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Meadowhall total sales up 1% in half

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London & Stamford Property, real estate firm and owner of shopping centre Meadowhall, has today reported increased footfall and sales at the Sheffield-based centre in its results for the six months ending September 30th 2011.

Total sales at the mall have increased by one per cent during the period despite the ongoing economic uncertainty facing consumers, while 23 new retail leases were signed along with a further nine with caterers and restaurants, as the centre looks to increase its food offering.

Refurbishment of its Oasis foodcourt has recently been completed following a redesign which saw brands such as Giraffe and Las Iguanas introduced on the upper level.

Meanwhile, successful openings of stores for Vans, Van Mildert and Moss have also driven sales at the centre, of which the company owns a 15.7 per cent share as its only retail investment.

Underlying profit for the company as a whole grew from £8.6 million in the six months to March 31st 2011 to £13 million for the period.

The group continues to eye further expansion following a £157.5 million investment in total group investment over the period and £22.9 million through Joint Ventures.

Last month, Meadowhall came third on a list ranking the UK’s leading standalone shopping centres, beaten only by London Westfield and Bluewater, making it the top offering in the north of the country.

Raymond Mould, Chairman of London & Stamford Property, said: “We continue to look for opportunities to invest and since the start of the period we have been working on significant opportunities for the Company which we are confident would help further balance our portfolio mix to ensure it is able to withstand economic fluctuations, whilst ensuring returns which compare well with our investment targets.”

Published on Thursday 24 November by Editorial Assistant

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