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”.

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