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Edinburgh celebrates the opening of St James Quarter (GB)

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St James Quarter, the most significant transformation Edinburgh has seen in a generation – opened phase one today, with the launch of its 850,000ft² shopping galleria. The completion of the first phase of the 1.7m ft² scheme, developed by Nuveen Real Estate, creates a new retail-led, lifestyle district that fully integrates and enhances Edinburgh’s city centre – providing an inspiring, attractive, and vibrant destination. The €1.1bn (£1bn) development’s hospitality and residential elements are set to complete in further phases through to 2022. When fully complete, St James Quarter will be a destination like no other – bringing brands from global to local, and convenience to luxury. It features a shopping galleria with 80 retailers, an enticing mix of restaurants, a Bonnie & Wild food hall, Scotland’s first W Edinburgh Hotel, a boutique Everyman Cinema, a Roomzzz Aparthotel, residential apartments and 1600 car parking spaces.

 

Over 40 retailers welcomed the public through their doors on opening morning, many of which are debuting their brand in Scotland for the first time, including, & Other StoriesStradivariusBershka, and Pull&Bear. H&MMangoNext – including its Victoria Secret offering, Rituals Tommy Hilfiger,Peloton, Salerno, Nordic Outdoor and many more also welcomed their first visitors to their new stores. As part of the development plans, John Lewis opened their newly renovated store in May, boasting a range of new services and experiences. St James Quarter will also host several new concept stores including Zara, and Superdrug who have added a showcase Skinnydip stand for lifestyle and fashion accessories along with a Beauty Studio area for professional beauty treatments. Meanwhile, Breitling opened its first standalone boutique in Edinburgh, and The Body Shop will open their first Activist Workshop store in Scotland.LEGO has unveiled to shoppers a bespoke Edinburgh themed LEGO mosaic, while IOLLA will be introducing a new experiential showroom with an interactive try on the garden.

 

A number of brands will continue to join the line-up in the coming weeks including Bross Bagels, The Kooples and Aeronautica, the Scottish food hall by Bonnie & Wild will open next month and H beauty will open its doors to shoppers in the Autumn. Once complete, St James Quarter will help move Edinburgh further up the UK retail rankings from 13th to eighth through the quality and breadth of its offer.

 

Martin Perry, director of development for St James Quarter, commented: “This is a momentous occasion for the city of Edinburgh – and this is just the beginning. The brands and experience that we have welcomed today demonstrate our commitment to delivering a curated destination for the people of Edinburgh. We are now looking forward to continuing on our journey to deliver a truly mixed-use destination of the future as we welcome more brands, leisure, and our new neighbours. The impact of the pandemic has of course had a profound impact on UK retail. However, retail required a rethink long before the pandemic. The high street was already changing, which is why we have been continually working with our partners, retailers, and the city as whole to ensure that the St James Quarter continues to be enjoyed by generations to come. A new normal demands a new kind of retail destination, a development that can respond to an ever-changing situation, one that serves the needs of its community as well as overseas visitors. It is the reason we are focusing on creating a unique experience for our customers. There is something for everyone – which is why our occupiers are still focused on the long-term journey at St James Quarter. We believe in Edinburgh and we are excited to help lead the way as part of the city’s wider economic recovery. Throughout this pandemic, we have never questioned our investment in not just the St James Quarter but the city itself. We’re here to stay and we’re here to help.”

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Homes near Elizabeth Line see asking prices double in a decade

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Asking prices for properties for sale near stations on London‘s new Elizabeth Line have more than doubled in a decade, new research has revealed.

Many areas near stations on the capital’s new high-speed line were previously less well connected to key commuter hubs, such as Liverpool Street or Paddington stations.

But they have seen a surge in property asking prices amid new interest from homebuyers and tenants due to the better transport links that the Elizabeth Line provides.

REVEALED: The asking price hotspots around the new Elizabeth Line stations

REVEALED: The asking price hotspots around the new Elizabeth Line stations

Elizabeth Line hotspots: This two-bed flat in London's Windmill lane is o.2 miles from Maryland station and is for sale for £395,000 via Filtons estate agents

Elizabeth Line hotspots: This two-bed flat in London’s Windmill lane is o.2 miles from Maryland station and is for sale for £395,000 via Filtons estate agents

The new figures from Rightmove revealed the extent to which asking prices have risen in local areas around Maryland, Abbey Wood and Stratford stations.

Maryland Station in Newham, which provides an additional option for those commuting near well-connected Stratford, has seen the biggest jump in asking prices.

They have more than doubled compared to ten years ago, rising 108 per cent from £233,480 to £486,235.

This compares to the London average increase over the past ten years of 55 per cent.

About half a mile from Abbey Wood station is this two-bed flat for sale for £235,000 via Your Move estate agents

About half a mile from Abbey Wood station is this two-bed flat for sale for £235,000 via Your Move estate agents

Rightmove has identified the asking price hotspots around the new Elizabeth Line stations

Rightmove has identified the asking price hotspots around the new Elizabeth Line stations

Meanwhile, Rightmove revealed that total buyer demand has risen the most in western areas, while prices and competition has risen most in eastern areas.

Twyford, at the end of the western section of the line and the next stop along from Reading, has seen the biggest jump in the number of buyers contracting estate agents.

Numbers have more than tripled compared to 10 years ago, up 245 per cent.

Those looking to buy near Abbey Wood station, at the end of the South East section of the line, face the stiffest competition from other buyers.

Competition in that area has soared more than nine times and is up 869 per cent.

Rightmove has identified buyer demand hotspots around the new Elizabeth Line stations

Rightmove has identified buyer demand hotspots around the new Elizabeth Line stations

The increase in buyer competition compared to ten years ago around the new Elizabeth Line has been revealed

The increase in buyer competition compared to ten years ago around the new Elizabeth Line has been revealed

Near Custom House station: This two-bed house is for rent for £1,700 a month via Outlook lettings agents

Near Custom House station: This two-bed house is for rent for £1,700 a month via Outlook lettings agents

The rental hotspots along the new Elizabeth Line station have been revealed

The rental hotspots along the new Elizabeth Line station have been revealed

It is a similar story along the Elizabeth line for tenants as many look to balance their commute into London with where they can afford to rent.

Average rents in London have reached a new record of £2,195 a month, up 14 per cent compared to this time last year.

Southall has seen the biggest increase in the number of tenants contacting letting agents compared to ten years ago, more than quadrupling, up 372 per cent.

However, asking rents near Southall station are lower than nearby Hanwell or Ealing.

Asking rents have increased the most in western stations Slough, up 44 per cent, and Burnham, up 43 per cent, while those looking to rent near Custom House station face the most competition from other tenants.

Slough is among the asking rent hotspots along the new Elizabeth Line stations, with the average asking rent up 44 per cent during the past ten years

Slough is among the asking rent hotspots along the new Elizabeth Line stations, with the average asking rent up 44 per cent during the past ten years

One of the new stations built for the Elizabeth Line - Custom House - has seen competition increase 3270 per cent compared to ten years ago

One of the new stations built for the Elizabeth Line – Custom House – has seen competition increase 3270 per cent compared to ten years ago

Custom House, one of the new stations built for the Elizabeth Line and benefitting from significantly lower travel times into Central London, has seen competition increase by a staggering 33 times, up 3270 per cent compared to ten years ago.

Tim Bannister, of Rightmove, said: ‘As the Elizabeth Line opens, it does so with a backdrop of record rents in London, a rising cost of living and a shortage of available homes.

‘Areas further out from central London that have lower asking prices or rents, but are now more easily commutable will be attractive to new buyers and tenants in search of somewhere affordable to live near the capital.

‘Not only this, but new working from home patterns since the pandemic started two years ago will have many people weighing up whether they are prepared to commute from further away if they need to do so less often.’

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National Maternity Hospital decision is a welcome sign of the Government’s backbone

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The Government’s decision to proceed with the building of the new National Maternity Hospital is a welcome sign that the Taoiseach and his Ministers are willing to face up to the Opposition, the social media mob and assorted objectors on an issue of major national importance.

One of the weaknesses of the Coalition since it took office in June 2020 has been a tendency to run scared in the face of contrived outrage, usually fomented by a combination of Opposition politicians and vested interests, often mistakenly portrayed as representing public opinion.

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URW rolls out Westfield brand to three new destinations

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Unibail-Rodamco-Westfield (URW) unveiled plans to rebrand three flagship centres, rolling out the Westfield brand to Parquesur in Madrid, Taby Centrum in Stockholm, and Galeria Mokotow in Warsaw this fall. The rebranding continues the expansion of the Westfield brand in Europe as the company drives new revenues through media advertising and brand experiences, turning its huge footfall of 550 million visits across its European assets into a qualified audience, while also leveraging the Westfield brand’s significant value to retailers, who see over 20%2 higher sales at URW’s centres even when compared to other A-category malls.

 

The flagship destinations share a number of characteristics in addition to being among the most important retail centres in their respective markets: they are set in excellent locations with unrivalled transport options, have distinctive architectural and design features and a best-in-class approach in terms of customer experience, community engagement, and sustainability practices. To celebrate the launch of the Westfield brand at these assets, each destination will host festive consumer events which will be announced later this year.

 

Caroline Puechoultres, Chief Customer Officer of URW, said: “The rebranding of these centres continues our strategy to expand Westfield to Flagship European destinations in the wealthiest cities and catchment areas. The significant opportunity afforded to both retailers and brands by this increasingly digitally linked network of destinations is unparalleled – through Westfield our partners can reach tens of millions of European consumers, driving new possibilities in advertising, brand marketing and retail.”

 

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