Search

Chapelfield shopping centre increased in value by £9.6m last year

PUBLISHED: 09:51 22 February 2018 | UPDATED: 10:11 22 February 2018

Intu Chapelfield in Norwich. Photo: Steve Adams

Intu Chapelfield in Norwich. Photo: Steve Adams

Copyright Archant Norfolk 2015

Chapelfield grew in value by £9.6m last year, according to joint-owner Intu Properties.

The shopping centre group sold a 50% stake in the Norwich retail hub for £148m in November as it looks to reinvest it in other areas of the business.

The stake was sold to LaSalle Investment Management acting on behalf of the Greater Manchester and West Yorkshire Pension Funds.

Rental income for the shopping centre, which is home to stores including House of Fraser and Apple, was £15.5m. Chapelfield has 90 retail units and attracts 12 million people each year.

The group said it had overcome “external gloom” about the retail sector to post turnover of £666.8m in 2017, up from £648.8m in 2016, with pre-tax profits of £226.7m, up from £188.3m.

Chief executive David Fischel said its active asset management had put Intu in a strong position to mitigate the “challenging environment”.

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Insight

Jupiter European Opportunities is a £1bn investment trust which aims to achieve long-term capital growth through investing in economic trends and developing businesses across Europe.

Asbestos remains a real concern, says 
Dan Evans, partner at Cozens-Hardy

Women in Business

cover

Enjoy the
Women in Business
digital edition

Read

Celebrating Success

cover

Enjoy the
Celebrating Success
digital edition

Read

B2B Exhibition

cover

Enjoy the
B2B Exhibition
digital edition

Read

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100