Meadowhall shoppers on up as British Land attracts those with cash
PROPERTY company British Land today said it had continued its successful strategy to attract more affluent customers to Meadowhall as it reported footfall at the Sheffield shopping centre up by 2.8%.
British Land also confirmed it would continue to manage the South Yorkshire asset after London & Stamford and Green Park Investments sold their share in Meadowhall last month.
The joint venture offloaded its 50% share in the freehold of the centre to Norges Bank Investment Management.
Reporting its half year results, British Land said it had won new shoppers at Meadowhall by widening its catchment area, attracting those with more to spend and extending the time people spend there.
More than 40,000 sq ft of lettings have been agreed since the beginning of the year to tenants including Armani Exchange, Tessuti, Lego and Crocs with Carluccio’s also opening in the new refurbished food court.
Other activity in Yorkshire by British Land over the six months to September 30 included the sale of the Electric Press in Leeds for £13m.
Underlying profit before tax in the period was £137m, up 3.8% year-on-year. Meanwhile, net rental income rose 1.1% to £272m.
The company also announced that Chris Gibson-Smith, who joined the board in January 2003, is to step down at the end of this year following his second three-year term as Chairman. He will replaced by senior independent director John Gildersleeve.
Chief executive Chris Grigg said: “Today we’re reporting a good set of numbers in what continues to be a tough market. Our income, profits and NAV are up on the same period last year and we have continued to outperform the UK property market on all key metrics – rental growth, capital returns and total returns.”
