Evolve Estates’ Post

Charterhouse Sells Grab & Go Retail At Milton Keynes Train Station:   Charterhouse Property Group is pleased to announce the sale of the ground floor retail at Station House, Milton Keynes.    Charterhouse Property Group acquired the parade in August 2019, recognising the potential let to grab-and-go F&B operators into several vacant and short-let units. The site comprised a parade of 10 retail units to either side of the main entrance of Milton Keynes train station.   Soon after, with the arrival of COVID-19, there followed a tough period for travel retail. However, the strength of the location meant that the asset management strategy survived the shock. During ownership, Charterhouse managed to regear all the existing major tenants (M&S, Costa, Subway) onto long leases. New leases with major tenants including Pret A Manger, Starbucks and Sainsbury’s (due to take occupation shortly) were entered into during the ownership.   Commenting on the deal Tom Hesp, Director, said:   “The macro environment has been pretty dire for the retail investment sector with the impact of COVID-19, interest rate rises, and the wider retail occupational market headwinds. However, the underlying quality of the location, driven by the c.8 million passengers that use the station annually, meant we were able to execute our asset management strategy, sell the asset at a modest positive return and outperform the sector. Whilst there are few fond memories of some of the more stressful moments of this deal, it demonstrates why a forensic focus on the strength of the location fundamentals on acquisition is so important. The property was uniquely positioned, surrounding the station entrance. The clear passenger data and the trajectory for passenger growth were vital in supporting our investment decision and our ability to attract retail tenants during our ownership.”   Charterhouse is seeking similar investment opportunities. So, if you have a proposition you would like to discuss please get in touch at mail@charterh.co.uk   #retail #grabandgo #transporthubanchored #propertyinvestment

CHARTERHOUSE’S SUPERMARKET SWEEP IN COVENTRY   Charterhouse Property Group is pleased to announce the acquisition of a former Sainsbury’s superstore on Austin Drive, Coventry   Charterhouse Property Group acquired the property which has been vacant since Sainsbury’s closed the premises in January 2023. The freehold site comprises a former superstore extending to c.72,000 sq ft GIA build on c. 3 acres. The asset adds to the self-storage store pipeline Charterhouse is promoting through the planning process and delivering. Once planning is granted for the proposed use, Charterhouse intendeds to select an operator for the site. In addition, there is potential for an EV charging hub adjacent. Commenting on the deal Tom Hesp, Director, said:   “Repurposing buildings and delivering new turn-key self-storage facilities is one of our key investment themes at present for Charterhouse Property Group. Occupational demand has remained resilient and the sector is increasingly attractive to institutional capital, where there are significant allocations to deploy capital in the market driving strong demand on exits.“   Charterhouse is seeking similar investment opportunities. So, if you have a proposition you would like to discuss please get in touch at mail@charterh.co.uk   #Coventry #SelfStorage #land #planning #EVcharging

There’s something deeply satisfying about overcoming the challenge of leasing the last small space in a shopping center to bring it to 100% leased. Last week, two assets reached full occupancy. Here’s the story behind each... Bastrop Retail - A 1,139 SF vacancy in shell condition had remained unleased since the building was constructed in 2016. I recommended ownership invest in building it out to a white box (a strategy that I rarely recommend - I can count the number of times I have on less than 1 hand). Six months later, we secured a fresh 10-year lease with a legacy Domino’s franchisee with over 102 locations. Shout out Charles Egele. Pflugerville Station - This space faced unique challenges—restrictions on restaurant parking and strict tenant exclusives along FM 685. Despite the hurdles, we found the right fit: a national franchised service-based user who aligned with the property and city’s requirements. These "small" wins aren’t always easy or always worth the time, but they are incredibly rewarding. It’s about solving puzzles and ensuring assets thrive. Here’s to more 100% leased milestones—and the lessons and relationships built along the way!

WINGSTOP UK (Lemon Pepper Holdings Ltd) 2025 Expansion: A Private Equity Perspective on the Opportunity.... Wingstop UK unveils ambitious 2025 expansion plans, targeting 20+ new UK sites. This follows a landmark year, cementing its position in the fast-casual dining sector, presenting compelling opportunities for private equity investment. Ten new dine-in restaurants are confirmed for Swansea, Newcastle, Lakeside, Streatham, and Leeds, plus a Brighton delivery kitchen. This hybrid approach caters to evolving consumer habits. Currently operating 57 sites with 2,500+ employees, the expansion will create hundreds of jobs. Wingstop's UK arrival in 2018 has been marked by consistent growth, culminating in 18 new locations in 2024, including a 160-cover flagship in Westfield Stratford City – the world's largest Wingstop. Sixth Street's £400m acquisition of Wingstop UK signals strong investor confidence. While co-founders retain minority stakes, Sixth Street's involvement fuels expansion. This highlights private equity's interest in high-growth QSR brands. "2024 was a landmark year for Wingstop UK," says CEO Chris Sherriff. "This year, we are poised for even greater growth, expanding into new regions and creating jobs. There is huge momentum, and we can’t wait to bring our flavours to more areas.” Sherriff emphasizes the company's commitment to employees and customers, highlighting the importance of brand culture. This expansion presents a compelling narrative for private equity seeking exposure to a high-growth, consumer-facing business. Wingstop's operational efficiency, brand recognition, and expansion plans position it for continued success in the UK fast-casual market. #privateequity #QSR #fastcasual #wingstop #restaurantinvestment #foodandbeverage #UKbusiness #expansionplans #investmentopportunities #consumerbrands

From The Business Journal - summarized: In the “Feeding Frenzy” for Restaurant and Retail Space, brokers are scrambling to secure new locations due to a shortage of available retail space. Here are the key points: Supply Crunch: Approximately 155 million square feet of retail space has been removed from the market in the last five years. New construction is shrinking, and 75% of new inventory enters the market preleased. High Demand: Restaurants, fitness centers, and entertainment concepts are booming. Despite pandemic closures, restaurants still account for nearly 1 in 5 retail leases. Broker Challenges: Brokers face frustration as brands seek new locations, but options are limited. The quick turnaround time to fill open shopping center space is the fastest in two decades. Feeding Frenzy: Brokers must broaden their searches and keep an eye on available and distressed properties to meet demand. The retail and restaurant landscape is evolving rapidly, and brokers are challenged navigating this competitive environment

Fort Kinnaird – Edinburgh’s leading retail park   Edinburgh’s leading retail and leisure park, Fort Kinnaird, continues to go from strength-to-strength.    Through its proactive asset management programme, it saw both footfall and retail sales increase over the last 12 months as shoppers flocked to experience its market-leading blend of retail and leisure. 160,000 sq ft of space has been recently leased via a combination of new lettings, renewals and regears, and there is a further 25,000 sq ft currently under offer. New retailers include MANGO, Holland & Barrett, Pandora, The Fragrance Shop and adidas, which opened its new ‘Pulse’ concept store on 28 June – its first in the UK. River Island upsized and opened its new store format and several other retail brands undertook store refits.  Fort Kinnaird also continued with its commitment to providing affordable space to the The Leith Collective CIC, a community interest company specialising in sustainable retail and supporting the local community, something which sits at the heart of the park’s ethos too.    There is an ongoing programme of investment confirmed to carry out upgrades to shop fronts and the public realm in the coming months and continued conversations with the most exciting local and national retail and leisure providers to ensure Fort Kinnaird stays at the front of the pack.    Sam Brown, British Land Asset Manager for Fort Kinnaird, said: “It’s been fantastic to see the success of Fort Kinnaird over the last 12 months, proving the concept of best-in-class, experience-led retail parks to drive retail sales performance and leasing demand. We’ve been working hard to drive this success and don’t plan on stopping now. Over the next six to 12 months, we have a number of exciting new opportunities due to come to fruition which we can’t wait to share with our retailers and customers alike.” Find available units at Fort Kinnaird: https://lnkd.in/euHSpRiV

Bestway Planning CVA To Shed Vacant Shops Bestway Group is reported to be preparing to launch a formal financial restructuring process for its Bargain Booze and Wine Rack chains. According to Sky News, the wholesaler has informed landlords about plans for a company voluntary arrangement (CVA) for its retail arm. Property sources said Bestway was seeking to exit dozens of leases on vacant shops within its estate. One said that about 35 that were not currently trading would be offloaded in full under the plan, while a further 10 sites would seek rent reductions from landlords. One real estate insider told Sky News that Bestway had been unable to exit the leases because of landlords’ unwillingness to negotiate over them. The CVA is expected to be launched before Christmas and overseen by PricewaterhouseCoopers. No jobs will be lost as a result of the restructuring. Much of Bestway’s retail arm is comprised of stores acquired from the wreckage of Conviviality’s collapse in 2018. NamNews Implications; * As clean a way as possible to achieve a workable reset * i.e. Otherwise paying rent on vacant shops becomes a continuous drain on profitability.. * and giving landlords an opportunity to continue collecting rent on open but low profit outlets * ....providing they accept lower rents * ..knowing the alternative is possible closure.. * Such is the pragmatism of trading in the current climate, Ms Chancellor #bargainBooze #Winerack

Wendy’s Expands in the South West with Savills’ Support Wendy’s South West expansion is underway as franchisee Khidmat Limited appoints Savills to spearhead site selection in the region. This marks a significant step for the American fast-food giant as it strengthens its UK presence. Savills is focusing on prime locations in Bath, Exeter, and Plymouth, chosen for their bustling footfall driven by tourists, students, and vibrant local economies. High-traffic sites under consideration include drive-through units, shopping centres, and retail parks, with a preferred size of approximately 2,500 sq ft. Khidmat Limited is the fifth UK franchisee to join Wendy’s ambitious growth journey, which aims to establish 400 restaurants across the country. A Global Icon with Local AmbitionsWendy’s, headquartered in Dublin, Ohio, has been a global fast-food powerhouse since its founding in 1969. Known for its signature made-to-order square hamburgers, the chain operates over 7,200 restaurants worldwide, with 1,200 outside the United States. The UK has become a key focus for the brand, evidenced by its recent opening at the Academy Business Park in Kirkby, Liverpool, marking its first standalone location in the area. Strategic Growth in the South WestJessica Hill, Surveyor in Restaurants and Leisure at Savills, expressed enthusiasm about the partnership:"Wendy’s has experienced phenomenal global growth in recent years, making substantial investments in local resources to strengthen its foothold for its ambitious expansion plans. https://lnkd.in/e4UW94Tc

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Our Retail Team analyse the case of Sainsbury's Supermarkets v Medley Assets Limited and explore why navigating lease renewals and redevelopment intentions can be challenging. https://ow.ly/Yxft50TwZb3 #landlordandtenantact #retail #propertylitigation