British Land set to re-develop Hereford city centre

Property group British Land has signed a major forward funding agreement that will enable the development of the 310,000 sq ft Old Market scheme in Hereford city centre.

Property group British Land has signed a major forward funding agreement that will enable the development of the 310,000 sq ft Old Market scheme in Hereford city centre.

The £90m deal is one of the only significant UK retail forward fundings to take place over the last five years and represents a yield on cost of between 6.75 and 7%, the group said.

The scheme is located on the site of Hereford's former cattle market and will comprise 22 retail units, seven restaurants and a six-screen Odeon cinema. It will be anchored by a huge three-storey, 84,000 aq ft Debenhams store. Other shops include Next, TK Maxx, Frankie & Benny's and Waitrose. Over 50% of the space has already been pre-let.

Richard Wise, Head of Retail Development for British Land, said: "We believe retail development adds significant incremental value and are replenishing our pipeline to build growth and opportunity by assembling an exceptional, diversified portfolio of dominant assets.

"We are one of a very small group that has the ability, experience, financial strength and scale and strategy to capitalise on future demand for the right space."

The share price dipped 0.1% to 521p by 13:22.

NR

Recommended

A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.3%, but can you trust it to deliver?
Share tips

Persimmon yields 12.3%, but can you trust it to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022
Britain’s ten most-hated shares – w/e 12 August
Stocks and shares

Britain’s ten most-hated shares – w/e 12 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
16 Aug 2022

Most Popular

Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022
Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How solar panels could lower your energy bill
Energy

How solar panels could lower your energy bill

Solar-panel installation firms are reporting a four-fold increase in orders this year compared with 2021. Ruth Jackson-Kirby explains how solar can he…
14 Aug 2022