Work 'to start next year' on delayed Broadway shopping centre (From Bradford Telegraph and Argus)
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Westfield site sell-off sees increased optimism for progress
8:00am Saturday 27th October 2012 in News
By Chris Holland, Business Reporter
An artist's impression of the scheme
Work on the delayed Westfield shopping centre on Broadway is targeted to start in the second half of 2013 following a deal designed to kick-start the project.
If construction of the £260 million retail mall does begin then, it should be ready to open by Christmas 2015.
Westfield confirmed last year that it would take around 18 months to build and that opening would be timed for either of the peak shopping periods of Christmas or Easter.
The expected start date emerged as it was confirmed that the site is being sold by Australian developer Westfield to a specialist real estate investment management firm, London-based Meyer Bergman, as reported in the T&A last week.
The sale price has not been confirmed, but is understood to be around £200 million. The value of Meyer Bergman's transactions average between £25 million and £250 million.
Crucially, the sale includes agreements by Westfield to develop the 550,000 sq ft Bradford city centre shopping centre, which was mothballed in 2008 after the financial crash.
Confirmation of the deal came a day after news that the proposed £35 million City Growth Centre Zone will start on November 1 and bring in a rate- relief scheme to attract new and growing businesses.
The strategy, jointly funded by the Government and Bradford Council, is aimed at creating 2,800 jobs, 2,500 of which would come through the Westfield development.
Meyer Bergman said it was buying the Bradford site in association with two major Canadian pension funds, Healthcare of Ontario Pension Plan Trust Fund and another co-investor in Meyer Bergman’s second fund, Meyer Bergman European Retail Partners Fund II (‘mberp II’).
Westfield and Meyer Bergman said the deal was subject to the start of the Bradford development, which is expected to be in the second half of 2013.
Meyer Bergman will become the owner of the site and will appoint Westfield to develop, design, construct and lease the new shopping centre.
Westfield will also be appointed as property manager for the centre once it is completed.
The Westfield Bradford development will include more than 70 shops and places to eat. Anchor stores will be Debenhams, Marks & Spencer and Next, which will occupy 35.6 per cent of the area.
Duncan Bower, Westfield director of development, said: “The agreements with Meyer Bergman are a significant step forward for the development of the shopping centre for the city of Bradford.
“Westfield has remained committed to progressing the Bradford scheme through difficult global economic times.
“In the past 12 months, Westfield has secured revised planning permission to ensure the scheme is more complimentary to the city centre, completed the anchor store negotiations with the signing of Marks & Spencer, extended the lease agreement with Debenhams to create an additional third sales level and confirmed that Next intends to open its second Bradford store.
“There is increasing momentum behind this project and strong retail interest from a range of major stores and specialty shops, given the relatively untapped retail market in Bradford city centre.”
George Walsh Waring, of Meyer Bergman, said: “Bradford’s city centre has been without an adequate retail offer for over 20 years, so we are excited to be able to deliver, alongside Westfield and our co-investment partners, a prime shopping centre right in the heart of the city that will completely transform its retail offering.
“We are confident that the Westfield Broadway centre will continue the rejuvenation of the city’s civic centre and provide a tangible stimulus to the local economy and jobs market.”
Councillor Dave Green, Leader of Bradford Council, said: “The Westfield and Meyer Bergman announcement is good news for Bradford. This is a clear signal of investor confidence.”
In announcing the new deal, Westfield and Meyer Bergman said: “Bradford represents a compelling retail opportunity as a city that has not offered retailers or consumers a good quality modern retail solution in over 20 years.
“Moreover, with a catchment area of 1.4 million potential shoppers, it is the largest retail market in the United Kingdom without a department store."
Comments(27)
tornshaunton
says...
8:14am Sat 27 Oct 12
Hands up all those that are actually bothered now.
MontyLeMar
says...
9:06am Sat 27 Oct 12
Avro
says...
9:18am Sat 27 Oct 12
"If construction of the £260 million retail mall does begin"
That's one hell of an IF....and is very dependent on Bergman SECURING ENOUGH TENANTS in the meantime to make it happen!
The interesting part is this....The main use for the Regional Growth Fund cash is to provide a £12 million rate relief fund for the city centre, AND a £12.6 million similar fund for tenants in the proposed Westfield shopping centre.
It is RGF money that funds the Westfield rate relief scheme and this must be spent by 2016, so is dependent on the centre being up and running by the end of 2015.
In March, Councillor David Heseltine, deputy chairman of the panel, said he was concerned about what would happen if the shopping centre and its 2,500 retail jobs did not get off the ground in time to meet this deadline.
Same old story, little changed other than who now owns it!
webess
says...
9:21am Sat 27 Oct 12
tornshaunton wrote:Clearly you're were bothered as you took the time to post...
Yawn, yawn, yawn !!!!
Hands up all those that are actually bothered now.
Mike Strutter
says...
9:21am Sat 27 Oct 12
Joedavid
says...
9:37am Sat 27 Oct 12
holden caulfield wrote:Agree no Westfield name on the building.
we've been waiting so long that most Bradfordians will have little faith in this materialising. But here's hoping with all fingers crossed. One plea though, please expunge the name Westfield from the development, that name will leave a nasty taste in the mouth for years to come.
Think most Bradford people would be happy to call it "Broadway Shopping Center".
Tricky Dicky
says...
9:46am Sat 27 Oct 12
Joedavid wrote:It should be called the "Swan Arcade" to remind Bradford folk that their council is better at demolishing this once proud city than rebuilding it!
holden caulfield wrote:Agree no Westfield name on the building.
we've been waiting so long that most Bradfordians will have little faith in this materialising. But here's hoping with all fingers crossed. One plea though, please expunge the name Westfield from the development, that name will leave a nasty taste in the mouth for years to come.
Think most Bradford people would be happy to call it "Broadway Shopping Center".
BD16
says...
9:49am Sat 27 Oct 12
Joedavid wrote:"Broadway shopping centre" would be better. I don't agree with American spellings myself.
holden caulfield wrote:Agree no Westfield name on the building.
we've been waiting so long that most Bradfordians will have little faith in this materialising. But here's hoping with all fingers crossed. One plea though, please expunge the name Westfield from the development, that name will leave a nasty taste in the mouth for years to come.
Think most Bradford people would be happy to call it "Broadway Shopping Center".
tornshaunton
says...
10:22am Sat 27 Oct 12
webess wrote:How droll !!!
tornshaunton wrote:Clearly you're were bothered as you took the time to post...
Yawn, yawn, yawn !!!!
Hands up all those that are actually bothered now.
vikksy
says...
10:45am Sat 27 Oct 12
The Hoffster
says...
11:15am Sat 27 Oct 12
webess wrote:Your grammar is absolutely appalling.
tornshaunton wrote:Clearly you're were bothered as you took the time to post...
Yawn, yawn, yawn !!!!
Hands up all those that are actually bothered now.
Lockjaw
says...
11:46am Sat 27 Oct 12
Albion.
says...
11:47am Sat 27 Oct 12
Joedavid wrote:Fat chance! It's still all Westfield apart from some of the financial involvement.
holden caulfield wrote:Agree no Westfield name on the building.
we've been waiting so long that most Bradfordians will have little faith in this materialising. But here's hoping with all fingers crossed. One plea though, please expunge the name Westfield from the development, that name will leave a nasty taste in the mouth for years to come.
Think most Bradford people would be happy to call it "Broadway Shopping Center".
MontyLeMar
says...
12:14pm Sat 27 Oct 12
Lockjaw wrote:Would you build a £300 million investment on that rust and concrete? I doubt it. If they did and they got problems 10 years down the line there would be hell to pay. Plus I bet the original plans are not the same as the new approved plans meaning new foundations must be dug. So they may as well start from scratch.
So it is "Dave" Green now. Man of the people? Will the current footings and piles at the site have to be replaced after being exposed to the elements for a number of years?
wobbley-bob
says...
12:43pm Sat 27 Oct 12
The Hoffster wrote:FFS...Shut up Barry/Brat/Iona, you're one boring MF.
webess wrote:Your grammar is absolutely appalling.
tornshaunton wrote:Clearly you're were bothered as you took the time to post...
Yawn, yawn, yawn !!!!
Hands up all those that are actually bothered now.
We're still awaiting an explanation from your hoppo Reno, who was adamant there would be workers on site in February THIS year.
Shipleyvegas
says...
1:27pm Sat 27 Oct 12
webess wrote:You beat me to it!
tornshaunton wrote:Clearly you're were bothered as you took the time to post...
Yawn, yawn, yawn !!!!
Hands up all those that are actually bothered now.
The Hoffster
says...
1:52pm Sat 27 Oct 12
wobbley-bob wrote:I don't know what you're talking about, Guv'.
The Hoffster wrote:FFS...Shut up Barry/Brat/Iona, you're one boring MF.
webess wrote:Your grammar is absolutely appalling.
tornshaunton wrote:Clearly you're were bothered as you took the time to post...
Yawn, yawn, yawn !!!!
Hands up all those that are actually bothered now.
We're still awaiting an explanation from your hoppo Reno, who was adamant there would be workers on site in February THIS year.
sorrow&anger
says...
3:14pm Sat 27 Oct 12
pywaxthecat
says...
4:10pm Sat 27 Oct 12
Albion.
says...
4:23pm Sat 27 Oct 12
pywaxthecat wrote:A lot of people might argue that the council hasn't supported them!
It's about time we supported the Council. City park, the Alhambra, St.Georges Hall,Bradford 1, the media museum. We now have a cultural quarter, stop the moaning and negativity, time we got behind the Council.
Tinybantam
says...
5:46pm Sat 27 Oct 12
Saltaire Bantam
says...
9:26pm Sat 27 Oct 12
justjustice
says...
9:47pm Sat 27 Oct 12
Well looks like Westfield has been given an other incentive where they can make a lot of money for nothing. Knowing that tenants can get some of the lease paid, they will just increase the rates to rent the shop space!
Will Bradford ever be rid of Westfield, they have been so "committed" to Bradford that everyone wants them out!
Sign it! http://epetitions.di
rect.gov.uk/petition
s/34836
dorny1971
says...
10:30pm Sun 28 Oct 12
There's only one thing that could happen to make the people of Bradford optimistic that this development is ever going to restart. That thing is the development actually restarting.
People are drawing parallels between crying 'Wolf' and crying 'Westfield'. 2623 times bitten, 2624 times shy!
Avro
says...
1:50pm Mon 29 Oct 12
Presumably he means "untapped" AFTER they decimated its retail!!
RollandSmoke
says...
4:38pm Mon 29 Oct 12
holden caulfield says...
8:12am Sat 27 Oct 12