Thu, 02 Jun 2011 | COMMERCIAL PROPERTY
Meadowhall shopping centre in Sheffield is on course to be transformed into the largest out-of-town shopping centre in the UK following proposals from British Land and London & Stamford.
The property developers are keen to expand Meadowhall's retail space by 700,000 sq ft, in a bid to cash in on the growing popularity of regional shopping centres.
Alongside an expanded homewares section – comprising a major Ikea store – modelled on Manchester's Trafford Centre's offerings – there will also be a far larger food court added to the mall. The new additions are unlikely to be connected to the existing buildings, but will expand the mall's retail space to over two million sq ft.
London & Stamford paid British Land £588 million to acquire a 50 per cent stake in the £1.5 billion Meadowhall centre in 2009, according to the Daily Telegraph.
The newspaper reported that London & Stamford is now rumoured to be attempting to activate its option to purchase a 50 per cent stake in the development land adjacent to the existing mall at 'market value.'
However, the firm has not met the £20 million valuation placed on the stake by British Land, so the situation is now set to go to arbitration.
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