intu Broadmarsh redevelopment ‘a third pre-let’ as new image emerges

A new document aimed at intu investors reveals that the proposed redevelopment at intu Broadmarsh is already a third let – and has released a new image of the finished scheme.

A presentation to South African investors by intu says there is a “negative sentiment in the UK towards retail and property”, blaming a “sluggish UK economic in the pre-Brexit period” and the upturn in online shopping and the rash of CVAs sought by large retailers.

In the presentation, intu says it has bought properties in Bridlesmith Gate in Nottingham, adjacent to the intu Broadmarsh Centre, and that it expects to start work on the redevelopment of the mall “in the next 12 months”.

intu also says that its£81m Broadmarsh redevelopment will move Nottingham up from its current position of 12th in the UK retail rankings to 6th.

intu will reveal its half year results at the end of this month (July). In the corrensponding results last year, the business said it would spend £37m in 2018, £36m in 2019 and £16m in 2020 to finish the redevelopment.

So far, intu has announced The Light cinema and Hollywood Bowl as anchor tenants for the scheme.