Store wars is threatening to break out over a developers expansion plans.

A retail centre owner is objecting to a rivals multi-million pound plan to expand the Silverlink complex, claiming the scheme puts North Tynesides regeneration at risk.

Property giant The Crown Estate has submitted a planning application to extend the Silverlink Shopping Park, potentially creating 50 new construction jobs.

The application details how the former Travelodge site opposite the park will be converted into a retail area, with 102,000sqft of space split into four units, the largest of which would be earmarked for a flagship Next Home and Garden store.

And a specific proposal in the application which has been welcomed by North Tyneside mayor Norma Redfearn would see The Crown Estate work with the council to deliver two training packages, creating almost 50 new construction jobs for local young people.

Now, however, NewRiver Retail owners of Wallsends Forum Shopping Centre and The Beacon Centre in North Shields has offered a stark warning that the regeneration of North Tynesides town centres will be put at risk if the Silverlink complex plans are approved.

NewRiver Retail said experts GL Hearn are predicting an annual loss of 1.1m and 3.5m in trade in Wallsend and North Shields respectively, should the plans be allowed to go forward.

The key town centre investors have made a detailed representation to the council urging them to think very carefully about the consequences of an expansion in out-of-town shopping for fragile and recovering local town centres.

The company believes that the Silverlink planning application should be refused when it comes up for decision on Tuesday, February 17.

Allan Lockhart, property director at NewRiver said: Taking spending power out of the town centres will reduce the willingness of retailers to open in Wallsend and North Shields.

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North Tyneside retail owner hits out over multi-million pound Silverlink expansion plans

(MENAFN - Gulf Times) Qatari retail market is expected to grow at a compound annual growth rate (CAGR) of 9.8% in five years up to 2018, the fastest in the GCC region, a new study has shown.

According to Alpen Capital, the GCC (Gulf Cooperation Council) retail sales are expected to grow at a 7.3% CAGR between 2013 and 2018 to reach 284.5bn.

"While retails sales growth across all the GCC countries is expected to remain positive between 2013 and 2018, the outlook for Qatar is the most optimistic during the period," Alpen Capital said in its 'GCC retail industry report'.

"While Qatar's retail market is expected to register a CAGR of 9.8%, the other five GCC countries are seen registering an annual average growth rate of 6%-7% during the period," Alpen said.

Based on the moderate growth scenario for Alpen's supply-side estimates, occupied modern retail sales area in the GCC is projected to reach 6.6mn sq m in 2018, while expected growth in the supply of modern retail sales area over the forecast period is partially lower than the demand-side CAGR estimate for retail sales. The supply of new modern retail sales area is expected to adequately meet the increasing demand for retail space over the next five years.

The population base of the GCC region is one of the fastest growing, with 41% of its population in the age group between 15 and 34, having a strong preference towards international brands. The region also has one of the most attractive corporate tax regimes, which works as an "attraction" to retailers.

Over the years, the region has emerged as an international tourist hub, enjoying popularity among leisure travellers, international shoppers and pilgrims. A high influx of tourists presents an environment conducive for the growth of the retail industry.

The region's economy has emerged as one of the richest and fastest growing in the world, largely on the back of its proven crude oil reserves. The region is comparable to some of the strongest developed economies of the world, supported by its cash-rich governments, healthy credit ratings and strong currency reserves.

Dubai's successful bid to host the World Expo 2020 paves the way for further growth of its non-oil sector, lending momentum to the construction, tourism and hospitality sectors.

Qatar's non-oil sector increased by more than 10% in 2014, stimulated by its major infrastructure projects such as the Doha Metro and the Hamad International Airport. Some countries in the region are, however, yet to reduce their dependence on the hydrocarbon sector to a meaningful degree.

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'Qatar retail market growth to top Gulf'

UDA welcomes bumiputera investment in BBCC project

Kuala Lumpur: UDA Holdings Bhd is inviting bumiputera investment in its RM8 billion gross development value mixed development project, the Bukit Bintang City Centre (BBCC), under the construction and retail section.

UDA Chairman Datuk Johari Abdul Ghani said under government rules, any new retail development must have at least a 50 per cent participation from among bumiputera businesses.

"We are looking for bumiputera investors with a good track record, in terms of handling retail businesses, as well as building and maintaining any past development projects.

"We are aware that most bumiputeras do not carry an international or well known brand.So, we've decided to build the Malaysian Grand Bazaar, specifically to give them an opportunity to market their products," he told reporters here Wednesday.

He was speaking after the signing of the BBCC's tripartite agreement here Wednesday for the development of the project.

The Malaysian Grand Bazaar will showcase the best of Malaysian food, handicraft, arts, heritage and culture, together with a wide variety of local designer and homegrown brands.

Johan, said however, only qualified bumiputeras, in term of experience and track record, will be considered got the Malaysian Grand Bazaar and the development site, to ensure the quality of the BBCC as the next tourist attraction.

Meanwhile, the BBCC project, a redevelopment of the 7.85-hectare former Pudu Jail site, will be a partnership between UDA, Eco World Development Group Bhd and the Employees Provident Fund board.

The project will commence in the second quarter of this year and stretch over eight years.

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UDA welcomes bumiputera investment in BBCC project

QUINCY, Ill. (WGEM) - One building in downtown Quincy may be getting a makeover.

The building at 218 North 6th Street has been vacant for two years, but that's about to change.

Austin Properties plans to develop the building into a loft apartment and retail space on the lower level after it was approved for a revolving loan through the city Monday.

The company owns other buildings nearby and says it plans to bring more business to the block.

"What we're trying to do is kind of group develop a few of the buildings together, provide parking access, just sort of tie them together so they have a little bit better of a chance of success as a group," owner Bret Austin said.

Austin expects to finish construction on the loft by fall if the sale of the building goes through.

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New loft and retail space for downtown Quincy

CRYSTAL LAKE A new restaurant is moving to Crystal Lake, and another Crystal Lake classic is opening a new space devoted to retail and carryout.

The Nancy's Pizza location in Lake in the Hills will be moving to a slightly larger space at 1295 Randall Road, between Ackman Road and McHenry Avenue, sometime this spring, said Bill Gluck, the restaurant's owner.

That is dependent on whether there are additional delays, he said, but hes hoping to start construction within the next month. The work will take about eight weeks, he said.

The storefront is already built but hasnt been occupied yet, Planning and Economic Development Manager James Richter said. Gluck will have to remodel the inside and turn it into a restaurant.

The restaurant will be one of 27 franchise locations in the Chicago metropolitan area. Like other Nancys Pizza spots, the 1,700-square-foot restaurant will offer its signature stuffed pizza.

Another business a scaled-down, carryout version of Benedicts La Strata with a front retail section stocked with unusual food items and gift items is set to open around the third week of February, said its owner, John Pilafas, who also owns Benedicts Eggs & More in East Dundee.

The whole retail part is new to me, so Im leaving it up to my wife, said Pilafas, who hopes to squeeze in a bit of vacation before opening the newest location.

A Taste of Benedicts will offer a variety of coffee and pastries in the morning and some of its popular lunch items, including salads and sandwiches, later in the day, he said. The food will all be prepared and packaged at Benedicts La Strata, which is across the street from the new store at 39 N. Williams St.

The goal is for A Taste of Benedicts to take some of the pressure off the lunchtime carryout rush at La Strata, he said.

The location previously was the resale shop Fionas Finds and J. Scott Menswear before that.

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Restaurants look to expand, move into Crystal Lake

Its two down, three to go for Michigan developer Village Green.

The suburban Detroit company broke ground Friday on a 264-unit luxury apartment and retail development at SouthSide Works, one of two it has under construction in the city.

But Village Green, one of the countrys largest privately owned luxury apartment owners and operators, wont be stopping there. In remarks afterwards, CEO Jonathan Holtzman said the company anticipates building three more apartment communities in Pittsburgh in the coming years.

Were working on a number of other locations. Nothing to discuss today, but we see other neighborhoods that could use the modern building that were proposing here, he said.

Construction of the Southside Works City Apartments at Sidney and 26th streets actually started earlier this month, with the first units to be ready in early 2016.

The complex will feature a mix of nano, studio, convertible, one- and two-bedroom apartments, and penthouses. The nano apartments, about 10 percent of the total, will measure 400 square feet in size and rent for about $1,000 a month. Mr. Holtzman said they will serve as an affordable unit for those earning as little as $35,000 a year.

Southside Works City Apartments also will include 12,000 square feet of commercial space and a 562-space parking garage. One of the options being considered for the retail space is a specialty market. Among other amenities are an indoor/outdoor swimming pool, concierge services, a 24-hour fitness room, and a Zen garden and courtyard park.

The Village Green complex is the third apartment project in the works near SouthSide Works. Oxford Development Co. is erecting a $26 million, 173-unit building at Sidney and Hot Metal streets and developer Ralph Falbo is constructing 56 one-bedroom units on South Water Street.

Village Greens other current project in Pittsburgh is the 213-unit Morrow Park apartment complex at Liberty Avenue and Baum Boulevard in Bloomfield. It should be finished in the third quarter this year.

Mr. Holtzman said the developer is in Pittsburgh for the long haul. We do not build to sell. We do not build to convert to condominiums. We are going to own and operate this apartment community long-term, he said.

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Development in the works on Pittsburghs South Side

Half Moon Bay Planning Commissioners on Tuesday reviewed a proposed two-story building that would occupy a vacant lot downtown, across from Cunha Intermediate School.

The building, proposed by local developer Cameron Jeffs of Gibraltar Capital, would mix commercial retail space on the ground floor with upstairs residences. Four separate units would be built across two buildings, each with commercial space downstairs and a two-bedroom apartment on the second-story.

If built, the commercial space would be perfect for a new downtown restaurant, gallery or retail space, Jeffs said. Similar such mixed-use buildings can be found along the downtown corridor.

Our hope is to attract business to focus more in the downtown area, he said. Its going to enhance the gateway into Main Street.

Everything is ready for construction except for city permits, Jeffs said. The lot already has water and sewer hookups, and he estimated construction could be finished within a year.

Years ago, the property was slated to be developed for 10 homes by Kenmark as part of its larger Carnousite subdivision at Ocean Colony. That project never materialized and the company later paid a fee to back out of the project, according to Jeffs.

The new plans for the property would be less intensive, but it would still require subdividing the land into four separate lots. City staff noted that the project was compatible for the area, and recommended it be approved.

In a separate project, Jeffs is also seeking to build a 10-home subdivision at the end of Church Street. That project remains a work in progress with initial infrastructure planned in the coming months, Jeffs said.

In a separate project, the city Planning Commission was also scheduled on Tuesday night to review a new skate park that would go next to the Ted Adcock Community Center.

The Planning Commission meeting was scheduled after the Reviews print deadlines. More information will be available at http://www.hmbreview.com.

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Mixed-use homes planned for vacant lot

Mariano's in Arlington Heights, IL

CHICAGOSafeways decision to shutter the 72-store Dominicks chain put a shadow over the Chicago metro regions retail market throughout the year. However, the vacancy rate declined and rental rates responded by increasing, according to a year-end report just published by NAI Hiffman. But this progress for the most part has not impressed developers, who have largely remained on the sidelines and say new construction will have to wait until the housing market comes back.

The limited new construction during the year was instrumental in the metropolitan areas high rate of positive net absorption, according to NAI Hiffman. In 2014, the vacancy rate had dropped from 9.0% to 8.3% by the end of the year; this equates to a net absorption of approximately 6.6-million-square-feet. Furthermore, citing CoStar, the firm said that the reduction in vacancy pushed the average rental rate from $15.62 to $15.79 or 1.08% over the course of the year.

The impact of the Dominicks shutdown was lessened by other local grocers. Marianos, now the hottest chain in the region, committed to re-develop thirteen of the vacant locations and absorb more than 845,000-square-feet of space. In addition, Jewel Foods decided to take over four of the sites and absorb about 260,000-square-feet. Whole Foods, Tonys Finer Foods, Caputos Foods and Cermak Produce all committed to other former Dominicks stores, bringing the grand total absorbed to 2,015,000-square-feet. Still, more than 3,000,000-square-feet of former Dominicks remains.

One of this years bright spots was the expansion of Art Van Furniture into the metro area. The Warren, MI-based retailer opened new stores in Bedford Park, Batavia, Orland Park, Woodridge, Hobart, IN, and on Elston Ave. in Chicago. This was existing space, but the six stores occupy more than 345,000-square-feet of retail space.

"New shopping center development within the Chicago metropolitan market was limited in 2014 and that shall continue into 2015, according to NAI Hiffman. Retail shopping center growth during the mid to late 90s as well as the early 2000s was fueled by the meteoric residential housing growth statistics. And until residential housing growth kicks in there is simply no need for new bricks and mortar when overall retail vacancy remains over 5-million-square-feet of space.

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No Need for New Bricks and Mortar in Retail

Sales dominated activity in the industrial market in 2014, accounting for 84 per cent of all space transacted

While 2014 was the busiest year ever in terms of the Irish property investment market with more than 4.4 billion worth of properties sold, it also may have marked a turning point for the languishing industrial market.

The latest research from estate agency Lisney found that the Dublin industrial market experienced its largest ever quarterly take-up figure in Q4 of 2014.

Last year got off to a slow start, says Lisney, but activity in the industrial market flourished in the second half of the year to finish at around 353,000sq m of space either leased or sold to owner-occupiers by year end.

Sales dominated activity, accounting for 84 per cent of all space transacted in 2014. With capital values less than half the replacement cost, it made sense for occupiers with funds available to buy a building rather than rent it. Most were funded in cash, but as the year progressed smaller elements of finance crept in to the market. The cost of servicing a mortgage annually was often substantially less than the rent. There was also the added advantage of the CGT waiver.

The research notes that while speculative construction in the industrial sector is still a couple of years out, there will be design-and-build agreements reached in 2015 whereby a developer will enter into a pre-letting or sale agreement with an occupier.

This will be at the larger end of the market, for specialised industrial buildings greater than 7,000sq m.

The amount of available industrial space reduced in 2014, most notably in the last quarter, and this was particularly the case in southwest and northwest Dublin. However, the overall vacancy rate for Dublin remained relatively high at around 18 per cent.

Grafton Street, Henry Street and the key suburban shopping centres attracted some top retailers in 2014. Vacancy rates in these areas were very low and by the end of the year, it was notable that Grafton Street was 100 per cent let. However, provincial high streets and some town centres did not fare so well with some continuing to struggle to find occupiers.

Despite this, the agency says demand for space will spread out from prime pitches in 2015 while vacancy rates in secondary locations will start to come down.

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Record take-up in industrial market over last quarter of 2014

More than eight per cent of the Wellington region's shop space is vacant, Bayleys real estate research has revealed.

It reports a wide disparity in vacancy rates with lower levels in prime locations but the overall rate has risen from 6.5 per cent to 8.2 per cent since 2013.

Bayleys also reported a growing influence of internet shopping, growth in hospitality and service retailers and a decline in traditional retailing.

However, bulk retailing is set to grow with a proposed expansion of Wellington Airport's retail park in Rongotai and new development in west Petone.

A-grade retail property fared best with a vacancy rate of 5.3 per cent, while vacancies in B and C grade retail properties sat at 9.8 and 10.5 per cent.

The retail mix continues to be dominated by cafes, restaurants and takeaways along with clothing retailers.

Research analyst Ian Little said it was noticeable that service retail occupiers were increasing their share of space.

"Hairdressers and beauty salons are on the increase and becoming quite prolific in main retail centres."

There was a strong demand for specialist destination type retail properties but tenants were waiting until properties that met all their requirements came up.

Bayleys reported an unexpected rise in vacancies in the CBD's Lambton Quay premier retail precinct with the rate rising from 3.7 per cent in 2013 to 12.5 per cent in 2014. The increase was largely the result of earthquake damage and strengthening, and the completion of fit outs which brought premises back into the rental pool.

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Wellington's Golden Mile losing lustre as shopping evolves