CSC unveils expansion strategy
Published: 24 February, 2011
Capital Shopping Centres plans three major extensions in Nottingham, Glasgow and Thurrock
Capital Shopping Centres has unveiled plans to extend its centres in Nottingham, Glasgow and Thurrock, adding almost 1.4m sq ft to its portfolio. The announceent came as the company declared pre-tax profits of £529m for the year to 31 December 2010, against a loss of £390m the previous year.
Chairman Patrick Burgess said: “CSC ends the year in a robust financial position with a range of return enhancing organic opportunities which we intend to pursue vigorously. While the UK faces
economic challenges over the next few years, CSC is well placed to achieve growth and superior shareholder returns.”
This year CSC expects to lodge planning applications for a 350,000-sq ft extension to Lakeside, Thurrock which will take the mall to 1.8m sq ft and for a 500,000-sq ft extension at the Victoria Centre, Nottingham, taking the centre to 1.5m sq ft. And in 2012 this will be followed by an application for an additional 525,000 sq ft at Braehead in Glasgow, taking the centre to 1.6m sq ft.
Burgess pointed out that these three schemes are the equivalent of building a new regional mall, and said they were expected to yield development profits of around £175m.
