Hammerson focuses on redevelopment

Hammerson is pressing forward with a number of development and redevelopment projects to enhance its portfolio in the UK and France. CEO David Atkins said in an interim management statement for the period July to November that the retail redevelopment of 54-60 rue du Faubourg St Honoré, Paris, is progressing well. The scheme is fully pre-let and some units have already been handed over to tenants.

At Les Terrasses du Port, Marseille, which is almost 50% pre-let, enabling works have begun and the main construction works are due to start early next year.

In October, Glasgow City Council approved the application to extend Silverburn shopping centre, where year-to-date footfall is up 5%. The latest phase of the development will result in an additional 7,700 m² of retail and leisure space.

Also in October, Barnet Council granted full planning consent for the project to extend Brent Cross shopping centre and create a new town centre in Brent Cross Cricklewood.

For its retail parks portfolio Hammerson obtained planning consent for the 5,100m² extension and redevelopment of Abbey Retail Park, Belfast and for the 3,300m² redevelopment of the B&Q unit at Battery Retail Park, Selly Oak, Birmingham.

In the office portfolio, a detailed planning application was recently submitted for a new development at London Wall Place, London EC2. The 46,000-m² office scheme comprises two buildings in the heart of the City. Hammerson has a number of other projects it is working on.

In the period from July to early November Hammerson carried out several disposals that raised about £420 mln (EUR 494 mln). 'In line with our stated strategy we have realised cash through asset disposals and have substantial resources available for investment in assets offering good growth prospects. We have achieved an encouraging number of new lettings, improving occupancy, and made good progress with a number of our development projects,' Atkins said.