‘Major work’ to start on £81m intu Broadmarsh scheme this year
intu, the shopping mall operator, has told TheBusinessDesk.com that it plans to start major redevelopment works on its Broadmarsh centre in Nottingham later this year.
The news follows yesterday’s half year results announcement in which intu said it has experienced a reduction in property values which resulted in a total deficit of £650.4m. In total, the company recorded a £503.4m loss recorded for the period.
Despite this, and much frustration locally about a perceived delay in the intu Broadmarsh revamp, the company’s development director Martin Breeden told TheBusinessDesk.com he is ‘”excited” about the new scheme.
“The transformation of intu Broadmarsh is underway and we’re really excited about what’s to come,” he said. “We plan to bring a new mix of places to shop, eat, relax and play for our customers to enjoy, including The Light Cinemas and Hollywood Bowl, two big names that have signed up to the new centre.”
In its results, intu said that 50% of the new centre was now either pre-let “or in advanced negotiations”.
Breeden added: “Preparatory works are progressing and we have recently relocated our centre management office into new premises to create space inside the centre for The Light’s nine screen cinema.
“The upper mall is now partially closed and we have relocated a number of retailers to the lower mall within intu Broadmarsh to make way for our exciting transformation. We are working closely with all our retailers to communicate each phase of the planned redevelopment. The major works are expected to start later this year.”
Breedon said that intu is working closely with Nottingham City Council to make this happen.
The company has reaffirmed that it will spend £81m on the scheme in total. Some £4m of that will be spent in the second half of this year, £36m next year, and £30m in 2020. This year’s spend is substantially down from the £37m intu said it was planning to spend in 2018 in a trading update issued in July 2017.
Earlier this month, intu said that its £81m Broadmarsh redevelopment will move Nottingham up from its current position of 12th in the UK retail rankings to 6th.
Meanwhile, yesterday’s results showed more good news for Nottingham after the company said the intu Victoria Centre was one of only five of its sites to show an improvement, reducing its vacancy rate from 3.0% to 1.9%.
A spokesperson from intu told us: “intu prides itself on its centres, which it sees as ‘winning destinations’ for shoppers who not only come to visit the shops, but spend time on leisure pursuits and for dining. Like its other centres, intu Victoria Centre has a broad appeal for shoppers. It has top brands and great restaurants. It is the chosen destination for 24m shopping visits a year. Its recent makeover has transformed it into a modern and contemporary space that is attracting a range of retailers, such as Kiko, Swatch, Lovisa and Superdry.”
