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Shopping centre sale could fetch 260m

by Marco Cillario Fri 23 September 2016, 9:35 am

A shopping centre reportedly worth 260 million is up for sale in Bromley, according to recent reports.

intu shopping centre restaurant terrace opened in the summer.

Contacted by Invest Bromley, a spokesperson for intu confirmed that along with its co-owner, Aviva Investors, it was “in discussions with a number of interested parties” over the intu centre in the borough.

According to a report which appeared in Property Week last spring, intu Bromley is on the market for £260 million, with Cushman & Wakefield appointed to handle the process.

The news that LaSalle Investment Management was in pole position to acquire the shopping centre for around £240 million appeared on property website CoStar in August. This wasn’t confirmed by intu, which said all discussions were “still at an early stage” and that they had “not agreed terms with anybody at this point".

The centre, which has an annual footfall of 18 million, is undergoing a £14 million redevelopment.

Refurbishment has been carried out and new stores have opened, including Fat Face, Jo Malone, Massimo Dutti, The White Company and Timberland. Bering, a Danish company specialising in luxury watches, will also be opening a new store soon.

A new restaurant terrace overlooking Queen’s Garden opened in the summer, featuring a layered roof top garden that uses renewable energy from around 300 solar panels. A 1,860sq m boutique cinema will open on the roof of the centre in 2017. 

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