Top News From The Week – Ikea shock, Fenwick offices & more!

Retail – Ikea shock announcement

Ikea is to close it’s first UK store in Coventry city centre. Purposed built in 2007 over 7 floors, it cost £35m and was described as one of its earliest examples of testing a new format to meet customers’ changing needs.

The big question is what happens to the building now?

The store has made “consistent losses” since it opened with fewer people visiting than expected

Offices – WeWork deal falls through

Plans to former Goldman Sachs building on Fleet Street, London have fallen through as the its Qatari owners appoint Lipton Rogers and PLP Architecture to revamp the property.

Talks have been ongoing since May 2019 on the 350,000 sq ft property but it seems the deal will now not proceed.

Once home to The Daily Telegraph

Retail – Fenwick to add offices to store

Department store Fenwick have gained approval for a 5 storey extension as it’s flagship store on Bond Street and a part conversion to office space. It’s retail space will reduce by 12,860 sq ft whilst adding 52,800 sq ft.

Will this be a good example of repurposing to keep a brand alive?

Proposed five-storey rooftop extension to accommodate new office floorspace

Industrial – Segro completes on Coventry site

Planning consent has been secured to develop 3.7m sq ft of industrial and warehouse buildings on the site, which is known as Gateway South, Coventry.

Segro completed on the purchase of the 450-acre site this week with completion on the works due in early 2023.

As part of the land transaction, SEGRO is acquiring all interests in the Coventry & Warwickshire Development Partnership – the scheme developer formerly owned by Rigby Group, Roxhill and SEGRO – which enables the company to take whole ownership of the site.

The development will include investment to remediate the former sewage works and post-war landfill site