Asda is launching a £50m store upgrade programme designed to enhance the shopping experience for customers in its larger supermarkets and superstores. The programme, which commences at the Long Eaton store in Nottingham, will extend across 170 stores in total and is expected to complete by the end of November.
Shaftesbury Capital has reported “strong” retail and hospitality leasing demand across its London portfolio so far in 2024. From 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate. Highlights from the REIT’s portfolio include the expansion
In line with its strategy to focus on retail parks and reduce exposure to covered shopping centres, British Land has exchanged contracts for the sale of its 50% stake in Meadowhall Shopping Centre to its partner, Norges Bank Investment Management, for £360 million. Earlier this year, the joint venture also
A principal contractor has been appointed to develop a new retail and trade park within Wynyard Business Park, anchored by a Sainsbury’s superstore. Hebburn-based Castle will lead the scheme, developed by Northumberland Estates, which includes 52,000 sq ft of retail space and a 45,000 sq ft trade park at the
Superdrug is set to open 25 new stores in 2024, as the health and beauty retailer celebrates 60 years on British high streets. The retailer aims to enhance its customers’ physical shopping experience by opening “bigger and better” stores. This strategy has already seen Superdrug double the size of its
Asda has today unveiled plans for a transformational Mixed-Use Redevelopment of its ten-acre Park Royal site in North West London. The retailer has partnered with leading property Developer Barratt London on plans to redevelop the Brownfield site which is currently home to its Park Royal Superstore. The proposal, which is
The owners of Ocean Terminal have confirmed they have signed a deal which will bring a Tesco Express to the Leith waterfront development as part of multi-million pound plans to regenerate the site. The addition of the supermarket to the retail section of the redevelopment is expected to create up
Norway’s sovereign wealth fund, Norges, is poised to acquire a significant share in Meadowhall, a key shopping centre in Sheffield, enhancing its position in the UK retail sector. Norges is nearing a deal to buy out British Land’s 50% stake in the centre for around £363 million. This strategic acquisition
Stoke Gifford’s new Aldi store, situated on a newly developed mixed-use site at Fox Den Road (behind Sainsbury’s), is due to open on Thursday 13th June 2024. The tentative opening date for the supermarket is currently being advertised on a number of vinyl banners on display at the site. The
Real estate firm Redevco is embarking on a refurbishment project for its mixed-use building located at 376-384 Oxford Street, aiming to create a space that operates with net zero carbon emissions. Situated opposite Bond Street underground station, the building stands out as one of Oxford Street’s unique ‘island’ properties. Originally
Asda is launching a £50m store upgrade programme designed to enhance the shopping experience for customers in its larger supermarkets and superstores. The programme, which commences at the Long Eaton store in Nottingham, will extend across 170 stores in total and is expected to complete by the end of November. Asda announced that 50 of its larger stores will receive major upgrades, including the introduction of new in-store services and features. This will encompass brand-new George departments in select stores, as well as new foyers, seasonal aisles, food-to-go services, counters, and improved flooring and lighting. The remaining stores will undergo “refreshed exterior and interior decoration” to align with Asda’s recent brand identity launch, which includes an updated logo, typography, and colour palette. These stores will also benefit from new trolley bays, updated signage, improved toilet facilities, and exterior landscaping work. Over the coming months, upgrades will be carried out in Asda stores in Coventry, Altrincham, Dundee, and Charlton. The work will take place over a five-week period, with stores remaining open and “minimal disruption expected,” according to the retailer. Ian Brackenbury, Asda’s Senior Director of Construction and Implementation, commented: “We are always looking at ways in which we can improve the overall experience for our customers, and this programme is one of the many ways we are actively doing that. Starting with our supermarkets and superstores, this significant investment allows us to upgrade our stores by launching new and exciting services, whilst making significant improvements to the existing components of our established stores. This programme marks another exciting milestone moment for us on our journey and underpins our continued commitment to ensuring Asda is set up for long-term success.” The supermarket’s move to upgrade larger stores builds upon the significant investment made during its first quarter to convert all 470 convenience stores acquired from EG Group and the Co-op to Asda Express. This expansion has given Asda a total estate of more than 1,000 UK stores for the first time in its 59-year history. Since acquiring Asda in June 2021, the shareholders have invested more than £3.5bn to transform the business into a diversified retail group with a significant presence in the high-growth convenience and food service markets. Building, Design & Construction Magazine | The Choice of Industry Professionals
Shaftesbury Capital has reported “strong” retail and hospitality leasing demand across its London portfolio so far in 2024. From 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate. Highlights from the REIT’s portfolio include the expansion of Charlotte Tilbury to a new flagship store, following the success of its James Street location. Seven Dials has seen the addition of athleisure brand Alo at the entrance of Neal Street, while British wellness brand ELEMIS will open its debut London store on Monmouth Street, joining recent openings Odd Muse and Missoma. Footwear brand Axel Arigato is currently fitting out its flagship store on Earlham Street, marking its second location in Shaftesbury Capital’s portfolio. Additionally, Greek boutique hotel ERGON House will open in a newly refurbished heritage-listed building, anchoring King Street next year. The REIT has also enhanced its Soho estate, introducing hospitality concepts The Counter and The Little Violet Door to Kingly Street, joining Two Floors. Carnaby Street has welcomed global lifestyle brand PANGAIA for its first UK standalone store, while SanHao will debut a new restaurant in Chinatown, offering hand-pulled noodles and soups. Since the merger of Shaftesbury and Capco, Shaftesbury Capital has completed £212.6 million in asset disposals, with £82.9 million reinvested in target acquisitions. Ian Hawksworth, chief executive of Shaftesbury Capital, said: “It’s been a positive start to the year. Our West End estates are busy and vibrant with high footfall, customer sales growth, and increasing levels of international tourism. There is continued strong leasing demand across all uses, with 147 transactions completed in the period, at rents on average 7 per cent ahead of December 2023 ERV and an excellent leasing pipeline, reflecting the appeal of our exceptional portfolio. “We have completed £213 million of asset sales since the merger, at a premium to valuation, reinvesting over £80 million in target acquisitions. Backed by our strong balance sheet and talented team, Shaftesbury Capital is well-positioned to deliver growth in line with our medium-term targets as the leading central London mixed-use REIT.” Building, Design & Construction Magazine | The Choice of Industry Professionals
In line with its strategy to focus on retail parks and reduce exposure to covered shopping centres, British Land has exchanged contracts for the sale of its 50% stake in Meadowhall Shopping Centre to its partner, Norges Bank Investment Management, for £360 million. Earlier this year, the joint venture also sold some ancillary land for £7 million (British Land’s share). Together, these deals value the entire Meadowhall estate at £734 million, which is 3% above its September 2023 book value. After accounting for net debt of approximately £200 million, the expected proceeds are around £156 million. The impact on FY25 NTA per share is projected to be negligible, with an estimated FY25 EPS dilution of 0.6p prior to reinvestment. The transaction would reduce HY24 proportionally consolidated LTV by 2.7 percentage points. As part of the agreement, British Land will continue to serve as the asset manager for Meadowhall Shopping Centre, earning fees in line with current terms. The transaction is anticipated to complete in July 2024, with the proceeds being utilised for general corporate purposes, including reinvestment into retail parks. 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.” Building, Design & Construction Magazine | The Choice of Industry Professionals
A principal contractor has been appointed to develop a new retail and trade park within Wynyard Business Park, anchored by a Sainsbury’s superstore. Hebburn-based Castle will lead the scheme, developed by Northumberland Estates, which includes 52,000 sq ft of retail space and a 45,000 sq ft trade park at the Stockton site. The development will feature seven units, including the 46,000 sq ft superstore, alongside a Starbucks, Howdens, Screwfix, and Doves. Additional key retailers are anticipated to take space at the site. The broader Wynyard Business Park is home to over 60 businesses, employing around 5,000 people. The Sainsbury’s store alone is expected to create 124 jobs. Construction is set to begin this month, with the site fully operational by June 2025. Castle, headquartered in Hebburn, also has offices in Glasgow, Edinburgh, and Teesside. The business has secured a turnover of £65m for 2024. Managing Director Andrew Dawson said: “After a successful tender process, we have been appointed as principal contractor to deliver the facilities at the new retail and trade park. “The project will involve our teams in everything from initial enabling works, statutory services, earthworks, groundworks, frame and envelope through to partial MEP services and external services, including associated roads and car parks.” Craig Muldoon, divisional director, build, at Castle, added that sustainability will play a significant role throughout the works. “There will be substantial renewable energy measures, including EV charging points and a Battery Energy Storage System (BESS) to store energy from solar panels and release it when needed.” Peter Dalby, development manager at Northumberland Estates, said: “We are delighted to have obtained planning permission for the first phase of the Wynyard Retail and Trade Park. This is a key development for Northumberland Estates, which will provide consumer choice and promote economic growth in the region. As we move into the construction phase, we look forward to working with Castle to deliver the project to a high specification.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Superdrug is set to open 25 new stores in 2024, as the health and beauty retailer celebrates 60 years on British high streets. The retailer aims to enhance its customers’ physical shopping experience by opening “bigger and better” stores. This strategy has already seen Superdrug double the size of its Craigavon store in Northern Ireland earlier this year to 5,800 sq ft, as well as extend the size of its Lakeside Thurrock branch to 7,669 sq ft. In addition, Superdrug will open some of its largest-ever stores throughout the year, with upcoming openings planned at St David’s in Cardiff, Bluewater Shopping Centre, and Westfield Stratford City. The Cardiff store will be upsizing to 13,000 sq ft, whilst the Westfield Stratford City store – opening this summer – will double in size to 9,892 sq ft. Besides opening new stores, Superdrug will be extending seven existing stores and retrofitting 60 over the course of the year. The retailer’s estate will be modernised through the introduction of new shop fronts, recyclable signage, improved floor and ceiling tiles, energy-efficient lighting, new floor layouts, and upgraded fascia and internal signage. Nigel Duxbury, Superdrug’s Property Director, said: “We’ve changed a lot in the 60 years since the first Superdrug store opened on Putney high street, but we remain as committed as ever to providing a seamless shopping experience for our customers, offering the very best in accessible health and beauty. This investment into bricks-and-mortar means we can grow our footprint in key locations and highlights our ongoing commitment to high streets and retail shopping destinations, which are an integral part of local communities and the economy. “2024 will see some of the largest ever Superdrug stores open their doors, which is something we are really excited about, as these larger retail units give us the space to be able to offer new and exciting services and even more of the latest health and beauty products.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Asda has today unveiled plans for a transformational Mixed-Use Redevelopment of its ten-acre Park Royal site in North West London. The retailer has partnered with leading property Developer Barratt London on plans to redevelop the Brownfield site which is currently home to its Park Royal Superstore. The proposal, which is subject to planning approval, includes creating a new town centre for the local community, at the heart of the Old Oak and Park Royal Development Corporation major regeneration area. It will feature a brand-new 60,000 sq. ft flagship Asda Superstore and up to 400 car parking spaces for customers. In addition, up to c.1500 new homes are planned, c.500 of these will be provided as affordable. A large number of the apartments will utilise a landscaped podium above the new Asda. The majority of the homes will provide high quality dual aspect accommodation. Sustainability will be at the heart of this new site – with the scheme providing significant biodiversity and ecology net gains. The use of public transport will be encouraged at the proposed car free residential development, while the Asda car park will benefit from new EV parking spaces. This Mixed-Use Redevelopment of an established store site is a first for Asda and represents one of the largest land deals of the last couple of years. The plans would also enable complementary businesses associated with a new town centre to open new retail units, restaurants, health and wellness facilities, and high-quality public realm space. Plans would allow for Asda’s existing Park Royal Superstore to remain fully open and continue to serve the local community whilst work was carried out on the new store development. Ian Lawrence, Head of Mixed-Use Developments at Asda, said: “Asda’s venture into Mixed-Use Property re-development marks a significant milestone for the Business. By working with leading developers like Barratt London, we are able to maximise the full potential of our property portfolio for the first time.” “This allows us the opportunity to better serve local communities like Park Royal, with a new flagship store fit for the future, whilst creating windfall sites for Housing delivery. We are also unlocking further opportunities to release value from our extensive property portfolio, which can be reinvested back into the business to fund other initiatives and support our long-term growth ambition to become the UK’s second largest supermarket chain.” Work on the planning application for this ambitious redevelopment deal is already underway and will be submitted later this year to the relevant bodies. Craig Carson, Managing Director of Barratt West London, comments: “We are proud to be partnering with Asda on their first mixed-use development. At Barratt London, we have a strong track record in both rejuvenating brownfield sites and delivering new homes in the Borough of Ealing, so it’s a partnership and site that makes perfect sense for us. This transaction is a sign that there is still land to be unlocked in the capital and reflects one of the markets largest land transactions since 2019. The redevelopment of Park Royal will have a huge impact on the area, with the new town centre unlocking new commercial opportunities for local businesses and providing a new hub for the local community. While the proposed delivery of 1,500 new homes will play a vital part in the Old Oak and Park Royal regeneration plans and will help to unlock much needed new and affordable homes in Ealing.” Newsteer Real Estate, who have worked with other major retailers on similar redevelopment deals in the past, are acting as advisors to Asda throughout the process. Ross Bettridge, Director at Newsteer, said: “Retailers such as Asda at Park Royal provide great opportunities to utilise brownfield sites and deliver much needed housing for people living in the capital. At Newsteer, we are actively advising on similar opportunities with the potential to deliver c.12,000 homes. The key to unlocking these sites is about protecting and enhancing the retail offer while balancing the viability.” Asda recently announced it has now opened 479 Asda Express stores, as part of its rapid convenience expansion, enabling the retailer to reach the landmark of 1,000 UK sites for the first time in its 59-year history. The retailer is on track to have 500 Asda Express stores by the end of this year as new ‘standalone’ sites open throughout the UK as part of its ongoing growth ambition Building, Design & Construction Magazine | The Choice of Industry Professionals
The owners of Ocean Terminal have confirmed they have signed a deal which will bring a Tesco Express to the Leith waterfront development as part of multi-million pound plans to regenerate the site. The addition of the supermarket to the retail section of the redevelopment is expected to create up to 20 jobs as part of a major investment in Leith’s waterfront. The 4,700 sq ft ground floor unit will look out over a new public realm and future residential development. The announcement is the latest in a chain of positive developments on the site, including the relocation and upgrade of the 24/7 PureGym to a brand new unit earlier this month. Last year Ocean Terminal revealed it had agreed a long-term lease with Level X, the gaming and immersive entertainment provider, which will see a new purpose-built, state-of-the-art leisure venue open at the centre adjacent to a brand new Club 3000 Bingo venue which promises to be one of the best clubs ever developed in the UK, enhancing the leisure offering at the new look centre. Chris Richardson, Managing Director of Ambassador Investment Management, the Scottish owners of Ocean Terminal, said: “We are delighted to confirm a fifteen-year lease with Tesco which will bring significant benefits to the Leith waterfront development, cementing our commitment to ensure this project delivers for the local and wider community. “The addition of a new major retailer is a huge boost to the project and our longer term vision to to regenerate this waterfront area into a thriving, sustainable development creating an outward-looking, mixed-use town centre here in Leith. “We’re thrilled to have Tesco fully on board, which further enhances the multi-use, dynamic offering within the leisure space at the Ocean Terminal site.” Head of Campaigns for Tesco, Tony McElroy added: “We are excited to be opening a new Tesco Express in Ocean Terminal, as part of our ongoing investment and job creation plans across Edinburgh. We look forward to serving our customers and supporting local community groups through our Stronger Starts and Community Food Connection initiatives.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Norway’s sovereign wealth fund, Norges, is poised to acquire a significant share in Meadowhall, a key shopping centre in Sheffield, enhancing its position in the UK retail sector. Norges is nearing a deal to buy out British Land’s 50% stake in the centre for around £363 million. This strategic acquisition would place the total valuation of Meadowhall at approximately £725 million and is expected to yield a return of 7-8%. The move is seen as a strong indication of Norges’ confidence in the resilience and future profitability of top-tier retail locations across the UK. The discussions, which are in their final stages, were triggered by British Land’s decision last September to sell its share. Although a partnership continuation with British Land seems the most likely outcome, Norges is also considering other potential buyers. Under the proposed terms of the deal, British Land would maintain its role in managing the daily operations at Meadowhall, under the leadership of CEO Simon Carter. The shopping centre is home to a host of major retailers including Marks & Spencer, Zara, and Primark, adding to its appeal. This isn’t Norges’ first venture in UK property; its portfolio includes substantial stakes in London’s West End, notably a 25% interest in Regent Street managed by The Crown Estate, and a 23.5% ownership in Covent Garden through Shaftesbury Capital. Furthermore, it shares ownership of the West One shopping centre with British Land. Meadowhall has a storied history, developed on the site of a former steelworks by Yorkshire entrepreneurs Eddie Healey and Paul Sykes, and was sold to British Land in 1999 for £1.2 billion. Despite the challenges faced by the UK retail sector due to the rise of e-commerce and high business rates, Norges’ latest investment is seen as a testament to the enduring appeal of prime retail spaces. Building, Design & Construction Magazine | The Choice of Industry Professionals
Stoke Gifford’s new Aldi store, situated on a newly developed mixed-use site at Fox Den Road (behind Sainsbury’s), is due to open on Thursday 13th June 2024. The tentative opening date for the supermarket is currently being advertised on a number of vinyl banners on display at the site. The Stoke Gifford store is one of 35 that Aldi plans to open across the UK this year. Jonathan Neale, managing director of national real estate at Aldi UK, said: “After attracting more new customers than any other supermarket in the last 12 months*, we’re more determined than ever to expand our presence across the country.” “We want to make high-quality food accessible to all, and shoppers know they’ll always get more for their money when shopping at Aldi.” A Costa drive-through became the first unit on the site to begin trading when it opened its doors in early April. Other businesses on the development that will be opening soon are a Premier Inn and a Beefeater restaurant. The hotel is already being marketed – as the ‘Premier Inn Bristol Parkway (M32)’ – although at the time of writing bookings are not yet open. Signage at the site suggests that the Beefeater restaurant will be known as ‘The Gifford’, although the venue is yet to be listed on the firm’s website. Numerous job vacancies at Aldi, Premier Inn and Beefeater are currently being advertised. Links to the relevant recruitment websites may be found on the Jobs page of the Stoke Gifford Journal website. No opening dates for the hotel and restaurant have been released by the owning company, Whitbread, however it is noted that recruitment adverts are headed: “Starting 23rd May 2024“. Elsewhere on the site, a row of electric vehicle charging points has been installed, with ten associated parking bays, although these are not yet in use at the time of writing. Vehicular access to the development is via a single entrance/exit point on the access road into Sainsbury’s. There are five pedestrian access points, the main one being off Great Stoke Way, close to the roundabout near Aviva. Planning permission for the mixed-use development at Fox Den Road was granted in April 2021 and preparatory work, including the felling of trees around the 4-acre site, took place in January 2022. Beard Construction was responsible for the construction of the complex on behalf of the developer, Baylis Estates. A statement on the Baylis Estates websites describes the development as having been “completed in Q1 2024”, adding that it has been “forward sold”. Building, Design & Construction Magazine | The Choice of Industry Professionals
Real estate firm Redevco is embarking on a refurbishment project for its mixed-use building located at 376-384 Oxford Street, aiming to create a space that operates with net zero carbon emissions. Situated opposite Bond Street underground station, the building stands out as one of Oxford Street’s unique ‘island’ properties. Originally constructed in the 1950s, it has previously housed retailers such as C&A and, more recently, Gap. Currently, the fourth, fifth, and sixth floors are leased out as office space. Under Redevco’s plans, the second and third floors will undergo conversion into office space, while retail areas will be retained on the basement, ground, and first floors. The new retail store will maintain its existing triple-height frontage, ensuring a prominent presence on Oxford Street. The renovated offices will incorporate advanced features such as air quality sensors, technology-driven waste management systems, and a new building management system, all aligned with Net Zero targets. Redevco aims for a Well Platinum rating for all office floors in the building, demonstrating its commitment to sustainability. Chris Baker, UK portfolio director for Redevco, expressed enthusiasm for the project, highlighting Oxford Street’s significance for such an investment. He emphasized the project’s role in revitalizing a building with a rich history spanning over 70 years. Collaboration with existing occupiers, neighbors, and local stakeholders has been integral to minimizing disruptions and maximizing positive impact on the West End area. Faithdean has been appointed as the principal contractor, with TFT serving as the project manager. The refurbishment project is expected to be completed by 2025, aligning with Redevco’s mission to create more livable and sustainable cities. Building, Design & Construction Magazine | The Choice of Industry Professionals
