Chelsfield sets pounds 100m shopping centre plan
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.ELLIOTT BERNERD'S Chelsfield property group yesterday unveiled a pounds 100m scheme to extend the Merry Hill shopping centre in Dudley, West Midlands, which is likely to create 2,000 jobs.
Chelsfield also announced it had increased its stake in the centre from 50 to 90 per cent at a cost of pounds 27m, met from existing resources.
The company has applied for planning permission for a 650,000 sq ft extension, to include a department store and food court. Chelsfield says it has already had detailed talks with the borough's officers.
Mr Bernerd said: 'The proposed extension represents a natural evolution and is in direct response to existing customer and tenant demand. Growth in overall turnover at Merry Hill was 15 per cent last year and the centre is fully let.' Chelsfield's shares rose 2p to 160p on the news. The company joined with two Saudi investors to buy Merry Hill from the receivers of the Mountliegh property group for pounds 128m in 1993. Mr Bernerd then spent pounds 7.1m raising his stake from 30 to 50 per cent last May.
Chelsfield recently announced plans for an pounds 80m speculative office development in the West End of London, in partnership with the Australian insurance giant AMP.
Mr Bernerd floated Chelsfield in December 1993, and it made doubled interim pre-tax profits of pounds 4m to 30 June 1994.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments