Merry Hill owners reveal revenues are on the rise
The half owner of Brierley Hill's Merry Hill shopping centre has announced a strong set of results for last year.
Intu Properties saw revenue rise to £571.6 million from £536.4m with net rental income up eight per cent from £362.6m to £381.8m.
The shopping centres group's pre-tax profit slipped from £593.7m to £513m which was partly down to a lower gain from property valuation due to sale of some assets.
Intu bought its 50 per cent interest in intu Merry Hill from Westfield for £403.8 million two years ago and its interest in the 1.67 million sq ft centre in Brierley Hill with 213 stores is now valued at £448m.
Intu's asset management director Julian Wilkinson described it as a 'fantastic asset' and said it had seen 22 new lettings last year, including Smiggle, Kiko, Pandor and Phase Eight.
Income from rent had increased by nine per cent and the value of the centre had risen by 10 per cent.
"We also saw £7 million of investment by our tenants at intu Merry Hill in 2015," he added. "We are about to see the opening of the relocated Top Man/Top Shop in a bigger unit as well."
Mr Wilkinson said over the next few years Intu would focus on improving the tenant mix at Merry Hill.
"We are looking to improve the rents and value and a number of transactions are starting to wash through, many are subject to contract."
