Hammerson and Norwich Union have joined forces as the battle to become the preferred developer for the £500m extension of Bristol’s Broadmead shopping centre heats up.
The JV will go head to head with rival developer Land Securities, which in February was deprived of its status as favoured developer by Bristol council. LandSec beat Hammerson to secure preferred developer status last year. In an attempt to put its bid back on course, LandSec has now signed a deal with key landowner Henderson.
Proposals are yet to be finalised, but the extension will comprise around 69,675 sq m (750,000 sq ft). Construction of the extension will require around 37,160 sq m (400,000 sq ft) of existing space to be demolished and rebuilt.
Broadmead has a large number of landowners, including the council, Henderson Investors and Norwich Union, which owns The Galleries complex. The Galleries accounts for around 40% of Broadmead’s 92,902 sq m (1m sq ft) of retail floorspace.
Detailed proposals will be submitted to the council by both developers on 18 July and a public consultation will follow. Bristol council will make its final decision in September.
The council wants the scheme to be in operation by 2004.
EGi News 13/07/00
