Retail Property Analyst caught up with a number of key investors and developers at the annual Revo event, this year in Manchester, including some of the largest in the UK.
Several schemes are coming close to completion and here is what the developers exclusively revealed to RPA.
Islington Square, Neil Barber, Cain International “The first phase of the retail and residential will open at Easter 2019, followed by the second phase in September ready for Christmas. Third Space is taking around 50,000 sq ft for its leisure offer, while the Odeon is taking a boutique cinema. In all the scheme will total 170,000 sq ft, with around 100,000 sq ft dedicated to stores and F&B, with 35 units.
We are about 65% let, with Cos taking the store that leads off Upper Street across three floors and 9,000 sq ft. There is a shortage of retail in the area, which is very successful, with a shortage of larger units in particular.
The main thrust is to create all day leisure, which will also serve the 20,000 sq ft of commercial offices and the Maggie & Rose which anchors one end and dubs itself the 'Soho House for families'. There will also be a convenience offer with an optician, a pharmacy and other local services. The brands coming in are intending to adapt their offers in many cases, to do something a little different. And we're looking to bring in a pop-up food offer and are planning a permanent pop up space.
Lease lengths for the smaller units are around five years, with the larger leisure units at 15 years.”
St James’, Edinburgh, Martin Perry, TH Real Estate “I guess the obvious question is why are we developing a major scheme when others aren't. It continues to be part of an overall vision, which has remained the same since started this project in 2007. The intention was always to integrate the project and make it part of the city, at multiple levels. Some of those are physical, in the way it interacts with Edinburgh, but also in terms of the festivals and events that take place in the city.
We have been working with partnerships to see how we can support the cultural events and how we can bring companies and organisations together. So it's really about how we connect at an emotional level and our view that Edinburgh St James is the city, which will be reflected in aspects such as the wayfinding being the same through the shopping centre as it is in the city.
We'll take our partnering abroad as well, working with the airlnes and with tourist operators. The fact of the matter is overseas visitors are not coming to Edinburgh for the shopping, which is why the success of the city is so important to us, but we can do a lot of work to organise shopping days, translators, duty free and so on.
We will be looking to add two more events to the Edinburgh calendar as well, with one around music, using the reputation the W Hotel has gained in other parts of the world. So we'll be encouraging people to the city during some of the quieter times.
Leasing has just started, with John Lewis anchoring, along with a flagship Next and flagship Boots, plus the W hotel, Everyman cinema and Roomszzz”
