Ikea has bought a west London shopping centre with plans to create its first mixed-use scheme.
Ingka Centres, the real estate division of Ikea’s parent company, Ingka Group, said it expected to spend £170m on the purchase and redevelopment of Kings Mall in Hammersmith.
The redevelopment of the 27,000 sqm centre will include an Ikea store, but will also include offices and housing. Ikea will use the scheme to trial plans to build more mixed-us urban sites, as opposed to out-of-town blue and yellow boxes.
“If we were to stick to a functional, retail-only location, that would create a challenging investment,” said Gerard Groener, managing director at Ingka Centres. “But we want to put much more into this place than just retail.”
