Shopping centres

Bought in 2009, we own Surrey Quays in a joint venture with Tesco. The Shopping Centre, is located in Rotherhithe on a peninsula of the south bank of the River Thames and benefits from strong growth in occupier demand in this growing suburb of London. The Centre is anchored by a 115,000 sq ft Tesco Extra Foodstore and a 53,000 sq ft Bhs, with the mall units arranged mainly at ground floor level between the two anchors. It has parking for 1,400 cars.

Acquired in February 2011, Green Lanes is one of North Devon's principal shopping locations, attracting 5.5 million visitors every year. It is virtually fully let with highly affordable rents – Zone A rents are in the £50-£80 per sq ft range.

The restaurant offer at St Stephen's has been strengthened during the year with key lettings including Handmade Burger Co, Wok & Co, Just Spuds and The Red House. These lettings complement the Centre's strong leisure offer, which includes a six screen multiplex, Nandos, Prezzo and Starbucks.

While St Stephen's has a very high occupancy rate of 98% new retail lettings include Superdrug and Phones 4U.

Car park income has also grown by 22% following the termination of the management contract. The costs and tariffs are now directly controlled by British Land.

Located in the middle of Plymouth, Drake Circus is the West Country's most popular shopping destination with an extensive catchment area, attracting an annual footfall of nearly 19 million people. Opened in 2006, Drake Circus has modern retail formats with nearly three quarters of the units over 7,500 sq ft.

Meadowhall is one of the largest and most successful shopping centres in the UK – a prime super regional centre in a densely populated catchment area. It has around 24 million visitors per year – 800,000 per week at peak time. In addition to the retail units, the Shopping Centre has 54 kiosks, an 11-screen cinema and 23 restaurants and cafés with seating for 3,300 people.

New fascias added in the year include Phase Eight, LK Bennett, L'Occitane, Lakeland, Boux Avenue and Fashion Rocks. The House of Fraser turnover increased by 20% year on year following its £3.5 million refurbishment and the addition of 18 new brands in 2010. Work is due to start on a £7 million transformation programme which will extend the refurbishment of the Oasis catering offer, creating three new restaurants at the upper level and one restaurant unit and two kiosk units at the lower level.