The new Grand Central shopping centre in Birmingham – home to John Lewis, Fat Face, Monsoon and Hobbs, among others – is to be sold to property firm Hammerson for £335m.
Hammerson has exchanged contracts with Birmingham City Council to acquire the scheme, which sits above the £750m redeveloped New Street Station.
Hammerson, which already owns Birmingham’s other well-known shopping centre, the Bullring, is also in “advanced discussions” with an existing joint venture partner about entering into a 50:50 joint venture for the future ownership of Grand Central.
The centre opened in September 2015 and is anchored by a 250,000 sq ft John Lewis. It includes 435,000 sq ft of retail space used by a number of fashion retailers including The White Company, Cath Kidston and Joules.
Following the opening, Birmingham became the only city outside London to have a John Lewis, Selfridges and Harvey Nichols.
Hammerson said the shopping centre attracted an average footfall of 62,000 people a day in its first three months of trading, with up to 105,000 a day over the Christmas period.
“By deploying our expertise from Bullring, as well as other shopping centres around the UK, Hammerson is well placed to further enhance the consumer offer in Birmingham,” said Hammerson chief executive David Atkins.
John Lewis managing director Andy Street said that the business’s 32nd full-line department store has enjoyed “a wonderful reception in the city”.
“Given Hammerson’s proven expertise in managing shopping centres it can only go from strength to strength,” he added.