Latest news with #BirminghamBullRing
BBC News
a day ago
- Business
- BBC News
Plans to demolish Birmingham market submitted for third time
Plans to demolish an historic indoor market have been recommended for approval after being submitted for a third revealed last year they wanted to bulldoze the Birmingham Bull Ring site to make way for proposed development, on Edgbaston Street, would provide up to 745 apartments, or about 1,500 student bedrooms, in the city traders have sold from the site for years, but that could end amid the plans, which go before city council planning committee members on 3 July, with officers suggesting they back the scheme. The market is located on the ground floor of Edgbaston Street Car Park, which is owned by property giant Hammerson. It is run by Birmingham City Council and the local authority provides traders with their have revealed plans for a temporary alternative market site at the location of the city's former wholesale market, to which traders would be plan would then see them relocate into a new permanent building within the wider development site there, for the indoor market were submitted for a second time in February, and were also recommended for approval. The council said it would submit an application for funding to secure the replacement markets, but some members were concerned the new space could not be guaranteed, and a decision was deferred. Ahead of the proposal being considered for a third time next week, an update within council documents said there was now "an increased level of certainty over future market provision".The update revealed that meetings between council leaders, applicant Hammerson and the firm behind the Smithfield development had secured an extension of the lease on the current indoor market until March provided the "necessary time" to deliver a temporary market ahead of the transition to a permanent one, the report council added a business case for funding had been approved by the Enterprise Zone Partnership Board, and would be presented to cabinet prior to a formal bid. The council added it was negotiating with Lendlease over delivering the temporary market and that the plan provided a "credible" way forward and continuity for traders. This news was gathered by the Local Democracy Reporting Service which covers councils and other public service organisations. Follow BBC Birmingham on BBC Sounds, Facebook, X and Instagram.
Fashion Network
21-05-2025
- Business
- Fashion Network
Hammerson shines in 'excellent year', confirms almost full control of Brent Cross
Hammerson 's on a roll. The major owner/manager of prime retail and leisure centres anchored to city destinations (think Birmingham Bull Ring, Cabot Circus Bristol, Westquay Southampton, and Brent Cross in London) says it's enjoying 'an excellent start to the year' across all aspects of its business. It reported a strong year-to-date trading performance together with positive updated guidance for full-year 2025. The positive update comes as it also announced the completion of the acquisition of Brent Cross, first reported earlier this month (but more of that later). An upbeat CEO Rita-Rose Gagne said: 'We have welcomed over 50 million visitors to our destinations so far in 2025 [and] we've continued to execute our growth strategy and delivered strong operational momentum, with another period of record leasing, increased year-on-year occupancy, investment and consolidation in our assets.' As a result, Hammerson now expects total GRI (global reporting initiative) growth in the region of 10% for 2025 and re-affirmed its adjusted earnings guidance for the full year. Those 50 million visitors so far in 2025 supports its claim that footfall and sales 'have continued to be robust'. Group like-for-like sales were also up 1% for the first quarter, including a particularly strong performance in March in the UK (+2%), 'with the benefit of Easter falling in Q2 yet to come'. Another strong leasing performance in the year to 16 May has already outstripped last year's record performance with the exchange of 93 leases, representing 424,000 sq ft of space, totalling £15.5 million of headline rent at 100%, 59% ahead of previous passing rent, and 12% ahead of ERV. Reflecting the continuing high demand and strong leasing performance, year-on-year occupancy increased by 70bps in the first quarter to 94%, it noted. There's also a 'high visibility' of future income with long-term deals representing 91% by value and the weighted average unexpired lease term to break is 5.4 years, adding £76m of contracted rent year-to-date. The pipeline remains strong with over £25 million in solicitor's hands and in advanced negotiations. Following the investment in asset repositioning, Hammerson sees major new openings this year including a flagship M&S and Odeon at Cabot Circus, Hollywood Bowl and TK Maxx at The Oracle, and a unique partnership between Adidas and Aston Villa at the Bullring. It also completed the major reletting associated with the former House of Fraser at The Oracle, having signed deals last week for significant upsizes with Zara and another major global brand. It also looks forward to welcoming an upsized and new concept Pull & Bear and upsized JD Sports at Dundrum. 'These leases support significant rental growth, and together are ahead of previous passing rents and ERVs', it added. And that updated guidance comes alongside strong operational momentum so it now expects total GRI growth for FY25 to be in the region of 10%, with adjusted earnings of around £95 million. Also, Hammerson gave further details on its Brent Cross acquisition, acquiring almost a 100% stake in the centre for a net cash consideration of £186 million. It said this represents a 16% discount to book value as at 31 December 2024 for the destination and a net initial yield of 8.6%. Combined with Hammerson's existing managing stake, the company's economic interest in Brent Cross is currently 97%, and will provide annualised EBITDA benefit of around £14 million.
