Hermes is inviting developers to pitch for the £100m extension to its Broadmarsh shopping centre in Nottingham.
The property asset manager has invited developers, believed to include MEPC, Hammerson and Land Securities, to put forward plans to turn the 41,800 sq m (450,000 ft) scheme into a 111,500 sq m (1.2m sq ft) regional shopping centre. The extended centre would be worth £250m.
The chosen developer will enter into a joint venture with Hermes to finance and build the extension, but retail experts say the final result could be a limited partnership, which already exists for Nottingham’s other shopping centre, the Victoria Centre.
Andrew Martin, head of retail at Hermes, said: “Hermes is inviting a limited number of parties to consider the possibility of a joint venture to undertake the Broadmarsh 2000 project.”
The scheme was given a boost in February, when the East Midlands government office announced it would not be calling in the plans.
The proposals are supported by Nottingham council, which owns the freehold of the centre and receives about one-third of the income. It will have to grant CPOs for Hermes to purchase the rest of the land needed for the extension.
The 9.3ha (23 acre) scheme would include 104 shops, a multiplex, nightclub and 2,300 parking spaces. It would also include an extension to the bus station to house Nottingham’s new tram terminus.
Demand for retail space in Nottingham is such that zone As have broken the £200 barrier.
EGi News 27/08/99
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