New lettings at Meadowhall boost British Land

MEADOWHall has attracted a number of new retailers to the centre, boosting profits for its parent company British Land.

British Land, which owns Meadowhall alongside London & Stamford, said 43 long-term lettings and renewals at the Sheffield-based shopping centre had improved its overall retail and leisure offer.

New retailers at the site include Boux Avenue, Fashion Rocks, Guess, Lakeland, LK Bennett, L’Occitane, Lush, O’Neill, Phase Eight and Sugacane.

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A £7m refurbishment and extension of the Oasis food court is set to be completed by October and will see Cafe Rouge, Giraffe, TGI Friday’s and Wagamama take space.

Underlying pre-tax profit incerased by 9.9 per cent to £256m for the year ended March 31 and its portfolio valuation rose by 6.9 per cent.

British Land said net asset value per share increased by 12.5 per cent to 567p across the group.

Chairman Chris Gibson-Smith said: “At British Land, we are facing the future with confidence. Our office portfolio comprises modern, flexible buildings that meet evolving occupier needs and we own some of the best retail assets in the UK, where consumers want to shop and retailers trade efficiently and profitably.

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“While, as a nation, we have moved from ‘Recession’ to the ‘Age of Austerity’, consumers are still shopping and good businesses are looking to grow. British Land has been well served by the quality, location and sustainability of its portfolio.”

Chris Grigg, British Land’s chief executive, added: “British Land has had a very active year. We have again outperformed the market and there is real momentum in the business.

“We have made a significant commitment to London office development and also continued to build on our high quality retail portfolio.”