Universities Superannuation Scheme (USS) – one of the largest pension schemes in the UK – has signed three new food and beverage tenants to its roster. This will see a new Gail’s opening in Witney, a Five Guys in Bromborough, and a Greggs in Plymouth. These new openings indicate a persistent demand from the dining sector for premium trading locations across the UK.
Gail’s, known for its high-quality baked goods, will be opening a 3,200 sq ft store in the picturesque Oxfordshire town of Witney. The upmarket bakery chain will be a significant addition to the Woolgate Shopping Centre at the heart of Witney, supporting an already thriving high street in the town centre.
Five Guys, an American fast-food restaurant, has opened a new branch in Bromborough, bringing its first restaurant to the Wirral. Five Guys has signed a 15-year lease at the sought after Bromborough Retail & Leisure Park, taking the asset to fully let.
And finally, Greggs, the well-known British bakery chain, will be opening a store at the Marsh Mills Retail Park in Plymouth. Greggs has signed a 10-year lease for a 2,100 sq ft unit.
Each of these retail and leisure sites are owned by USS, which manages total assets of around £75.5bn (as at 31 March 2023) across a diverse portfolio for 528,000 members in the UK’s higher education sector.
Stephen Mahon, Director of Retail at JLL, which manages the assets on USS’s behalf, said: “These deals demonstrate the underlying quality of USS-owned assets across the property portfolio. All three locations are trading well, and the expansion of Gail’s, Greggs, and Five Guys reflects the fact that these sites are ideal for food and beverage tenants.”
