Trafford Centre owner to go ahead with £74m extension of Barton Square
More details have emerged from the owner of the Trafford Centre over £74m plans to extend and enclose the Barton Square courtyard.
In its half-year report to June 30, intu also said it planned to raise an additional £250m finance on the property.
The Barton Square revamp – news of which first emerged in March when its cost was reported as £55m – will enable trading from two levels adding 110,000sq ft of additional retail space as well as moving the existing retail profile of Barton Square away from bulky goods.
The plans include a huge roof being constructed over the square.
The construction is expected to start in early 2018, once the key anchor tenant is signed, the company said.
Anchor tenants at Barton Square – built in 2008 at a cost of £90m – include M&S Home, Next HOME and HomeSense.
Meanwhile the company has also refinanced to the tune of £488m on Intu Merry Hill in the West Midlands.
Intu chief executive David Fischel said: “intu has performed robustly over the six month period in a UK retail environment which continues to be challenging.
“Retail brands are being selective in their expansion, looking at established locations such as our 17 prime shopping centres which are attracting high footfall through their differentiated offering and compelling customer experience.
“The resilience of the tenant market in our centres is shown by our 103 lettings in the period at 7% above previous passing rents, including brands such as Next, River Island, Hugo Boss, Gant, Paul Smith, Victoria’s Secret and Tesla. Also our tenants continue to invest in upsizing and upgrading their units which has resulted in maintained high occupancy.”