intu in “advanced negotiations” over Broadmarsh BHS site

Intu, the owner of the Broadmarsh and Victoria shopping centres in Nottingham, as well as intu Derby, has said it expect the business environment for the year to be “challenging”.

In a trading update released this morning (3 May), intu said of the 10 BHS stores that closed in 2016, it has now relet two units, and is in advanced negotiations on four units with two forming part of redevelopment projects at intu Broadmarsh.

The firm also confirmed that it has exchanged contracts with The Light Cinema to operate the nine screen cinema that will anchor the redevelopment of the Broadmarsh and that it is continuing with detailed design work, including the incorporation of the former BHS space.

David Fischel, intu chief executive, said: “Although retailers are being selective with their expansion plans, they are prioritising expansion to prime established locations with strong footfall. intu as the UK market leader with 17 prime centres is well positioned to take advantage of this demand.

“The environment for business this year is likely to be challenging with considerable uncertainty regarding the UK’s EU exit. However, it is our intention to deliver continuing growth in like-for-like net rental income.”