THE STEEL SHOP LTD’s Post

It’s great to see our new contract win with centre:mk, one of the UK’s top retail destinations, making headlines in the industry press.   As part of this partnership, Bidvest Noonan will deliver a multi-service solution, including cleaning, security, and guest services to this iconic site. For over 40 years, centre:mk has been at the heart of Milton Keynes, offering more than 150 stores, a variety of restaurants and cafés, award-winning facilities, and convenient parking.   Read the full story here: https://lnkd.in/eWHQBqtx

The recent case of Aldi Foods Pty Ltd v Northcote Shopping Centre Pty Ltd [2024] VSC 799 has provided significant clarity on the application of rent review caps in Victorian retail leases. This decision is crucial for both tenants and landlords as it outlines the legal standing of such caps within lease agreements.   Joel Garrett (Senior Associate) discusses the decision in the article below.   https://lnkd.in/gm2E-UAS

Gail’s continue to push ahead with their expansion plans - now moving into transport hubs. My views in this Daily Mail piece, and full comment below: ‘Gail’s are a great British success story, and continue to motor ahead with their expansion plans across the UK; seeking new avenues for expansion given their increased presence on the high street. This is exemplified by their recent push into transport hubs; which makes eminent sense given the nature of their product – and I expect them to open in lots more transport hubs in London and beyond over the next couple of years. Gails’ products have proved very popular with a broad customer base seeking quality – the queues out the door of various branches illustrate this, and the potential scope for them to expand further. As they expand, they must be mindful of potential cannibalisation of sales of existing outlets – but so far, there is clearly a lot of demand and still limited supply. Opening up in new types of locations like transport hubs enables them to tap into a new customer base – and is a smart move.’ #gails #dailymail #retail #jdmretail https://lnkd.in/eabaQX8b

In the recent landmark case, Sainsbury's Supermarkets Ltd successfully navigated lease renewal negotiations despite facing obstacles from their landlord, Medley Assets Ltd, under the Landlord and Tenant Act 1954.   The crux of the dispute centred on the landlord's intention to undertake redevelopment works, invoking section 30(1) of the Act. However, Sainsbury's strategic move to vacate parts of the premises affected by the proposed works played a pivotal role in limiting the scope of the ‘holding’ for renewal purposes.   The judgment sheds light on the importance of genuine intention behind a landlord's redevelopment plans and the necessity for substantial works to satisfy legal grounds for termination at the point of lease renewal. Additionally, it highlights the significance of credible expert evidence in such legal proceedings.   As this legal area evolves and reforms, particularly with the Renters Reform Bill potentially bringing significant changes this autumn, the need to balance the rights and obligations of both landlords and tenants becomes increasingly crucial.

Tesco has announced a multi-million store refurbishment programme across more than 20 of its stores in Northern Ireland. Tesco #northernireland #supermarket #refurbishment https://lnkd.in/egp97ymm

Burlington Green Partners are delighted to bring to market a well secured & prominent freehold convenience retail parade investment in the desirable East Sussex town of Hove. 123-129 Portland Road, Hove, East Sussex BN3 5QY Investment Summary • Hove forms a key part of the Brighton & Hove conurbation on the south coast of England and is one of the fastest growing cities in the country. • Highly prominent trading location in a densely populated area. • 100% secured against the undoubted covenants of Sainsbury's Supermarkets Limited and Costa Coffee. • New 15-year FR&I lease to Sainsbury’s with fixed rent reviews of 2% per annum. • Total passing rent of £184,900 per annum. • Freehold. Offers sought in excess of £2,780,000 subject to contract and exclusive of VAT. A sale at this price reflects a net initial yield of 6.25%, assuming standard purchasing costs. Based on the fixed 2% per annum uplifts on the Sainsbury’s unit, a purchase at this level will show the following net running yield: Year 5: 6.65% Year 10: 7.21% This assumes nil rental growth on the Costa Coffee unit. Please get in touch with myself or Alex Green🎗️for further information. #retail #propertyinvestment #brighton #hove #convenience #Sainsburys #Costa #eastsussex #southcoast

Another way to provide a property service is finding suitable sites that can be used for supermarkets such as Lidl etcetera. I started to explore this route as I have a commercial building which I believe will be fit for some sort of commercial premises 🏪 However after digging 🐾 further it seems like it will be too small for a Lidl. So will be looking at other options for smaller shops. Thought I’d share the requirements though as it’s something to bear in mind for other opportunities, going forward ⏩ #sites #commercial #propertysourcing #land #trmproperty

Interesting read.

After 2.5 week travelling. The last plane wil bring me home. 2 days spend on Woolworths MORDC in Sydney. Our biggest Storepick solution sofar. The site is under construction. I was asked to perform a pre-service take over inspection. This means checking the system upfront to help our project team, discovering service related topics upfront. What wasn't visual in the 3D design, what we already reviewed. The system was impresive any every aspect; size, quantity of assets and also in installation. Also the evolution with the Adapto solution. What is making the system more flexible with a smaller footprint than the system in Melbourne. Looking forward to see the system going life. A small impression; https://lnkd.in/ecZTdZj3