The current owner Hermes had planned to spend £70 million investing in a complete overhaul of the shopping centre which would have included building a cinema plus many new shops and restaurants. This had originally been planned to start earlier this year but was postponed until 2018 due to planning issues over proposed changes to the entrance.
Instead there may now be no extension or just a further postponement as the UK developer British Land is reportedly close to completing the purchase of Royal Victoria Place.
British Land, the prospective purchasers of Royal Victoria Place are one of the UK's biggest property developers with an extensive portfolio of properties worth at least £13 billion, which includes the famous "Cheesegrater" building in the City of London. If the centre is sold to by Hermes to British Land, then the new owners will have the opportunity to invest further in their new property and still go ahead with the proposed extension to the shopping centre and add at least 10 new shops or restaurants.
Questions have been raised about whether the fact that there are a large number of shops empty in the shopping centre is related to the proposed extension. The fact that Hermes may have sold Royal Victoria Place is not supposed to be related to any difficulties involving the company but is said to be part of their long term overall investment strategy.
News in the same category
It’s hard to believe that something can occur which can cause an entire London shopping centre to close down and stop doing business. Particularly in the UK.
During the next New York Fashion Week, the designer, Marc Jacobs, is opening a pop-up store called Daisy Marc Jacobs Tweet Shop. Inside, purchases can be paid for by posting a message on Twitter, Facebook or Instagram.
The Co-op has become the first food retailer to start selling food that is past its best before dates in an effort to reduce food waste.
Luxury Spanish brand Loewe is opening a new flagship store in Bond Street in London. Looking to strengthen its presence in the UK, the new outlet will be set over three floors, with 5,380 square feet of retail space.
