Broadmarsh area plans to continue, says council leader

Could intu's plans for the Broadmarsh be affected by the deal?

The news that intu is to be bought by Hammerson won’t affect the plans to redevelopment of the area surrounding the Broadmarsh shopping centre, the leader of Nottingham City Council has told TheBusinessDesk.com.

Speaking after the news that Hammerson has swooped for its smaller rival, Jon Collins, leader of Nottingham City Council, said: “We are aware of the announcement about the  acquisition of intu by Hammerson. We have spoken to intu and heard nothing to suggest they’ve changed their plans. Neither does it affect the overall plans for redeveloping the Broadmarsh area, including the new car park and bus station, new college building, transformed castle and improved public realm.”

Hammerson said the deal will “create a pan-European portfolio of high-quality retail and leisure destinations, with enhanced exposure to high-growth markets and which will benefit from evolving consumer trends”.

Hammerson also said that, as part of the deal, some properties would be sold, which would result in a £2bn windfall for the company.

Reports in the national press over the last 24 hours quoting industry insiders who think that Hammerson will sell at least one of its Nottingham sites – the Victoria Centre, or Broadmarsh.

Egi.co.uk reports: “One source close to the portfolio said: “They could look to sell one of the Intu Nottingham centres as well as Milton Keynes, which, at 430,000 sq ft, is the smaller shopping centre in the town. Intu Uxbridge could also be sold, although its ownership in the centre is small.”

The report also hints that Hammerson may sell the Highcross in Leicester as it could struggle to achieve further retail growth there.

Jon Collins

 

However, Collins remains confident that the £150m redevelopment of the Broadmarsh will go ahead as planned.

He added: “We are encouraged by what we have seen in public statements by Hammerson about investment in leading cities, and in their track record of investing in fellow core cities such as Birmingham and Leeds. We look forward to the continuing transformation of Broadmarsh and the surrounding area as a fitting southern gateway to the city.”

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