The scheme, developed jointly with the German property fund Commerz Real cost £1.7bn to build. Westfield's share of this is £1.1bn, and the company says it expects to earn a 5.25 per cent yield.

Significantly, it was 99 per cent let on opening day, with over 80 per cent of the stores trading. The biggest gap was the 200,000-sq ft luxury area, called The Village, where only a handful of brands were trading.

The centre is anchored by Marks & Spencer, Debenhams, Next and Waitrose, backed up by 280 shops and 47 restaurants. The leisure anchor - a 14-screen Cinema de Lux multiplex - is not due to open until late 2009.

Brands already committed to The Village include Louis Vuitton, Gucci, Prada, Dior, Miu Miu, Tiffany and de Beers.

Westfield's founder and chairman Frank Lowy came from Australia for the opening.

"Everything we have learned since Westfield was founded in 1960 has gone into this centre," he said, "from the sustainable design and construction through to the high quality retail mix, finishes and first-class services."

Westfield is now shifting resources onto Stratford City, another huge mall on the opposite side of London that forms part of the London Olympics site.

London Mayor Boris Johnson performed the opening ceremony at Westfield London and said: "It is a tribute to London that Westfield, a major foreign investor, has demonstrated such confidence in our city by investing millions in not one but two major retail developments on each side of town."

Printer friendly version

Email this article to a friend

Bookmark this

---