The dramatic rise of out-of-town retail

It’s fair to say that high street success stories during the peak of the pandemic were few and far between. However, the struggles of the high street have paved the way for an alternative asset class – out-of-town retail centres. The rise and continued success of out-of-town centres was reflected in British Land’s results this week as the landlord reported a rise in net asset value for the first time since 2018, thanks largely to its investment in retail parks. Darren Richards, Head of Real Estate at British Land, told Property Week “Retail…

Read More

Meadowhall leisure expansion would hit city centre, council says

A £150m shopping centre extension focusing on leisure would harm a nearby city centre, a council has warned. British Land, which co-owns the Meadowhall centre on the outskirts of Sheffield, wants to develop a leisure park and outdoor adventure area nearby. Sheffield City Council backed the plans when it considered them before the pandemic, but now objects. It said the loss of major retailers like John Lewis meant the city centre must now focus on leisure and catering. The latest Meadowhall plans would see development of the Vulcan Road M1…

Read More

Desmond’s Westferry property scheme ditched after minister rejects appeal

A property scheme that was approved after its developer sat next to a cabinet minister at a Conservative fundraiser has finally been ditched – two years after they discussed the project. Documents revealed that the minister for rough sleeping and housing, Eddie Hughes, had dismissed an appeal over the building of the 1,500-home Westferry Printworks scheme in east London. The Isle of Dogs development was mired in controversy after the extent of the contact between the then housing secretary Robert Jenrick and the developer and media mogul Richard Desmond was revealed, before the…

Read More