Hammerson Acquires Birmingham’s Grand Central

Posted on 25 January, 2016 by Chris Grigorovsky

Hammerson has recently announced its acquisition of the new Grand Central shopping centre in Birmingham for £335 million, with contracts officially exchanged with Birmingham City Council.

Hammerson Acquires Birmingham's Grand Central

Advanced discussions with an existing joint venture partner on other assets are also taking place regarding a 50:50 joint venture for the future ownership of Grand Central.

Opened in September 2015 as part of Birmingham City Council and Network Rail’s £750 million regeneration project of New Street station, Grand Central comprises 435,000 sq ft of high quality prime retail space, which is anchored by a 250,000 sq ft John Lewis store.

John Clancy, Development Director at Network Rail, said: “The development of New Street Station and Grand Central significantly enhances the attractiveness of Birmingham.

“New Street Station is already the busiest train station outside of London and considered a world-class gateway delivering significant footfall to the city. We are pleased to be working with Hammerson as the new operator of Grand Central and together delivering a seamless customer experience at New Street Station.”

The centre comprises 40 premium stores, including Fat Face, Cath Kidston, Monsoon, Hobbs, The White Company. The other part of the centre is dedicated to restaurants and cafes across 20 casual dining brands such as Yo Sushi, Ed’s Easy Diner and Handmade Burger Co.

The retail section is on the cusp of fully let status with 96% occupancy. It has an annual net rental income of £13.9 million and an average unexpired lease term to break of 10.4 years.

CEO of Hammerson, David Atkins, commented: “By developing 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 Skillful 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 also acquired Ladywood House, a 95,000 sq ft vacant office building as part of the acquisition, which has a value of £10 million.

During the acquisition, CBRE advised Hammerson while Birmingham City Council was advised by Cushman & Wakefield.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

Aldi’s Expansion Plan

British Steel on the verge of collapse with over 20,000 jobs at risk

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market


Creative Christmas window displays

Toronto downtown skyscrapers

Brief history of skyscrapers

Savvy promotions attract early Christmas sales for retailers

Are savvy promotions attracting Christmas sales for retail stores?

Greenfield developments

Greenfield developments: The facts

facts about converting chapels churches

Things to consider when investing in church or chapel conversions

Lincoln Castle 1068

Exploring Lincoln Castle’s Georgian and Victorian Prison

the leopard inn Burslem

Facts about The Leopard Inn, Stoke-on-Trent

ancient high house Stafford

The majestic Ancient High House in Stafford

retro video game arcades

Retro video game arcades: The comeback

industrial style offices

How to achieve an industrial inspired office