intu prepares to announce more Broadmarsh pre-lets

intu prepares to announce more Broadmarsh pre-lets
The business is expected to commit to the redevelopment later this year

intu, the retail and leisure operator which owns shopping centres in Nottingham and Derby, has said it expects to commit £89m to redevelopment of the Broadmarsh shopping centre later this year.

In a trading update, the business said it will spend £37m in 2018, £36m in 2019 and £16m in 2020 to finish the redevelopment.

Earlier this year intu announced the signing of The Light Cinemas as its first leisure anchor for the redevelopment of intu Broadmarsh in Nottingham.

The operator has committed to a 32,000 sq ft, 9 screen cinema on a 25 year lease, and will be positioned alongside other leisure units and restaurants, creating a new leisure hub in the south of the city.

A statement from intu said: “[intu Broadmarsh] is expected to cost £89m and deliver a stabilised initial yield of around 7 per cent. In the period, we have signed The Light cinema to anchor the scheme and we would expect to have the required level of pre-lets and completed detailed design to enable us to commit to this by the end of the year.”

Across the company, intu says it has 95.9% occupancy, but footfall has decreased by 0.5% over the last six months.

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