Friday, May 24, 2024
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UK & Ireland

Destination Retail

Shopping centre and mixed-use developments across the UK and Ireland continue to drive an on-going recovery of the retail real estate sector in these markets. Over the coming pages, RLI will portray a wide and varied range of projects that highlight the very best that these intriguing markets have to offer consumers.

Reimagining an iconic city destination, developer HB Reavis is working on a new landmark for Waterloo, with its plans aiming to deliver around 1.3 million square feet of new work and retail space, supporting up to 11,000 new jobs at one of the best-connected sites in London. Elements of this new scheme include Waterloo Square, a new public space along York Road to provide multiple new routes into Waterloo Station and the Underground. Another is Victory Arch Square, a new public square outside the station’s main entrance at Victory Arch will enable step-free access from the South Bank to Waterloo Station and The Waterloo Curve, which is proposed for the currently unused space between Elizabeth House and The Sidings, the former Waterloo International Terminal. The new development would be lined with shops and cafés, helping connect from Victory Arch Square along to Leake Street. An opening date has not yet been established.

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Mayfield Quarter in Manchester is a pioneering new district that will provide opportunities for all with a beautiful park at its centre. Driving the change is developer The Mayfield Partnership – comprised of LandsecU+I, Manchester City Council, Transport for Greater Manchester and LCR – which formed in 2016 with a shared vision to create a thriving green district. Following its opening in September 2022, Mayfield Park has become a much-loved green space in Manchester city-centre, enjoyed by visitors of all ages. In total, Mayfield will provide over 2.3 million square feet GIA office space facilitating 13,000 new jobs, 1,500 homes, over 200,000sq ft of retail and leisure, a new 650-bed hotel and 13-acres of public realm, including Mayfield Park – the city’s first new park in over 100 years. The next phase of the first commercial buildings began construction late in 2023 and will include two office buildings and a transport hub.

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Uniquely located within a renowned London Square addressing Oxford Street, Harley Street and Regent Street this four-storey subterranean development will be a world-first wellbeing destination incorporating healthcare, retail and commercial space. Cavendish Square London by developer Reef Group is the world’s first mixed-use development specifically for the health and wellbeing industry. Set over four levels below the historic Cavendish Square Gardens, the scheme will total 280,000sq ft with floors of up to 80,000sq ft. Distinct entrances to Harley Street, Regent Street and Oxford Street, offer occupier and customer flexibility; one square, three addresses. Tenant hand over was scheduled for last year.

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Bankside Yards is a 1.4 million square feet redevelopment project by an international consortium comprising Native Land, Temasek, HPL and Amcorp Properties, located adjacent to the Thames in the London Borough of Southwark. It is bringing homes, offices, shops, hospitality, culture and open space to a previously inaccessible 5.5 acre site, around 14 historic railway arches. Arbor launched in February 2023 and is the first building to be completed at Bankside Yards, it is 223,000 sq ft of flexible workspace over 19 levels. Launching autumn 2024, Opus will be the first residential building to open at Bankside Yards. Standing at 50 storeys with unprecedented views, Opus will be the pinnacle of refined living in prime central London. It will offer 247 apartments of spacious and timeless design. Residences of Building 2 will benefit from access to an unrivalled array of amenities, both within the building itself and the Bankside Yards arches.

Due to open imminently in Manchester by developer Oak View Group in partnership with City Football Group, the Co-op Live is the largest indoor arena in Manchester with the largest maximum capacity of an indoor arena in the UK, even larger than the Manchester Arena (currently known as the AO Arena) which is less than two miles away. The arena will feature a capacity of 23,500 and include an innovative design feature such as a low ceiling and massive floor, its big yet intimate bowl brings fans closer to the artists. On-site there are 32 bars and restaurants and 12 lounges, meaning there is something for everyone. Cutting edge visual technology, exceptional acoustics and innovative sound bowl design mean the best show possible whether standing or seated, in a space designed to welcome the biggest and most exciting global artists.

It’s been in the works for a while, but 2024 is the year when the fruits of the labour on Vastint’s Aire Park development on the former Tetley Brewery site become apparent. A thriving three-hectare urban oasis is in the works, offering a mixture of 651 modern homes across three buildings, state-of-the-art office blocks, a hotel, shops and an array of leisure facilities, complete with a two hectare city park that will weave its way between the buildings, both new and old. The full site is set to be finished by 2032 and will include 1,400 modern homes and over one million square feet of mixed-use office, retail, leisure and commercial space. Anchored around an eight-acre public park with the refurbished Tetley at its heart, the development will be an ideal location for setting city centre living, with proximity to retail and financial quarters, The Calls and Leeds railway station.

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Currently scheduled to open this year after missing previous deadline, Paddington Square is the centrepiece of Paddington’s regeneration, a new working, shopping, dining and cultural quarter created by world-renowned architect Renzo Piano and Shard developer Sellar, in partnership with Hotel Properties Limited. At its heart is a light-filled crystalline building providing 14 floors of workspace incorporating wellbeing and sustainability features and smart technology, 80,000sq ft of shops and restaurants will serve the area’s 55,000 worker population, a projected 113.5 million commuters and an untapped affluent residential catchment. Seamlessly integrated with London’s Paddington Station, a landscaped public piazza with specially commissioned artworks forms part of a new and improved station arrival experience, whilst a new Bakerloo Line ticket hall directly below the offices, connects a contemporary mix of 40 shops and restaurants.

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Scotch Corner Designer Village is set to be the leading outlet and leisure destination in the north of England and it will serve an affluent shopper profile with a high volume of residents and tourists in a very accessible location in the UK’s number one tourist region outside London. Being developed by Scotch Corner Richmond LLP and set to open in autumn 2024, the scheme comprises 150,000sq ft of retail space and will feature 80 boutiques, restaurants and cafes in phase one. In addition, the site will be home to the UK’s largest Blue Diamond lifestyle, home and garden, which is already fully let and will encompass 160,000sq ft. The scheme is also a leisure destination with extensive landscaping, unique food offering, children’s and adult activities, restaurants and interactive experiences, dog walking and bike riding routes. The investment in Scotch Corner Designer Village is £100M for the first phase and will feature premium brands and restaurants including adidas, Hugo Boss, Skechers, Tommy Hilfiger, Calvin Klein, Joules, Dune London, Five Guys and wagamama.

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Developer Eldon Square Ltd and Newcastle City Council are proud to announce details of an enhanced Co-operation Agreement and game-changing planning submissions, which will accelerate and facilitate the delivery of a series of major new leasing deals, whilst offering significant benefits to the city centre and local community. These will optimise Eldon Square’s offering and expand the mix of brand partners beyond retail, food and beverage into an exciting future and will include over 200,000sq ft of new leisure and entertainment opportunities serving the city centre. Under development management by Pradera Lateral, the collaboration will also support Eldon Square in making a valuable contribution to the local community, environment and providing up to 500 new job opportunities. The new leasing deal secures a 61,000sq ft new NEXT department store for the next decade in the former Debenhams unit, opening in November 2024. Hot on the heels of the NEXT announcement comes Sephora, a huge global brand name opening its prestigious doors at Eldon Square later this year, in a new 6,600sq ft store.

St Michael’s is an exciting new landmark development at the heart of Manchester’s city centre that sets a new standard in quality and experience. With 186,000 sq ft of sustainable human-centred workspace, a 5 star international hotel, world-class dining and a vibrant public square, St Michael’s will capture the pioneering spirit of our remarkable city. It all starts this year with No. 1 St Michael’s which will feature nine stunning floors of people-centric workspace, complemented by world-class rooftop dining, stunning outdoor spaces and a proper British boozer/the renowned Manchester institution, Abercromby. The second phase of the scheme’s evolution will launch in 2027 and bring a new five-star hotel, complete with ultra-luxe spa, dining and leisure facilities – plus an exciting option to call St Michael’s home. The St Michael’s project is the shared dream of Relentless Developments, KKR and Salboy. Together, they will deliver a thriving business district for Manchester, offering the best office space in a sustainable building, that will support the health and wellbeing of its occupiers both now and into the future.

West Bar will be a prestigious new address in the heart of Sheffield City Centre – a place where people meet to do business and much more. The vision of joint developers Urbo and Peveril Securities is to make the public square at the heart of the scheme, West Bar Square, a vibrant, exciting, attractive, sustainable, new destination in Sheffield City Centre, attracting businesses, workers and visitors day and night. Delivery of the first phase at West Bar, funded by Legal & General, commenced in 2022. This will comprise No.1 West Bar Square – 100,000sq ft of office space together with 368 high quality build-to-rent apartments at Soho Yard. It will also include major public spaces West Bar Square and Soho Yard and a number of shops, cafes and restaurants at ground floor. This will all be completed by the end of 2024. It will be followed by a second office building at No.2 west Bar Square and a 450+ space multi-storey car park.

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Planning approval has been granted for Brookfield Riverside – a major mixed use new town centre, retail, leisure and housing development for the Borough of Broxbourne. The Borough of Broxbourne and Hertfordshire County Council, together with their development partners Sovereign Centros and Peveril Securities, have received planning approval for the €580M Brookfield Riverside development, part of the wider Brookfield masterplan including a new Garden Village, at Cheshunt, Hertfordshire. Seen as a significant future economic generator for the region, the new town centre and garden village will deliver the 335,000sq m mixed-use town centre development and 1,500 residential dwellings including 1,250 homes and 250 apartments, as well as parking for 2,000 vehicles. The development, which features architectural work from Lyons Sleeman Hoare, will also see improved road and junction infrastructure, with new cycling and pedestrian links to connect to Cheshunt and the works are expected to complete in 2025.

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With approval now secured, construction of the first phase of the Our Cultural Heart development in Huddersfield is set to get underway in spring 2024. Initial works will concentrate on the major refurbishments of the historic Queensgate Market, as well as the creation of a brand-new outdoor public square. An ambitious centrepiece for Huddersfield and the whole of Kirklees, Our Cultural Heart will breathe new life into the town centre. Bringing vibrancy into the area between Queensgate, Queen Street, King Street and Victoria Lane, this new hive of culture will deliver a surprising, inclusive and social destination for all. The first phase, which is set to open in Q4 2025 by Kirklees Council and contractor BAM, will incorporate a food hall, library and public square and outdoor room. The future phases, set to be completed between 2026 and 2030, will feature a museum and art gallery, entertainment venue and urban park.

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The Elephant and Castle Town Centre redevelopment is one of Central London’s largest regeneration projects. The town centre is being brought forward in three main phases. The first phase of development at Elephant and Castle opened in 2017 and is managed by Get Living. Elephant Central incorporates 374 homes for rent alongside 278 student studios, across three buildings. Retail and leisure within the first phase includes a supermarket, a gym, a nursery and independent retailers. The second phase is currently underway and focuses on the comprehensive redevelopment of the former Elephant and Castle shopping centre into a new town centre that will serve as the hub and focal point of the local community. With Multiplex now appointed, the second phase construction is targeted to complete in 2026. The third and final phase will be delivered on the existing London College of Communication, UAL site following their move into their new campus. This phase will provide a further 498 new homes (333 market rent, 49 affordable rent and 116 social rent) as well as retail space and a 500-person capacity cultural venue.

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Developer Landsec has unveiled plans to replace Glasgow’s vast Buchanan Galleries with an £850M mixed-use neighbourhood. Landsec has been working with the city council on the mammoth shopping centre rethink plan to create new city centre region with shops, offices and homes. Plans prioritise additional pedestrianised spaces and a better city centre experience for residents and visitors alike, to ultimately help Glasgow become a greener, safer and cleaner city. Subject to consultation and planning, the earliest date for the start of construction would be in the first half of 2024 with the first phase of the development set to reach practical completion in spring 2027 and the total development programme spanning over at least 10 years.

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Opened in Q2 last year by developer Quintain, The Crossings is a new and vibrant shopping and retail environment that serves the affluent and growing catchment and put The Crossings, Adamstown on the map in terms of modern retailing. The first phase of The Crossings has opened with further retailers opening on a phased basis during 2024 which will see 11,700sq m of retail space alongside 279 residential units. When fully complete, The Crossings will comprise 975 residential units, 18,000sq m of retail space and 3,500sq m of commercial uses to include a civic/library building, creche and enterprise centre. The Crossings has been designed to be a truly mixed-use community with a two-acre village green as the focal point for the area as a place to unwind and dine and to bring people together at events, artisan markets and family fun days.