Intu to spend £600m over next three years

Aaron Morby 2 years ago
Share

Shopping centre developer Intu is planning to spend up to £600m on expanding and improving its retail properties over the next three years.

£275m revamp of intu Lakeside is scheduled to begin this year

Its development pipeline is to be focused on transformational shopping centre developments at Watford and Broadmarsh in Nottingham, as well as a leisure extension at Lakeside in Essex.

Confirmation of the firm’s development pipeline came as Intu revealed results showing a £518m profit for the year, with rental income up 8%.

David Fischel, Intu chief executive, said: “As economic recovery spreads out from London and the south east to the regions, consumer confidence is positive, driving improved retailer demand for space in our centres at a time when new supply of quality retail space is very limited. Investor interest for prime regional shopping centres remains keen.

“These factors provide a favourable background for our development programme as we look to introduce the next level of leisure concepts.

“We expect to undertake around £600m of mixed retail and leisure projects in the next three years in the UK, in particular the Intu Watford extension.”

He added the firm would also start construction on a major Spanish shopping resort development, intu Costa del Sol.

At Intu Watford, Laing O’Rourke has begun a £178m extension, demolishing Charter Place to replace it with a substantial retail and leisure offering anchored by a nine-screen Cineworld IMAX cinema and Debenhams.  

With the refurbishment of Intu Victoria Centre complete, the firm plans to advance the second phase of its Nottingham vision – the redevelopment of Intu Broadmarsh. This £75m project will bring a cinema, leisure uses and convenience retail to the southern end of the city.

Fischel added: “At Intu Lakeside, we are in advanced talks with an international brand to introduce a new type of leisure offer to the shopping centre experience.

“This will be the first phase of a £95m, 225,000 sq ft leisure extension designed to increase dwell time and the overall catchment of the centre.”

He added that  beyond 2018, Intu has a £1.1bn pipeline of opportunities across several centres with major extensions planned at Intu Lakeside, the Victoria Centre, Cribbs Causeway and Braehead, and an upgrade and remodelling of Milton Keynes.

The first two projects have planning approvals with the firm advancing the planning process on the latter three.  

“We will bring these projects forward in line with tenant demand,” he added.

 

Latest news

Almacantar chief in Twitter tirade against McAlpine

Mike Hussey says he would not trust contractor to 'deliver a pizza'
3 hours ago

Persimmon chiefs hand back £50m after bonuses outcry

Persimmon bosses waive second instalment of bonuses
4 hours ago

Colas and Volker to exit huge London highways contract

CVU joint venture and TfL agree to part company early on eight-year framework
22 hours ago

Lendlease on board for £4bn London Euston district

Arup and Grimshaw will now work on Euston plans
13 hours ago

Carillion cracked hospital beams remedial work unfinished

Auditors and pension regulator heavily criticised by MPs
22 hours ago

Amey Rail snaps up Carillion rail projects saving 700 jobs

Projects in the East Midlands, London and North West England back on track
1 day ago

Willmott Dixon gets start date for £49m Colston Hall revamp

Work to start in June on major regeneration for Bristol landmark
14 hours ago

Boost your online presence with the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
4 months ago

Betting Spy: England to win the Calcutta Cup

England can cover the handicap in the Six Nations while West Ham have it all to do as usual at Anfield
14 hours ago

Carillion bosses dodge pension black hole

Accounts show one pension scheme was in surplus while the rest had an £800m deficit
1 day ago

Morgan Sindall profits soar as margins restored

Fit-out and construction deliver strong profit growth as 2018 set to be bumper year
1 day ago

Centre Point Tower developer claws back £1m from McAlpine

McAlpine counts cost of row over design and build or construction management route for London tower
1 day ago

Sisk vows to complete joint venture jobs after Lagan collapse

Contractor will complete Highways England schemes on its own
2 days ago

Suspended sentence for scaffolder spotted without harness

Court hears how experienced worker chose to ignore safety rules
1 day ago

Construction slave labour ring smashed in East London

Fifty Eastern European workers saved after exploitation on sites
2 days ago

GRAHAM wins £86m Liverpool build to rent tower

Demolition work to start on waterfront site this month
2 days ago

Interserve to close power lines operation axing over 70 jobs

Power transmission firm to be wound down over next few months
2 days ago

Lagan puts construction arms into administration

Up to 200 jobs at risk as construction and building divisions hit by delays and disputes
3 days ago

Barratt looks to new building methods to boost volumes

Completions creep up by 2% as UK's largest house builder looks to use more offsite construction
2 days ago

BAM counts cost of weaker pound

UK business pre-tax profit slip of 7% to £35m due to exchange rate change
2 days ago

Galliford Try clinches £55m Leamington Spa housing project

Partnerships arm will build 375 homes for Waterloo Housing Group
2 days ago

Green light for London Deutsche Bank HQ

Developer Landsec says construction to continue once substructure is complete next March
2 days ago

Highways England calls bids for £326m Area 10

Hunt starts for maintenance and response contractor in north west
3 days ago

Carillion directors ‘contemptuous’ of pension funding

Carillion trustees alerted watchdog twice over pensions shortfall to no avail
3 days ago

Civils to start on £160m Yorkshire shopping centre

Advanced highways and infrastructure work to start this summer
3 days ago

Liverpool advances £700m Festival Park redevelopment

Willmott Dixon to carry out enabling works around Festival Garden dome base
4 days ago

Consultant Dar to build new Holborn HQ

Hunt on for contractor as Currie & Brown owner plans UK expansion
3 days ago

Another 152 Carillion staff axed taking job toll to 1,141

Staff told to pack up as fresh wave of job cuts unveiled today
4 days ago

Mace lands £350m Stevenage town centre revamp

Council picks winning developer for major town centre regeneration
4 days ago

Construction cartel whistleblowers offered £100k for tip-offs

Competition and Markets Authority targets construction in latest crackdown
4 days ago

Contractor services