intu reveals fresh occupancy figures for newly-redeveloped Broadmarsh

intu, the owner of the Broadmarsh shopping centre in Nottingham, says it now has occupiers or is in advanced negotiations for 70% of the units in the mall once its regeneration is completed.

The figure is up from the 45% intu quote before it started the redevelopment earlier this year.

Across its entire portfolio, intu, which also owns the Victoria Centre in Nottingham and has a 50% stake in its Derby centre, say it expects like-for-like net rental income for 2019 will be down by 4 to 6%. The firm says it ha srevised its approach and is now including assumptions on the outcomes of potential future CVAs.

New chief executive Matthew Roberts said: “We expect the remainder of 2019 to be challenging due to a higher than expected level of CVAs and a slowdown in new lettings as tenants delay their decisions due the uncertainties in the current political and retail environments. As such, we have revised our approach to how we guide towards our year-end like-for-like net rental income to factor in expected CVAs and have adjusted our 2019 guidance accordingly to minus four to six per cent.

“Despite the current operating environment, I believe we have a very good business and am confident we can meet the challenges we are facing head on. I look forward to updating the market on strategy alongside our interim results in July.”