This Week's London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
GPE has announced that fashion retailer Reserved has leased a new London flagship at 70/88 Oxford Street. Alongside Boom: Battle Bar, the deal takes GPE’s retail lettings to 96% let or under offer.
Reserved will occupy 19.6K SF over the ground and first floors. The store will stock the brand’s fashions for women, men and children and is set to open later in 2023. This will be Reserved’s second anchor store in London, following its UK debut on Oxford Street West in 2017.
Reserved will join Boom: Battle Bar, which occupies 15.6K SF and is due to open its competitive socialising escape room concept pre-Christmas, featuring adventure bar activities, including Bavarian axe throwing.
GPE recently announced that it has fully leased all of the above office space at 1 Newman Street, totalling 81K SF.
LEASING
Retail fashion giant H&M has revamped its Regent Street flagship to offer “a world-leading interior look and feel, as well as a host of new circular and customer services, including H&M Rental, Beauty Bar, one of Europe’s biggest generative artworks and an elevated fashion experience celebrating style”.
The rental area is a UK debut for the retailer, and H&M Rental offers both female and male customers the option to rent clothes, shoes, bags and accessories selected from special H&M collections and archive pieces in assorted sizes.
The company added that other sustainability features have been “built into the foundation” of the Regent Street store, which has seen new Uniqlo/Therapy and Gymshark flagships join the street’s lineup recently.
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King’s Cross has added four new retailers, bolstering its retail offer ahead of the Christmas shopping period, and relocated three existing retailers within the neighbourhood.
The new retailers include cycling concept VIA Bicycle Atelier, independent nail salon We Create LDN, hair removal service Sugaring London and premium watch company Kartel.
Existing King’s Cross retailers Longboys and Rains have moved to larger stores in Coal Drops Yard, and beauty brand Blomma Beauty has taken a different King’s Cross space.
REDEVELOPMENT
Native Land has received approval for the 300K SF redevelopment of the 1.7-acre former Debenhams department store site in Guildford, Surrey, into a new, sustainable destination, to be called St. Mary’s Wharf.
The riverside St. Mary’s Wharf will comprise 185 private and affordable homes, 21K SF of retail and restaurant space, and almost an acre of new public realm. The buildings will be all-electric and net-zero carbon in operation.
Guildford Borough Council took the decision to grant planning on 23 November, and the development will feature two new buildings, designed by architect Squire & Partners, to respond to the surrounding heritage of the area. Native Land has also committed £1M to riverside infrastructure spend, which could include the provision of a new footbridge for Guildford.
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Frasers Property UK’s first urban office development, The Rowe, Whitechapel, has launched, providing 162K SF of office space. The scheme also provides over 17K SF of outdoor terraces.
A redevelopment of the old London Metropolitan University’s School of Art, Architecture, and Design, The Rowe has added six floors to the existing building, with the extension reflecting the design of the original building plus a modern steel and concrete extension.
Designed by Allford Hall Monaghan Morris, The Rowe’s former educational interior has been transformed into a modern, open-plan workspace. The Rowe will run on 100% renewable electricity and will provide a 26% carbon emission reduction compared to a standard office building.
INVESTMENT
Earls Court Partnership Ltd has completed the purchase of Lillie Bridge Depot and associated land from TfL. This land is a key part of the emerging Earls Court masterplan site, and represents the completion of the masterplan land assembly.
Following the purchase, Lillie Bridge Depot has been leased back to TfL and will remain an operational site supporting the London Underground network.
Lillie Bridge Depot is a key later phase of the development, brought forward by The Earls Court Development Company, which started consultation in 2021. The acquisition of the 15-acre site brings the masterplan area up to 40 acres.
The emerging concepts for the area around Lillie Bridge Depot foresee the site being used to both support local housing needs and create a new London destination for food and maker spaces on the site.
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Specialist property lender Leumi UK has agreed a £30M loan to refinance Yate Retail Shopping Centre and adjacent Riverside Retail Park.
The centre and retail park are situated in Yate town centre, and tenants include Tesco, M&S, TK Maxx, Next, Superdrug, Pets at Home, Poundland, Total Fuels, Lloyds Bank, McDonald's and Home Bargains.
“This deal provides an excellent opportunity to work with an experienced asset manager in the retail sector,” Leumi UK Relationship Director Gez O'Sullivan said. "Yate Retail Shopping Centre has proved itself to be a pillar of the local community and a robust economic generator over the past two years."
PEOPLE MOVES
Aviva Investors has appointed David Hedalen as head of real assets research. Based in London, Hedalen will report to Melanie Collett, managing director, asset management, real assets.
He will be responsible for providing strategic research leadership across the full breadth of Aviva Investors’ £43B real assets platform, ensuring research continues to play a critical role in informing and shaping the firm’s investment decisions and delivery of its commercial strategy.
He joins Aviva Investors with over 15 years’ experience in UK and European real assets research, most recently spending 12 years at abrdn where he was head of UK and European investment strategy for real estate.
