Chief executive David Fischel said intu had significant opportunities within its portfolio for alternative uses of some of its available land.<\/p>\n
He said: “Our six major out-of-town centres comprise some 760 acres of land, of which less than 40% has buildings, multistorey car parks or distribution roads upon it, leaving 470 acres of surface car parks and other potentially developable land.<\/p>\n
“The city centre locations also offer opportunities for intensification of uses.”<\/p>\n
Initially, build-to-rent opportunities for 1,700 flats have been identified.<\/p>\n
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<\/a><\/div>\n<\/div>\nIf fully developed, schemes would produce a yield of around 5% on total development costs, excluding land, of around \u00a3240m.<\/p>\n
Fischel said: “The most advanced of these projects is at intu Lakeside, where we could deliver around 1,000 residential units.<\/p>\n
“In addition to the residential and hotel opportunities, intu is exploring opportunities relating to offices and flexible working spaces to also generate attractive returns to its current rental income stream.<\/p>\n
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<\/a><\/div>\n<\/div>\n“Many of these options have a relatively low capital outlay, are quick to implement and take advantage of the current configuration of the centres,” said Fischel.<\/p>\n
“All these opportunities, which are under active consideration, would create value directly but moreover would increase the overall attractiveness and catchment of the centres,” he added.<\/p>\n
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