Land surrounding Meadowhall could be transformed under owners' new plans
Land surrounding Meadowhall could be converted into warehouses and delivery centres under new plans from the shopping centre’s owners.
British Land, which owns 50 per cent of the 1.5 million sq ft site, unveiled the proposal in its half year results, which revealed its retail assets have declined in value by almost 15 per cent.
Incoming chief executive, Simon Carter, 45, said “realising the potential of mixed use” is one of the business’ “clear priorities” for the future.
The report said: “We are scoping the broader retail portfolio for alternative and additional use opportunities. The surrounding land at Meadowhall is one such example, where 440,000 sq ft of land could potentially be repurposed as logistics space.
"This project is at an early stage and we would not expect to progress all these opportunities ourselves; some may be more suitably progressed in partnership or by other parties."
A company spokesperson told The Star Meadowhall’s good location on the outskirts of Sheffield next to the M1 makes it a potentially attractive proposition for companies looking for distribution centres.
The report stated the plans were “medium term pipeline” but a clearer timescale was not given.
It is not known what, if any, impact this would have on shops and leisure at Meadowhall. The centre currently has a 95 per cent occupancy rate and Mr Carter said he has “confidence in the future” of British Land.
He said: “Our first half results naturally reflect the challenges in retail. Against this backdrop, we remain focused on active asset management, working to maximise rent collection and keeping our units occupied with successful retailers.”