London & Stamford progressing with Meadowhall sale

THE co-owner of Meadowhall Shopping Centre said it is making progress with selling its stake in the centre.

London & Stamford Property said the centre in Sheffield “continues to perform well” despite the tough climate for retailers.

Footfall for the year to the end of June was up 0.4 per cent and sale have edged up 0.1 per cent.

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“We confirm that we are progressing, alongside our partner, Green Park Investments, the sale of our joint interest in the Meadowhall Shopping Centre,” said the group.

“In such difficult economic conditions, retailers are very satisfied with the performance of their Meadowhall stores and there have been no administrations since we last reported in May 2012,” said the group.

It has signed new leases with Lego, Foot Asylum and Carluccio’s and five further leases are in solicitors hands. L&S added it is waiting for the outcome of its initial planning application to develop land surrounding Meadowhall and optimistic that a successful new Next Home and Garden concept store can be developed.

L&S, together with its Middle Eastern partner Green Park Investments, owns half of Meadowhall. The other half is owned by British Land.

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The 1.5m sq ft centre was valued at £1.47bn in March by CB Richard Ellis.

L&S added it has completed another investment with Green Park - a £200m central London residential investment.

Chief executive Patrick Vaughan said: “Given the troubled banking market and a difficult economy, we continue to believe that more opportunities may be forthcoming to those with firepower and that acquisitions of good quality assets with returns well above the cost of capital will be possible.”