Westfield kickstarts new projects in the UK as retail sales increase

 
Kasmira Jefford
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WESTFIELD said shoppers continued to make a beeline for its shopping centres in the first quarter, with the Australian retail giant reporting a solid performance across its two UK sites.

Speciality sales at Westfield London and Stratford City rose by 1.6 per cent to £828 per square feet in the three months to 31 March, the firm reported yesterday. The figure only reflects the performance of stores with under 10,000 square feet each.

The two centres are now 99 per cent leased and generate annual sales of £1.96bn. Average speciality rent grew by 5.1 per cent to £88.69 per sq ft.

In April, Westfield sold its shopping centre in Derby, a retail park in Sprucefield, and its half stake in Merry Hill to UK rival Intu for $1.1bn (£655m) to focus on its three London malls.

The group is working with fellow retail landlord Hammerson on the £1bn redevelopment of the Whitgift centre in Croydon.

It also began work in the quarter on a £260m centre in Bradford, which was forward sold to investment firm Meyer Bergman.

“At Westfield London we have made good progress on the five year rent review process, which began late last year...We are also pleased to have received planning consent for the next phase of expansion, including mixed residential and retail components anchored by a new John Lewis,” Steven Lowy said.

£1.96BN Yearly sales at Westfield’s two London malls

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