Shopping center Bluewater now worth

The value of Bluewater, the UK’s largest shopping center, has risen 13% to £1.6bn over the past year, according to the Australian developer, Lend Lease.

Lend Lease, which owns just over 30% of the scheme, said that top rents at the center were now as high as £410 per sq ft.

The news came as Lend Lease reported pre-tax profits of A$465m (£182m) for the year to 30 June, compared with a loss of A$567m (£222m) in 2003.

Meanwhile, the company said it was expecting to record its first profits from the redevelopment of land around the Millennium Dome as early as 2006.

Lend Lease said it had been awarded £1.1bn of UK contracts in the last year, including the £800m redevelopment of Battersea Power Station. It has also won the contract to design and build part of Land Securities Bankside office scheme.
Source: Freeman

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