THE RETAIL BULLETIN - The home of retail news
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Health & Beauty
General Merchandise
Sports & Leisure
The Papers
Retail Solutions
Food & Drink
Hammerson acquires Grand Central

Hammerson has exchanged contracts with Birmingham City Council to acquire the new Grand Central shopping centre in Birmingham for £335 million.


Hammerson acquires Grand Central

Hammerson has exchanged contracts with Birmingham City Council to acquire the new Grand Central shopping centre in Birmingham for £335 million.

In addition, Hammerson is in advanced discussions with an existing joint venture partner on other assets about entering into a 50:50 joint venture for the future ownership of Grand Central.

Opened in September 2015, the 435,000 square foot shopping centre is anchored by a 250,000 square foot John Lewis department store. It was developed by Network Rail and Birmingham City Council as part of the £750 million New Street Station regeneration project.

The centre is also home to 40 premium stores including Monsoon, Fat Face, Hobbs, The White Company, Cath Kidston, Joules, Kiehls, Jo Malone, L'Occitane and MAC.

David Atkins, chief executive of Hammerson, said: "The acquisition of Grand Central, a highly-prized trophy asset in the UK's second city, is fully aligned with Hammerson's strategy of owning top-performing retail destinations in prime locations, as demonstrated by our recent transactions in Ireland and growing exposure to European premium outlets.

“By deploying our expertise from Bullring, as well as other shopping centres around the UK, Hammerson is well placed to further enhance the consumer offer in Birmingham and achieve high returns through skilful management of Grand Central. We are strong supporters of the future of Birmingham and this acquisition provides us with additional exposure to the city's fast growing economy."

Hammerson has acquired a 150 year headlease on the centre and the freeholder is Network Rail. As part of the transaction, Hammerson, has also acquired Ladywood House, a 95,000 square foot vacant office building adjoining Grand Central with a value of £10 million.

Andy Street, managing director of John Lewis Partnership, said: "The development of Grand Central is great news for Birmingham and it cements Birmingham's position as a retail destination of choice. Our new shop has enjoyed a wonderful reception in the city, and given Hammerson's proven expertise in managing shopping centres it can only go from strength to strength. I am delighted to see them take on the ownership of Grand Central."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News


Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Conference
The HR Summit 2019
The HR Summit 2019
8 October 2019
Hallam Conference Centre, London W1W 6JJ
The 11th HR Summit 2019, Hallam Conference Centre, 44 Hallam St, Marylebone, London W1W 6JJ
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy