Urban Regeneration and the renaissance of the retail REIT
Monday of this week heralded the news that Hammerson’s share prices had taken a further battering; they are by no means alone as one of the UK’s failing REITs who have too long relied on the nations dwindling retail sector.
But through the allegations of complacency and cheap puns about ‘shopping centre giants on the down escalator,’ a ray of light – the announcement that the end may well be in sight for their ambitious Bishopsgate Goodsyard scheme, to be undertaken in joint venture with Ballymore. This 10-acre site (GDV £900million) promises to deliver 500 much-needed homes and 1.4m sqft of workspace, whose proximity to the city centre will no doubt be highly prized.
Concessions have been made, largely in the form of the vast 35% uplift on the 15% affordable units initially proposed; presumably the numbers still add up and this could well be a significant step in terms of Hammerson’s much-needed re-brand.
Cynics question whether this is a case of too little, too late, but this move should be viewed as very much on trend with other notable institutions such as Capital & Regional, Landsec, British Land and Intu all flexing their financial muscles in pastures new.
Best of luck to them! The following article is well worth a read.
