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Bradford project “pre-development activity continues” says report
11:39am Thursday 25th February 2010 in News
The Australian shopping centre group behind Bradford’s mothballed Broadway development has announced its full year results for 2009.
The Westfield Group said its operational earnings were up 6.2 per cent on the previous year to Aus $2.064 billion, while its earnings before interest and tax went up by 8.3 per cent to Aus $2.871 billion.
Under the heading Strategic Development Opportunities, the company’s report mentioned Bradford alongside Nottingham as one of two high-quality UK assets where “pre-development activity continue”.
Westfield Group managing directors Peter Lowy and Steven Lowy said: “Notwithstanding the difficult conditions in the real estate, retail and capital markets in which we operate, the group has been able to meet its forecast given in February last year.
“Overall, we have seen strong performance from the Australian business throughout the year and conditions have stabilised in the second half of the year in our United States, United Kingdom and New Zealand businesses.”
Westfield said construction and leasing were progressing well at both the £1.45 billion development at Stratford, London, and the $1.2 billion redevelopment of the Sydney City scheme, in Australia.
It expected to start work on $300 million of major Australian projects in 2010 in addition to the $350 million office tower at Sydney City.
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