Meadowhall is continuing to outperform the retail market in terms of the number of shoppers visiting the complex and occupancy rates, according to part-owner British Land.
The centre, valued at £1,525 million on British Land’s books, is 98 per cent let and pulling in £82 million a year in rents, says British Land, in its annual report to shareholders.
“While footfall performance across our portfolio was weaker, we continued to outperform the market, with Meadowhall and retail parks both ahead,” says chief executive Chris Grigg.
“We are also attracting new retailers, notably at our major shopping centres Meadowhall and Drake Circus, where we continue to expand the premium retail offer.
“The most notable deal was with Victoria’s Secret at Meadowhall for a 13,000 sq ft store which will open in the autumn.”
British Land made an underlying pre-tax profit of £274 million during the 12 months to the end of March, up by 1.9 per cent on the preceding year.
The company is recommending a full year dividend of 26.4p a share, up by 1.1 per cent.
Chris Grigg said: “It’s been a highly active and successful year and we have demonstrated our strategy in action in the broadest sense.”