Birmingham’s Bullring shopping centre could be expanded to include a cinema and more catering outlets, according to the retail property firm which owns part of the complex.
In its interim results statement, property group Hammerson said: “This acquisition underlines our commitment to prime retail destinations and generating income growth through investment in winning sectors of the retail property market. Bullring is one of Europe’s leading shopping centres, attracting 40 million visitors per annum, and is 99 per cent occupied.
“Bullring has been a consistently strong performer since we opened it in 2003, demonstrating compound annual rental growth of 5.5 per cent.
“We have several options to further extend and redevelop the centre, to ensure that it continues to outperform over the coming years.”
The company increased its stake in the centre during May in a deal worth more than £300 million in a joint venture with Canada Pension Plan Investment Board.
Hammerson said there were now a number of asset management and development opportunities to assist future growth at the centre including the introduction of a cinema and additional catering.
Interim results showed that for the six months to the end of June, the group’s total pre-tax profit was £95.8 million, while net income from its properties topped £140 million.
Chief executive David Atkins said: “Our winning venues remain in demand from consumers and retailers. This combined with our management actions allows us to maintain high occupancy, secure new tenants on attractive terms and consistently grow rental income.”