friday 22 November, by Betfred boss Fred Done, and the Speaker of the House of Commons the Rt Hon Sir Lindsay Hoyle. Sir Lindsay Hoyle is also the President of the Rugby Football League. Betfred is the sport’s biggest supporter and the headline sponsor of the Betfred Super League and the Challenge Cup for the men’s, women’s, and wheelchair game. Betfred first moved into the Spectrum arena from their Salford base in 2004 and decided to embark on this hugely ambitious refurbishment project in September 2021.  The revamped 50,000-square-foot Spectrum building now stands as a vibrant workspace for over 450 Betfred employees. This modern transformation marks a departure from its roots as a former arena that famously hosted concerts by the likes of Status Quo, New Order and Atomic Kitten, and also hosted major snooker tournaments. Fred Done remarked, “Reopening our Spectrum HQ is a very proud moment for me and my family. We’ve come a long way since having one shop in Salford in 1967 and I’m delighted that because of our close association with Rugby League that Sir Lindsay Hoyle has kindly agreed to officially open the building.” Betfred CEO Joanne Whitaker added, “The reopening of the Spectrum marks a fresh chapter for us. This redesign is more than just a new look—it’s about building an inspiring, collaborative environment that reflects our bold ambitions. We’ve created a dynamic space where ideas can flourish, and our teams can come together. We’re excited about the possibilities this new headquarters will open up and are looking forward to the journey ahead. Although we are an international company, it was very important to us we remained in the Northwest and close to our roots.”  A highlight of the newly revamped headquarters is the state-of-the-art “Nifty 50” studio, the new home of Betfred’s own numbers game offering a top prize of £5 million, hosted live by two brand new presenters.  Another standout feature of the refurbishment is the “Immersion Tunnel,” a stadium-inspired space that is bold, high-tech, and designed to connect employees across the building. Spanning the tunnel is a striking, larger-than-life display showcasing Betfred’s sporting heritage and milestone moments. The tunnel delivers a powerful experience, bringing Betfred’s legacy very much to life. This ambitious refurbishment was project managed internally by Betfred’s Head of Asset Management Peter Buckles and Betfred’s Senior Project Manager Helen Haworth. Peter Buckles added, “The key to the project was understanding Betfred’s business requirements and that helped guide the delivery including elements which are unique to a betting business. With the support of the IT team, we also kept the data centre for over 1400 shops and our website still running during this major refurbishment. We are all very proud of what we have delivered for our colleagues.” The construction side of the redevelopment was supported by Domis Construction and their Managing Director Kingsley Thornton said, “It was fantastic to work on such a unique project and completely modernise and redevelop the Spectrum Arena to make an exciting headquarters for Betfred.” The interior design was completed by Jackson Downes, with their founder previously working with top brands such as JD Sports, Muse Developments and Accor Hotels.  Kate Jackson, founder and director of Jackson Downes, said, “Spectrum has always been a special building, so when tasked with redesigning this space for Betfred, we made it our mission to honour its rich history in the design. We’ve crafted a bespoke environment that not only meets Betfred’s unique needs but also motivates and supports the next generation of growth.”  Satellite offices around the world will compliment Betfred’s central hub, including bases in Manchester’s city centre, Media City in Salford, Gibraltar, the United States and South Africa. Building, Design & Construction Magazine | The Choice of Industry Professionals

British Land, a leading property investor and developer, has made significant strides in its strategy to focus on high-performing sectors, demonstrating robust operational and financial growth. The company’s strategic investments in retail parks and campus developments are delivering strong returns, underpinned by rising demand for cost-efficient and sustainable spaces. Key Achievements and Strategic Focus Simon Carter, Chief Executive of British Land, highlighted the company’s momentum: “Strong leasing levels, disciplined cost management, and focused investments have enabled us to grow profits and drive future growth despite a challenging environment. Our conviction in retail parks is paying off, with valuations and rental growth outperforming other subsectors.” Since April 2024, British Land has disposed of £456m of non-core assets and invested £711m into retail parks, increasing its portfolio exposure to this sector from 15% in 2021 to 32% today. These parks are benefiting from robust retailer demand for cost-effective out-of-town spaces to support online operations, driving both rental and valuation growth. Similarly, the company’s super-prime campus developments are capitalising on a severe shortfall of high-quality space, particularly in the City, where a 5 million sq ft gap is projected over the next four years. This imbalance is pushing strong rental growth at the premium end of the market. Financial Highlights British Land has reported a solid financial performance, including: The company raised £301m through an equity placing in October 2024, contributing to its ability to fund acquisitions and maintain liquidity, with £1.6bn in undrawn facilities and cash. Operational and Sustainability Milestones British Land’s operational achievements include leasing 1.7m sq ft of space at rents 8% ahead of estimated rental value (ERV). Retail and logistics spaces alone accounted for 759k sq ft of leases, reflecting the strong demand for modern, efficient spaces. Sustainability remains central to the company’s vision, with 64% of its portfolio now rated EPC A or B, an increase from 58% in FY24. The portfolio achieved a 5-star GRESB rating, with developments scoring a perfect 100/100. Outlook and Market Positioning Despite external challenges, including geopolitical risks and market volatility, British Land’s portfolio is well-positioned to navigate market cycles. The company expects 3-5% rental growth across its portfolio and forecasts FY25 underlying earnings per share of 28.1p, reflecting accretive acquisitions and sustained leasing success. Simon Carter concluded: “With continued strength in occupational markets and our strategic focus on conviction sectors, British Land is set to generate attractive returns while driving long-term value through disciplined investments and sustainable growth.” By leveraging its expertise in high-demand sectors, British Land is reaffirming its position as a leader in innovative and sustainable property development, ready to meet the evolving needs of tenants and investors alike. Building, Design & Construction Magazine | The Choice of Industry Professionals