Westfield receives outline planning consent for $A1.1 billion UK redevelopment

21 November 2002

Countries: United Kingdom

Nottingham City Council has resolved to grant outline planning consent for Westfield’s application for a 400 million ($A1.1 billion) redevelopment of the Broadmarsh Centre in Nottingham in the United Kingdom.

Westfield’s Managing Director Steven Lowy said, “We are very pleased with our progress in the United Kingdom where we have operated for just over two years and have now received our second major outline planning consent. This approval closely follows the receipt of full planning permission in July 2002 for the 200 million ($A560 million) redevelopment at Derby.”

“The Nottingham approval is an important milestone, as it is a major step forward in the process required to realise the redevelopment opportunity at Broadmarsh” said Peter Allen, Westfield’s Director – Europe.

In line with normal practice, members of Nottingham City Council’s Planning Committee agreed to refer the Westfield application to the UK Secretary of State, recommending that planning permission be granted.

The extension and redevelopment of the existing centre will add a flagship department store and over 230 shops and restaurants. On completion, the Broadmarsh Centre will have increased from 42,000 square metres to more than 115,000 square metres.

Westfield is also pursuing the redevelopment and expansion of three other shopping centres in the United Kingdom at Guildford, Swindon and Belfast.

The Broadmarsh Centre is owned in a joint venture between Westfield Holdings (75%) and Hermes (25%) on behalf of the Post Office Superannuation Scheme.