Portfolio
Merry Hill
- 1.8 million sqft retail space on a 224 acre site in the West Midlands
- Attracts 25 million visitors a year and is owned by Westfield Group
Acquired by Chelsfield despite unfounded concerns about land contamination. Following an extensive planning repositioning, extensions and new lettings, Merry Hill became the region's dominant retail destination.
When purchased, the site had a cash flow of £16 million a year. By developing the surrounding areas and waterfront - which now includes offices, restaurants and bars - the cash flow increased to £50 million a year. The site is now valued at £1.1 billion.