British Land’s (LON:BLND) share price opened in positive territory this morning after the real estate investment trust (REIT) announced a multi-million-pound investment in Meadowhall. The company said in a statement that it would undertake a £50 million internal refurbishment of the Yorkshire shopping centre, as the property celebrates its 25th birthday this year, and the company was hoping that the overhauled building would “appeal to more premium and lifestyle retailers”.
The refurbishment project is to start this autumn and finish by the end of 2017, British Land revealed. The works will create districts within the centre, each with a different finish including wood and punctured metal, and will enable a number of retailers to install double height shop fronts, it noted. The company intends to carry out the extensive overhaul programme out of hours to avoid disrupting normal trading.
Claire Barber, head of shopping centre asset management at British Land said in the company’s statement today: "The refurbishment of Meadowhall will reposition the centre to appeal to premium and lifestyle retailers as well as a broader range of customers. We are very excited about the future for Meadowhall and the experience this investment will create for both our customers and retailers."
British Land’s recent £3 million investment in the Park Lane area of the centre was credited with attracting retailers including The White Company and Jigsaw. Restaurant chains Nando's, Wagamama and Five Guys have also moved into Meadowhall recently. Located just outside Sheffield, the building is the fourth-largest regional shopping destination in the UK and currently houses 310 shops.