Westfield & Marks & Spencer announce three further projects
05 October 2007
Countries: United Kingdom
Marks & Spencer and Westfield announced today that they will be working together on a further three major store developments.
Next week, Westfield will launch its 340 million Westfield Derby centre, its first UK development anchored by a new Marks & Spencer store.
Following this, heads of terms have also been agreed for three new Marks & Spencer flagship stores at Westfields Nottingham, Bradford and Stratford developments.
Stuart Rose, Chief Executive of Marks & Spencer, commented: As weve said before, opening new stores is an important part of M&S strategy for the future and we are committed to improving and increasing our city centre offer.
We are delighted to have secured the Westfield sites at Nottingham, Bradford and Stratford.
Michael Gutman, Managing Director UK/Europe, of Westfield said: Successfully completing Derby six months ahead of schedule, 98% let and expecting to have almost all stores trading on opening, sets a high standard. Today, we are delighted to announce that we have agreed heads of terms with Marks & Spencer to underpin three of our major schemes in the UK.
Following on from these transactions and the completion of Westfield London, Marks and Spencer will be a key component in seven out of ten of our UK centres.
Over the next decade our completed pipeline will be worth approximately 11bn from 4.3bn today and will have resulted in the creation of around 80,000 new jobs in the UK.
Stratford City is the largest retail-led, mixed-use urban regeneration project ever undertaken in the UK and is located adjacent to the site of the London 2012 Olympic and Paralympic Games. John Lewis and Waitrose are also anchors of the scheme.
Stratford City will introduce over 200 retailers that offer a diverse mix of local, national and international brands, as well as leisure and entertainment facilities (1.88 million sq ft). It will transform attitudes to working and living in East London, Stratford Citys vision for the future is of a major new urban centre, for shopping, working, relaxing and living. It also incorporates office and hotel space, residential apartments (1,224), community amenities, contemporary landscaping and public spaces.
Westfields 700m Nottingham redevelopment (1.4m sq ft) will more than double the size of the existing Broadmarsh centre. Featuring three principal levels of shopping, key components of the scheme include the introduction of international, national and local retailers, a supermarket, fresh food hall, major open public spaces and a roof top caf court providing panoramic views of Nottingham City Centre. Debenhams will also anchor the scheme.
The 300 million Broadway regeneration project (588,000 sq ft) will create a stunning new retail destination with a dynamic mix of retailers, from international brands to independent specialist stores and 181 apartments. Debenhams will also anchor the scheme.
Westfield Derby in the East Midlands is the largest retail-led development to open in Britain this year. It represents the beginning of a major development programme by Westfield to expand in the UK market.
The centre consists of 1m sq ft of retail, food and lifestyle space. In addition to anchors Marks & Spencer, Debenhams, and Sainsburys, the development has 16 MSUs, a 12-outlet food concept, a 12-screen Cinema de Lux that will open at Easter 2008, and parking for 3,700 cars. Westfield Derby employs 2,850 people most of whom live locally.
Contact: Catherine Markgraaff @ Westfield on 020 7061 1861
The Westfield Group (ASX Code: WDC) is the worlds largest retail property group by market capitalisation. It is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing in excess of 4,000 staff worldwide. It has investment interests in 119 shopping centres in four countries, with a total value of in excess of A$60 billion and is the largest retail property group in the world by equity market capitalisation.
In Britain, Westfield owns interest in seven operating shopping centres at; Guildford, Tunbridge Wells, Merry Hill, Derby, Nottingham, Belfast and Lisburn. In addition to these, it has three urban regeneration projects, two at London (White City, Stratford) and one at Bradford, West Yorkshire.