Principal Investment Properties

The Broadgate Centre, London EC2

Meadowhall Shopping Centre, Sheffield

Supermarkets portfolio

Out of town retail warehouses portfolio

Regent’s Place, London NW1

Other Properties

Meadowhall Shopping Centre, Sheffield

Meadowhall is one of the largest and most successful shopping centres in the UK.

The two level, fully enclosed mall with excellent transport links continues to be attractive to both retailers and their customers. For multiple retailers at Meadowhall, 80% of the units are in the top 10 performing outlets of their company, and for 26% they are the retailers’ best performing outlet in the country.

Initiatives to reach retailers and consumers include: an on-line gift buying service; advances in the centre’s interactive customer loyalty scheme, now with 92,000 subscribers; and the development of the latest technology to communicate effectively with both customers and retailers, setting the industry standard (and being successfully marketed to other shopping centres throughout the UK). The accelerated response centre (ARC) provides on-site warehousing and stock replenishment facilities and is being expanded during 2004. In just over a year since the opening of The Source, a new training and development centre, over 60,000 people have benefited from the facilities.

The refurbishment of the ‘Oasis’ food court was completed in October, with the new first floor area creating additional seating. The all new design and finishes provide a pleasing environment for customers.

Meadowhall and its management have received more awards this year, including British Council of Shopping Centres (BCSC) and International Council of Shopping Centres (ICSC) marketing awards and the Severnside award for commitment to recycling.

Rents have increased by £2.1 million over the year following settlement of 41 rent reviews and new leases. The rents passing are expected to increase further to approximately £71.2 million per annum when the outstanding rent reviews and lettings have been completed.