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Peter Todd, Founder, Portus Retail

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Peter founded Portus Retail in 2016 with the aim of creating places that perform as retail destinations for shoppers with shopping environments that are adaptable to retailers in a rapidly changing market.

What are the main changes in the physical retail sector that you expect to define the market in the post-covid world?

The number of store closures and the consolidation of retail, F&B and leisure outlets are reshaping the look, feel and content of city centres and shopping centres. This is driven by more than store closure; it also reflects changes in consumer behaviour that require the physical retail sector to reinvent itself to remain relevant. The recently announced plans for revised and substantially reduced retail content to the development plans for Croydon Town Centre are an example of this. Town centre retail and shopping centres need to be or become mixed-use developments offering facilities that consumers want and will visit – offices, cultural attractions (more leisure), education facilities, community uses such as medical centres are all examples of the content that owners of retail locations will need to repurpose their centres to accommodate. In addition to this, the changing role of the physical store is a factor that will reshape centres; online sales growth is a permanent shift in the market and Covid has accelerated that. Physical stores need to offer customers both convenience and experience, this will mean store sizes will change and mainly reduce in size as they serve a role as both a point of sale, a showroom and in many instances click and collect for the fulfilment of an online sale once the customer has browsed the products! Smaller stock rooms, smaller store sizes will all require the owner and retailer to work on physical reconfiguration, potentially releasing space for alternative uses such as those mentioned. 

 

What have been the most significant changes to consumer behaviour that you have witnessed since the pandemic and Freedom Day? What is the key to addressing them?

There has been a strong customer return to physical shopping in recent weeks since the lifting of many of the Covid restrictions. This has been confirmed by the results of the major online retailers where the growth has stopped. In today’s FT Walmart reported disappointing online sales growth in Q2 and on the same day a surge in physical store sales from a strong back to school campaign in the US. There is a clear divide in the level of caution of consumers based largely on age, customers below 45 seem more confident in visiting physical retail locations, we have observed this at one of our larger centres – Docks Bruxsel in Belgium. We have also seen a very strong return to shopping with our footfall being substantially higher than during the same period of 2019, pre-pandemic. Unsurprisingly there has been a shift in consumption with more customers focussed on fashion, F&B and leisure than during the lockdowns as they purchase the items and experiences that were less available to them and less on home goods and electronics which had a boom during the pandemic. In my view, this increase in footfall for Docks is also because of consumer trends. CACI has recently released a consumer survey confirming post-pandemic trends, this identified an increased desire to support local retail centres, to visit retail destinations that were open-air, environmentally positive and offered multiple attractions with mixed-use, not just retail as well as an experience. Destination leisure, offices, event space significant F&B in an environmentally friendly environment are all characteristics of Docks. In the CACI report, they also confirmed the clear divide in intent to visit physical retail locations among younger customers and a shift favouring local high streets, shopping centres and away from large city centres.

 

Are there any concerns regarding managing future covid waves? 

Most retailers and owners have learned a great deal during the pandemic about how to operate and engage with customers to reassure them with healthy shopping environments and social distancing measures being well defined. That should put the shopping centre market in a good position to cope with further waves. The risk remains more to be the unknown, stringent lockdowns and enforced closures impact cash flow and that is the greatest remaining risk along with the challenge of repositioning retail environments as mentioned above. Additionally, there are locations that will not be able to carry out the repositioning either physically or because of economic viability. In my opinion, the economic costs and challenges of repositioning will be the greatest risk and challenge to retail centres.

 

What role do you think temporary retail solutions will play during the recovery?

Embracing temporary solutions will be essential to success for the owners of retail centres. One of the most exciting aspects of the post-pandemic market will be the emergence of new retail and leisure concepts and formats. Temporary lettings, pop-ups, trials of new concepts and those owners who can accommodate and incubate the new formats with temporary retail solutions will in my view be the more successful owners. We are seeking to keep available floor space in a “white box” format for exactly this as the new formats emerge and develop.

 

What does the future hold for Portus Retail?

I am very optimistic for the future, there shall be an unprecedented need for repositioning of retail real estate; this will at times be painful, difficult, and expensive. As I have mentioned not all centres will have a viable future. We have already seen some of the emerging consumer surveys and corporate results confirm a return to growth in physical store retailing. I am therefore positive about the prospects for the sector, provided that these is locations and centres that are successful in the repositioning mentioned. This will be a huge economic and management challenge with the need for very hands-on management of the retail environments. The changes to come will present an opportunity for owners and investors, provided they are focussed upon the key consumer trends in the sector and prepared to work extremely hard. In conclusion, I expect Portus Retail to be extremely busy working upon repositioning of retail environments.

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Amanda Holden puts her five bedroom Surrey home on the market for £5million

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Amanda Holden has put her Surrey mansion on the market for £5million after giving the luxurious property a showbiz makeover.

The Britain’s Got Talent judge, 51, is hoping to make a £1.5million profit having splashed out £3.5m on the five-bedroom home seven years ago.

The detached home boasts its own bar, huge 30ft by 27ft living room, stylish kitchen diner and a hot tub, where Amanda has posed for several bikini pictures she’s posted on her Instagram page.

Amanda Holden (pictured) has put one of her family homes on the market seven years after she bought it for £3.5million 

The star often posts pictures on Instagram of her beautiful home, which she has been given a fabulous renovation by the star

The star often posts pictures on Instagram of her beautiful home, which she has been given a fabulous renovation by the star

The huge open-plan living room also displays eye-catching artwork, including a giant painting of a female astronaut and a £30,000 drawing by the Connor Brothers of a sultry woman in a silver dress smoking a cigarette

 The huge open-plan living room also displays eye-catching artwork, including a giant painting of a female astronaut and a £30,000 drawing by the Connor Brothers of a sultry woman in a silver dress smoking a cigarette

A source said: ‘Amanda loves her family home and is really proud of the work she’s done on it.

‘She’s had a real hand in the makeover and has enjoyed seeing her ideas come to life.

‘It will be a sad day when she moves out but Amanda can take comfort in the number of memories she’s created there.’

Amanda lives in the property with record producer husband Chris Hughes and their two daughters Lexi, 16, and Hollie, 10. 

After buying the home in 2015, herself and Chris described the mansion as their ‘forever home’ and Amanda admitted ‘badgering’ its former owner to sell it to them for years until they finally relented.

The couple also own a holiday home in the Cotswolds, which they have been renovating over the past year.

Heart FM DJ Amanda has spoken of her love of interior design

Heart FM DJ Amanda has spoken of her love of interior design

Amanda recently added a glamorous outhouse to the Surrey property where another bar and the hot tub are located, set upon a large wooden decking area, close to a palm tree she planted in honour of Sir Captain Tom Moore.

The garden room also includes a log burner and comfy sofas, which Amanda says are perfect for a ‘sneaky afternoon disco nap.’

The Heart FM DJ renovated her bespoke Wilson Fink kitchen during lockdown, adding new cupboards and worktops, plus mirrored tiles on the walls.

She also has three disco ball-style lights, worth £850 each, hanging over her breakfast bar.

And her quirky taste is exemplified by pineapple-themed accessories dotted around the property, including dark navy and pineapple-print wallpaper and a £125 Graham and Green pineapple lamp.

The huge open-plan living room also displays eye-catching artwork, including a giant painting of a female astronaut and a £30,000 drawing by the Connor Brothers of a sultry woman in a silver dress smoking a cigarette under the caption ‘If you haven’t got anything nice to say come sit next to me.’

The mansion, which includes five bedrooms, three bathrooms and a study, is located behind two sets of private gates which lead onto a private road towards the house.

The driveway is big enough to hold several cars, which is convenient when Amanda hosts her showbiz parties.

Speaking about her home to House Beautiful, Amanda revealed it was important their Surrey property didn’t feel like ‘a show home’

She said: ‘We have two little girls and don’t want them feeling that they’re treading on eggshells.’

Amanda’s passion for interior design has led to her landing a new TV show with pal Alan Carr in which the pair be doing up a property in Italy.

The series will air on the BBC after she pitched the idea to the broadcaster.

Amanda admits herself and husband Chris have so many clothes, they turned a room into a walk-in wardrobe – inspired by her favourite TV show.

She says: ‘I’m a huge Sex And The City fan and Chris did a Mr Big and turned a whole room into my wardrobe.

‘Except, he didn’t leave a pair of Manolos at the end… but he arranged everything else. It’s something I’ve always dreamt of.

‘There’s a remote-controlled mirror that goes up and down and lights up – it’s amazing.’

The star has taken to Instagram and posted photos of her on dreamy summer evenings relaxing her garden which includes a hot tub set upon a large wooden decking area, close to a palm tree she planted in honour of Sir Captain Tom Moore

The star has taken to Instagram and posted photos of her on dreamy summer evenings relaxing her garden which includes a hot tub set upon a large wooden decking area, close to a palm tree she planted in honour of Sir Captain Tom Moore

Speaking about her efforts to lovingly renovate her home, house proud Amanda explained: 'I am house proud, but I've got two kids, two dogs and a cat, so it's a family house. Everything is washable and wipeable.'

Speaking about her efforts to lovingly renovate her home, house proud Amanda explained: ‘I am house proud, but I’ve got two kids, two dogs and a cat, so it’s a family house. Everything is washable and wipeable.’

The buyer lucky enough to be able to afford Amanda's sprawling home will be able to relax in this stunning stand alone bath

The buyer lucky enough to be able to afford Amanda’s sprawling home will be able to relax in this stunning stand alone bath

The en-suite bathroom is just off the master bedroom where Amanda has frequently posted enviable pictures on her socials

The en-suite bathroom is just off the master bedroom where Amanda has frequently posted enviable pictures on her socials

And the TV favourite also concedes she’s a clean freak, meaning every service on the ground floor can be wiped fresh.

Speaking to The Mirror, she explained: ‘I am house proud, but I’ve got two kids, two dogs and a cat, so it’s a family house. Everything is washable and wipeable.

‘It’s so open plan my littlest can cycle her bike around. ‘I don’t have carpets on the ground floor – and this is disgusting – but I was doing an interview a while ago and my puppy pooed on the floor during the chat.

‘But you don’t worry if you have wooden floors. Two words: wipe clean.’

Amanda, who designed a homeware range for shopping network QVC, is so into interior design she believes it could eventually become a day job – if she ever loses her looks.

She added: ‘I want this to be a legacy. When my face falls off and all the telly work dries up, this is actually where I want to be.’ 

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Russian TV host refuses to apologise for report on mock nuclear attack on Ireland

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The Russian state television host who broadcast a graphic of a simulated nuclear attack destroying Ireland has rejected a request from Taoiseach Micheál Martin to apologise for the programme.

In a follow-up report broadcast on state-owned television channel Russia-1 on Sunday night, television host Dmitry Kiselyov refused to apologise for the animated graphic broadcast earlier this month showing a nuclear strike off the Irish coast erasing Ireland and Britain from the map.

On Sunday’s programme, Kiselyov, a Kremlin supporter and state propagandist, described Ireland as “collateral damage” in a potential nuclear attack by Russia on the UK in any escalation of tensions between the countries over Russia’s war on Ukraine.

While distinguishing between Ireland, a neutral country, and the UK, Kiselyov repeated the assertion in the original report that “the whole British archipelago was basically a sinkable island” and that Russia has “every capability for such a nuclear retaliation”.

Referring to Irish political and public reaction to the original report broadcast at the start of this month, the Russian TV host said: “Ireland literally flew into a rage. Of course as a neutral country, it wasn’t nice for Ireland to become collateral damage in Britain’s clash with Russia.”

The news report, according to a translation tweeted by the BBC digital journalist Francis Scarr who monitors Russian state television, quoted the Taoiseach describing the Russian media report as “very sinister, intimidatory tactics by the Russian Federation”.

“I don’t think anyone’s going to be intimidated by it. I think it reflects a mindset that is worrying and not in touch with reality. I think there should be an apology forthcoming,” the Taoiseach was quoted as saying on the Russian programme against a photograph of Mr Martin.

Kiselyov said he completely agreed that an apology should be forthcoming but that it should come from British prime minister Boris Johnson, falsely claiming that the UK leader had made a “groundless threat to strike Russia” that had led to the original report and simulated attack.

“But we’re not intimidating anyone. Talking about capabilities has an anti-war modality. As they say, let’s not start. It will end badly. It’s better to live in peace,” said Kiselyov.

Fianna Fáil MEP for Ireland South Billy Kelleher said the Russian state-owned station still owed an apology to the Taoiseach and the Irish people over the report and mock attack.

He described the Russia presenter as “a mouthpiece” for Russian leader Vladimir Putin and that “anything said by him were effectively the official views from the Kremlin”.

“It shows how delusional their foreign policy is. It shows how removed they are from understanding what neutral countries are,” he said.

“It is indicative of Russia’s view of the world and how they believe they can obliterate a nation if they feel that is necessary to protect themselves even if there is no threat coming from Ireland.”

The reports on the Russian national broadcaster were “outrageous”, “completely unacceptable” and “indicative of the delusional state of the entire Putin regime,” he said.

“We simply cannot have what are official media outlets relaying huge threats to wipe Ireland off the face of the earth, a neutral country that has never once threatened Russia,” he said.

Labour Party foreign affairs spokesman Brendan Howlin TD described the host’s comments as “both delusional and menacing on a number of fronts”, including how the television station was conflating Ireland and Britain.

“Ireland is a neutral country but as the people of Ireland have very ably demonstrated in the last two months, we are not neutral in relation to the illegal and immoral assault on the people of Ukraine by Putin,” he said.

“We will not be intimidated by grandiose, farcical threats emanating from Russia. This is not a comic book; this is a painful reality for millions of Ukrainians.”



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Sirius Real Estate sells London business park for €18.8m (GB)

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Sirius Real Estate has agreed to the sale of an asset in Camberwell, London, for €18.8m (£16m), representing a NIY of circa 2%. The property formed part of the portfolio Sirius acquired in November 2021 with its purchase of BizSpace, the leading provider of regional light industrial, workshop, studio and out of town office units across the UK. The sale price represents a 94% premium to the valuation at the time of Sirius’ acquisition of BizSpace.

 

The multi-tenanted business park, which comprises approximately 34,700ft² of industrial and office space is 91% occupied following a series of asset management measures delivered through the BizSpace platform. The sale is expected to complete in July 2022.

 

Commenting on the transaction, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said: “This disposal is further proof of the latent value in the BizSpace portfolio we acquired late last year, the price being significantly ahead of last September’s valuation on which our purchase was based, and the attractive sale follows our recent announcement that we had since improved like-for-like rental income across the portfolio by 7.5%. The sale will allow us to invest in new opportunities for BizSpace in the UK as we continue to build our acquisition pipeline. Bringing together the Sirius and BizSpace platforms, with a strengthened management team at BizSpace, is already delivering strong results and operational synergies that will enhance our UK portfolio.”

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