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Intu to start £200m of development in 2017

Shopping centre owner Intu has planned £200m of development in 2017 at its Lakeside, Trafford Centre and Broadmarsh sites.

The plans include the Nickelodeon-anchored leisure scheme at Lakeside, the enclosure of Barton Square at the Trafford Centre and the redevelopment of  Broadmarsh.

Beyond 2019, the company has identified a £1.2bn pipeline of opportunities across several centres, and extensions are planned at Lakeside, Victoria Centre, Braehead and Cribbs Causeway, as well as an upgrade and remodelling of Milton Keynes.

The first three projects have planning approval. Intu said it was “in the planning process” on the other two.

Chief executive David Fischel said the environment was likely to be challenging as the full impact of the European Union referendum vote emerged this year, but the company remained confident, thanks to its strong portfolio.

“We intend to deliver continued growth in like-for-like net rental income and we reiterate that we expect this to be in the 0% to 2% range for 2017, subject to no material tenant failures, down in the first half against the strong 2016 comparative and up in the second half year,” he said. “This includes an adverse impact of some 2% from units being held for redevelopment and from the full-year impact of BHS closures.”

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