Rising demand for retail property gives “renewed optimism” to UK high streets

A rising demand for retail property to be used for leisure and hospitality businesses has given “renewed optimism” for some UK high streets and shopping districts, according to industry experts. The pressure from lockdown measures saw vacancy rates across shopping destinations hit record highs in the second quarter of 2021, with just over 14% of high street store locations remaining empty during the quarter. Shopping centres fared even worse, with vacancy levels sitting just under 20%. Vacancy rates began to level out in the third quarter however, following a surge…

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Melbourne’s Jam Factory to be transformed into £800M mixed-use precinct

The 18,000sqm site is to be transformed from a solely commercial setting to a high-end luxury mixed-use development. The development group includes Newmark Capital, GURNER and Qualitas along with lead architects Bates Smart, Townshend Landscape Architects and Leonard Design Architects. The aspirational plans look to convert the site to a mixed-use precinct, spanning retail and entertainment, office and residential towers, an ultra-luxury hotel and a new public realm. The proposed scheme includes: A new public civic space in the form of a 1,700sqm, two-level plaza and amphitheatre Four luxury residential towers totalling over 400 ultra-luxury residences A 5-star hotel…

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Selfridges to open two new London dining destinations

Selfridges is set to launch a new dining destination on the fourth floor of the Oxford Street store, welcoming Din Tai Fung and Pizza Pilgrims to its collection of restaurants. According to the retailer, Pizza Pilgrims will be the first to launch on 9 December, bringing its ten-year experience to a new sustainable 108-cover concept, with locally sourced ingredients and a menu of more than 40% Selfridges exclusives. All pizza dough will be made with only regenerative UK wheat in collaboration with Wild Farmed, while further locally sourced ingredients will include Fior di…

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