Westfield and Hermes have opened their £340m Westfield Derby shopping centre – six months ahead of schedule.
The 1m sq ft centre is the largest retail-led development to open in the UK this year and Westfield’s first development to be completed in the UK.
It was officially opened by John Hutton, Secretary of State for Business, Enterprise and Regulatory Reform, with Westfield chairman Frank Lowy and joint managing directors Peter and Steven Lowy.
With Marks & Spencer and Debenhams the retail anchors, the scheme is now 98% let with almost all stores trading.
Michael Gutman, managing director Westfield UK/Europe, said: “This is a landmark occasion for Westfield in the UK. The successful opening of Derby is a major step towards realising the ambition we have for the British market that will see us open Westfield London next year and Westfield’s Stratford City in 2011.
Gutman added that over the next decade Westfield expects its UK assets under management to grow from £4.3bn to around £11bn.
Derby is Westfield’s and Hermes’ first joint venture development.
Westfield and Hermes acquired the centre in 2000. In 2002 outline planning consent was awarded, followed in September 2003 by a further planning consent to enlarge the scheme. Works started in January 2005 and have taken 34 months to complete.
The centre comprises retail, food and lifestyle space. In addition to M&S, Debenhams, and a remodeled Sainsbury’s, over 100 shops will be provided with tenants including: Zara, Topshop, H&M, River Island, Monsoon, Dorothy Perkins, New Look and Boots. There will also be an 800-seat food court, 12-screen Cinema de Lux that will open at Easter 2008, and parking for 3,700 cars.
Westfield Derby is owned by the Wilmslow Limited Partnership, a joint venture between Westfield and Hermes Property Asset Management on behalf on the British Telecom Pension Scheme (BTPS) managed by Hermes. The Westfield Core Shopping Centre Fund Limited Partnership has a commitment to acquire a 25% interest in Westfield Derby post-completion.
lisa.pilkington@rbi.co.uk
