Reaction to new deal that could kickstart Bradford's long-awaited Broadway shopping scheme (From Bradford Telegraph and Argus)
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New deal could kickstart Broadway
7:00am Friday 19th October 2012 in News
By Chris Holland, Business Reporter
An artist's impression of the Broadway development
An early start on Bradford's delayed Westfield retail scheme could be on the cards following a new funding deal which will kickstart the development.
It is understood that Westfield has sold the Broadway site for £200 million to Meyer Bergman, a London-based specialist real estate investment management firm.
The deal raises hopes that work could start on the £275m scheme early next year, with completion due in 2015.
After original preparation and groundworks the site was mothballed in 2008 at the start of the financial crash.
The Telegraph & Argus understands that Australian developer Westfield will receive the funding on completion of the scheme, so has an incentive to begin work sooner rather than later.
The site – part of which is being used as a temporary ‘urban park’ – has reportedly been sold by Westfield, the world’s largest retail mall developer, but the company will still build and operate the scheme to be known as Westfield Broadway.
A spokesman for Meyer Bergman said it was not usual for it to comment until a deal had been finalised and signed.
Councillor David Green, leader of Bradford Council, said he welcomed any move that would speed up the start the Westfield scheme.
He said: “I am aware of various discussions that have been going on.
“The Council is mainly concerned about whether these will help speed up development of the Westfield scheme. We are committed to ensuring that it is completed as soon as possible to the highest standards.
“If Westfield has made a move to secure finance with another party and that leads to work starting sooner rather than later then that is good news for Bradford.”
In August, Westfield chief executive Steven Lowy hinted to a Sunday newspaper’s business supplement that the company was considering the move, saying: “We may sell it, but it will play out in a way that pleases the people of Bradford.”
Yesterday, a Westfield spokesman continued to stay tight-lipped about any deal but reiterated the company remained committed to completing the project.
He said: “Westfield is not prepared to comment on speculation. Westfield is committed to progressing the Broadway scheme in Bradford and is focused on the pre-letting of the scheme before it can commence on site.
“Westfield has in fact recently announced that Debenhams has signed an agreement to extend its proposed store in the Broadway development. This follows the latest announcement of the completion of its major anchor store lettings with the signing of Marks & Spencer. Next has also recently agreed to open a flagship store in The Broadway scheme – its second in Bradford.
“There is strong interest from a range of major stores and specialty shops given the relatively untapped retail market in Bradford city centre.”
Bradford West MP George Galloway (Respect), whose constituency covers the city centre, said: “If this really does mean that the scheme will finally go ahead then of course I welcome it. But after the farce and farrago of the last ten years I will reserve judgment.”
Last month Debenhams also announced that it wanted to extend its Westfield store to three levels rather than the original plan to open a 100,000 sq ft store over two floors. Planning permission for the alteration, which will mean reducing car park spaces by 45, is being sought.
Debenhams is one of three ‘anchor tenants’ for the project, for which planning permission was granted last year for 550,000 sq ft of retail and catering outlets, more than 70 shops and restaurants, 1,300 car park spaces and public areas.
Last week, Duncan Bower, development director for Westfield, also assured Bradford councillors it was 100 per cent behind the scheme.
“We are as frustrated as anybody – we’ve invested considerable sums and we firmly believe in the Bradford project,” he said, after giving a progress report on the scheme to Bradford Council’s regeneration and economy overview committee.
“It does not serve our purpose to sit on our hands and it’s very heartening that Bradford Council is committed to working for success,” Mr Bower said.
“We want to assure the people of Bradford that we want to get on with this development as soon as possible.”
At that meeting Council chief executive Tony Reeves said: “We don’t have a Plan B, because this is the right horse to back – Westfield is the biggest shopping centre developer in the world and in all my discussions with them they have given me assurances that they are 100 per cent committed to build in Bradford.
“We cannot water down our commitment to them and I genuinely don’t think a developer and a local authority could be doing any more.”
Comments(43)
thatsnotmyname
says...
7:41am Fri 19 Oct 12
PHILISAN
says...
8:00am Fri 19 Oct 12
Joedavid
says...
8:14am Fri 19 Oct 12
Sorry but I think I heard this before over and over.
I well have to see this Shopping Center to believe it, Westfield lost credability long ago.
Tony Reeves go if you not got a Plan B.
mad matt
says...
8:15am Fri 19 Oct 12
Thee Voice of Reason
says...
8:21am Fri 19 Oct 12
RuggerTyke
says...
8:46am Fri 19 Oct 12
Goodbye you Australian shysters. you should be taken to court by BMDC and the land wrenched back but theres's something untoward benefiting both!
You just cannot have tjis company with a huge sign in this City after all their 'Wastefield' and oter such taunting at our ecpense.
Better to get retailers on board who themselves get the publicity.
Olympic legacy is it ?, well you can rack off back to Australia.
RuggerTyke
says...
8:47am Fri 19 Oct 12
Goodbye you Australian shysters. you should be taken to court by BMDC and the land wrenched back but there's something untoward benefiting both!
You just cannot have FOFF westfield, foff!
Goodbye you Australian shysters. you should be taken to court by BMDC and the land wrenched back but theres's something untoward benefiting both!
You just cannot have this company with a huge sign in this City after all their 'Wastefield' and other such taunting at our expense.
Better to get retailers on board who themselves get the publicity.
Olympic legacy is it ?, well you can rack off back to Australia.
company with a huge sign in this City after all their 'Wastefield' and other such taunting at our expense.
Better to get retailers on board who themselves get the publicity.
Olympic legacy is it ?, well you can rack off back to Australia.
ExcellenceChallenge
says...
9:06am Fri 19 Oct 12
Avro
says...
9:06am Fri 19 Oct 12
BradfordStranger wrote:Did you read... "Westfield will receive the funding on completion of the scheme"
Another smooth move by Westfield - offload the risk by selling the land then getting a deal to build and manage it so they can still make a penny or two.
If they can't get tennants or the place gets boarded up like the rest of the city then they can simply walk away.
IF this does start an early build then we benefit slightly. Either way, Westfield are onto another winner.....
So Westfield only win when it is built and thereafter with a management fee.
angry bradfordian
says...
9:17am Fri 19 Oct 12
An early start??? Is this the most inaccurate start to a newspaper story ever?
Bacon Bantam
says...
9:27am Fri 19 Oct 12
angry bradfordian wrote:It's the T&A.
"An early start on Bradford's delayed Westfield retail scheme could be on the cards" An early start??? Is this the most inaccurate start to a newspaper story ever?
At least Galloway for all his faults can see straight through it.
Bone_idle18
says...
9:28am Fri 19 Oct 12
BradfordStranger wrote:You don't know much about business do you?
Another smooth move by Westfield - offload the risk by selling the land then getting a deal to build and manage it so they can still make a penny or two.
If they can't get tennants or the place gets boarded up like the rest of the city then they can simply walk away.
IF this does start an early build then we benefit slightly. Either way, Westfield are onto another winner.....
idleone
says...
9:51am Fri 19 Oct 12
MontyLeMar
says...
10:16am Fri 19 Oct 12
thatsnotmyname wrote:Err and vat is your name? It must go in zee book for disloyal and derogatory comments about zee great city of Bradford which will be used in evidence at your trial.
I think they're going to change the plans and build the biggest Greggs in the world.
mr-mixalot
says...
10:19am Fri 19 Oct 12
If anyone wants to have a laugh, then drop me an email and I will gladly send the email onto you
mrmixalot@gmail.com
ANY WHERE BUT HERE
says...
10:19am Fri 19 Oct 12
Tony reeves tells us plan A is all we've got. Its been six years waiting for plan a, it hasn't materialised, he tells us there is no other option. Yeah there is...
Tony reeves gets over £200,000 a year, although Westminster told councils to drop the pay by 10%. It didn't happen he had a wage rise.
For him to say after six years with a town centre decimated that there is no plan b. Incompetent Unbelieveable,Shocki
ng,
We can move forward without the leeches.
Plan B Sack TONY REEVES.
ANY WHERE BUT HERE
says...
10:19am Fri 19 Oct 12
Tony reeves tells us plan A is all we've got. Its been six years waiting for plan a, it hasn't materialised, he tells us there is no other option. Yeah there is...
Tony reeves gets over £200,000 a year, although Westminster told councils to drop the pay by 10%. It didn't happen he had a wage rise.
For him to say after six years with a town centre decimated that there is no plan b. Incompetent Unbelieveable,Shocki
ng,
We can move forward without the leeches.
Plan B Sack TONY REEVES.
Farsley Bantam
says...
10:21am Fri 19 Oct 12
Bacon Bantam wrote:Speaking of Galloway why have the T&A not reported on the most recent fiasco surrounding him?
angry bradfordian wrote: "An early start on Bradford's delayed Westfield retail scheme could be on the cards" An early start??? Is this the most inaccurate start to a newspaper story ever?It's the T&A. At least Galloway for all his faults can see straight through it.
It's one of the lead stories on The Guardian website yet no mention of it on here.
Strange that someone sat in an office in London could get this scoop and its not even on the T&A's radar.
http://www.guardian.
co.uk/politics/2012/
oct/18/george-gallow
ay-pa-police-husband
MontyLeMar
says...
10:25am Fri 19 Oct 12
webess
says...
10:28am Fri 19 Oct 12
Bone_idle18 wrote:I think Bradford Stranger is one of those people who've watched a couple of episodes of the the apprentice on telly and now think they know all about business...
BradfordStranger wrote:You don't know much about business do you?
Another smooth move by Westfield - offload the risk by selling the land then getting a deal to build and manage it so they can still make a penny or two.
If they can't get tennants or the place gets boarded up like the rest of the city then they can simply walk away.
IF this does start an early build then we benefit slightly. Either way, Westfield are onto another winner.....
Rambo
says...
10:33am Fri 19 Oct 12
ExcellenceChallenge wrote:Having a large shopping centre full of clone stores, in such proximity to the retail park and Leisure Exchange, will totally kill off shopping around the Westgate/Kirkgate area.
Agree about a Mega-Greggs, and perhaps a Pound Shop Mall too. How about Bookie's Alley? My beloved Bradford, how I yearn for a return to prestige for this fabulous city. Like the idea of John Lewis and come on BHS. Fear if it opens Darley Street will end up boarded up
Just like in Wakefield. They expected they new shopping centre (complete with big names including Debehams) to invigorate the city centre as a whole but in fact it has ruined the traditional shopping areas by pulling people away.
The same WILL happen in Bradford.
Bacon Bantam
says...
10:50am Fri 19 Oct 12
Farsley Bantam wrote:The T&A only found about about the Westfield story because someone in their office happened to be flicking through the times.
Bacon Bantam wrote:Speaking of Galloway why have the T&A not reported on the most recent fiasco surrounding him? It's one of the lead stories on The Guardian website yet no mention of it on here. Strange that someone sat in an office in London could get this scoop and its not even on the T&A's radar. http://www.guardian. co.uk/politics/2012/ oct/18/george-gallow ay-pa-police-husbandangry bradfordian wrote: "An early start on Bradford's delayed Westfield retail scheme could be on the cards" An early start??? Is this the most inaccurate start to a newspaper story ever?It's the T&A. At least Galloway for all his faults can see straight through it.
Your giving their journalists more credit than they deserve.
Bacon Bantam
says...
11:02am Fri 19 Oct 12
Rambo wrote:I bet it doesn't happen in Bradford on the basis that this shopping center will never be built so it can't happen.
ExcellenceChallenge wrote: Agree about a Mega-Greggs, and perhaps a Pound Shop Mall too. How about Bookie's Alley? My beloved Bradford, how I yearn for a return to prestige for this fabulous city. Like the idea of John Lewis and come on BHS. Fear if it opens Darley Street will end up boarded upHaving a large shopping centre full of clone stores, in such proximity to the retail park and Leisure Exchange, will totally kill off shopping around the Westgate/Kirkgate area. Just like in Wakefield. They expected they new shopping centre (complete with big names including Debehams) to invigorate the city centre as a whole but in fact it has ruined the traditional shopping areas by pulling people away. The same WILL happen in Bradford.
Bacon Bantam
says...
11:38am Fri 19 Oct 12
Look at the Westfield Saga story, all 3 anchor tenants were signed up by 2008, and nothing happened.
Avro
says...
11:52am Fri 19 Oct 12
Bacon Bantam
says...
11:56am Fri 19 Oct 12
April 2007: Tony Reeves, the Council's chief executive, said he expected work to start before the end of 2007.
Why do we pay this man hundreds of thousands of pounds a year, what does he bring to Bradford?
Avro
says...
11:56am Fri 19 Oct 12
ANY WHERE BUT HERE wrote:More like 8 years, this has been going on since Broadway was demolished in 2004, which is when Westfield took control, and the overall project has rumbled along the bottom since 1998
Are we really to believe Westfield or Bradford council after six years No.
Tony reeves tells us plan A is all we've got. Its been six years waiting for plan a, it hasn't materialised, he tells us there is no other option. Yeah there is...
Tony reeves gets over £200,000 a year, although Westminster told councils to drop the pay by 10%. It didn't happen he had a wage rise.
For him to say after six years with a town centre decimated that there is no plan b. Incompetent Unbelieveable,Shocki
ng,
We can move forward without the leeches.
Plan B Sack TONY REEVES.
ertnec
says...
11:57am Fri 19 Oct 12
Avro
says...
12:03pm Fri 19 Oct 12
Bacon Bantam wrote:September 2011, the now ex-Cllr Ian Greenwood ws on Look North saying that Westfield would be on site by February 2012
From the other story,
April 2007: Tony Reeves, the Council's chief executive, said he expected work to start before the end of 2007.
Why do we pay this man hundreds of thousands of pounds a year, what does he bring to Bradford?
Full circle yet again!
Parz
says...
12:10pm Fri 19 Oct 12
MontyLeMar wrote:Presumably they are buying the hole for £200 million which once Westfield are done (yes, I know, optimistic) will have a £355 million shopping centre sat on top of it that they can keep or sell on for a nice fat £155 million profit. Don't get me wrong, I'm no businessman and I'm not pretending to be, but that the way it seems to me.
I'm a little confused about what Meyer Bergman are getting for their £200 million. Are they just buying a hole or buying a finished shopping centre? I can't see them parting with that money just for a hole and if Westfield have already spent £80 million on the Hole and expect to spend another £275 million on the structure then they are going to take a thumping loss. But without those tenants being signed up in the first place the site is not going to get built anyway.
Am I the only one that see's this as good news? I know weve heard it all before but surely now Westfield actually have an incentive to build seen as they don't get paid until they do, and also they'll have Meyer Bergman on thier backs to get it finished (which is where BMDC should have been anyway).
Bacon Bantam
says...
12:23pm Fri 19 Oct 12
Avro wrote:At least Greenwood has gone.
Bacon Bantam wrote: From the other story, April 2007: Tony Reeves, the Council's chief executive, said he expected work to start before the end of 2007. Why do we pay this man hundreds of thousands of pounds a year, what does he bring to Bradford?September 2011, the now ex-Cllr Ian Greenwood ws on Look North saying that Westfield would be on site by February 2012 Full circle yet again!
Avro
says...
12:39pm Fri 19 Oct 12
BradfordStranger
says...
12:59pm Fri 19 Oct 12
Avro wrote:Fair point Avro but the risk of it not being a success (I.E securing tennants AND keeping them long term) has now been offloaded - if it hits the fan after completion and they have been paid, all they are losing is the management contract. It just compounds a lot of views that this firm have no confidence in this scheme - good that they are not just dumping it but I was surpised they have found somebody else to take it on.
BradfordStranger wrote: Another smooth move by Westfield - offload the risk by selling the land then getting a deal to build and manage it so they can still make a penny or two. If they can't get tennants or the place gets boarded up like the rest of the city then they can simply walk away. IF this does start an early build then we benefit slightly. Either way, Westfield are onto another winner.....Did you read... "Westfield will receive the funding on completion of the scheme" So Westfield only win when it is built and thereafter with a management fee.
BD16
says...
1:43pm Fri 19 Oct 12
MontyLeMar wrote:Don't tell him Pike.
thatsnotmyname wrote: I think they're going to change the plans and build the biggest Greggs in the world.Err and vat is your name? It must go in zee book for disloyal and derogatory comments about zee great city of Bradford which will be used in evidence at your trial.
The Hoffster
says...
2:59pm Fri 19 Oct 12
Farsley Bantam wrote:Pathetic accusations and allegations from someone who's been sacked, lol.
Bacon Bantam wrote:Speaking of Galloway why have the T&A not reported on the most recent fiasco surrounding him?
angry bradfordian wrote: "An early start on Bradford's delayed Westfield retail scheme could be on the cards" An early start??? Is this the most inaccurate start to a newspaper story ever?It's the T&A. At least Galloway for all his faults can see straight through it.
It's one of the lead stories on The Guardian website yet no mention of it on here.
Strange that someone sat in an office in London could get this scoop and its not even on the T&A's radar.
http://www.guardian.
co.uk/politics/2012/
oct/18/george-gallow
ay-pa-police-husband
Cooperlane2
says...
3:22pm Fri 19 Oct 12
Farsley Bantam
says...
3:38pm Fri 19 Oct 12
The Hoffster wrote:GG after a few more column inches more like.
Farsley Bantam wrote:Pathetic accusations and allegations from someone who's been sacked, lol.Bacon Bantam wrote:Speaking of Galloway why have the T&A not reported on the most recent fiasco surrounding him? It's one of the lead stories on The Guardian website yet no mention of it on here. Strange that someone sat in an office in London could get this scoop and its not even on the T&A's radar. http://www.guardian. co.uk/politics/2012/ oct/18/george-gallow ay-pa-police-husbandangry bradfordian wrote: "An early start on Bradford's delayed Westfield retail scheme could be on the cards" An early start??? Is this the most inaccurate start to a newspaper story ever?It's the T&A. At least Galloway for all his faults can see straight through it.
Avro
says...
4:01pm Fri 19 Oct 12
BradfordStranger wrote:Nothing has been signed yet, and its interesting to see that the leading Shopping Centre news site has declined to report anything about the sale, because at this stage its only a ‘reported’ sale rather than having been signed off., the sale could yet fall through...
Avro wrote:Fair point Avro but the risk of it not being a success (I.E securing tennants AND keeping them long term) has now been offloaded - if it hits the fan after completion and they have been paid, all they are losing is the management contract. It just compounds a lot of views that this firm have no confidence in this scheme - good that they are not just dumping it but I was surpised they have found somebody else to take it on.
BradfordStranger wrote: Another smooth move by Westfield - offload the risk by selling the land then getting a deal to build and manage it so they can still make a penny or two. If they can't get tennants or the place gets boarded up like the rest of the city then they can simply walk away. IF this does start an early build then we benefit slightly. Either way, Westfield are onto another winner.....Did you read... "Westfield will receive the funding on completion of the scheme" So Westfield only win when it is built and thereafter with a management fee.
mickfly2012
says...
5:13pm Fri 19 Oct 12
Whoisevans?
says...
6:26pm Fri 19 Oct 12
I was against the Park at first I thought shops should be a priority but I have grown to like the look of the park a shame it would have been a lovely back drop against a shopping center and the refurbished Odeon like the Alhambra would have been a city center to be proud of.
justjustice
says...
11:33pm Fri 19 Oct 12
As for "pleasing the people of Bradford", we will never be pleased with Westfield, if they were committed to Bradford the centre would have been built on time back in 2008; yet they continue to blame the recession even though they stopped well before the recession started!
Seems to me Westfield were more committed to the Stratford City centre, building it on time, whilst during that time we've had a nice hole to look at. Note that that project began in July 2009, so why build that one but not Bradford's when Bradford was supposed to be completed 1 year before this project began??!!
So T&A, ask them that! Why was Stratford built on time even though it started years after Bradford?! Why didnt we get the same commitment?!
johnhem
says...
12:30am Sat 20 Oct 12
Farsley Bantam wrote:would this be the same grauniad thats losing £44m a year, thats sacking 100 staff? i can understand the T&A not taking any notice, the guardian are well known for making things up. after all, they slated the sun over a story last year and were so accurate in every way it cost them ££££'s in libel and court costs.
Bacon Bantam wrote:Speaking of Galloway why have the T&A not reported on the most recent fiasco surrounding him?
angry bradfordian wrote: "An early start on Bradford's delayed Westfield retail scheme could be on the cards" An early start??? Is this the most inaccurate start to a newspaper story ever?It's the T&A. At least Galloway for all his faults can see straight through it.
It's one of the lead stories on The Guardian website yet no mention of it on here.
Strange that someone sat in an office in London could get this scoop and its not even on the T&A's radar.
http://www.guardian.
co.uk/politics/2012/
oct/18/george-gallow
ay-pa-police-husband
in fact this rag is so good they are talking about stopping printing it and just going online instead.
BradfordStranger says...
7:35am Fri 19 Oct 12
If they can't get tennants or the place gets boarded up like the rest of the city then they can simply walk away.
IF this does start an early build then we benefit slightly. Either way, Westfield are onto another winner.....