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Lend Lease Sells 510,000-SF Norwich Mall to CSC

LONDON-Capital Shopping Centres, the UK arm of South Africa's Liberty International, has agreed to buy out Lend Lease's 510,000-sf Chapelfield shopping centre development in Norwich, Norfolk on completion in 2005.

By Graham Parker | Updated on May 15, 2002

LONDON-Capital Shopping Centres has agreed to buy Lend Lease’s 510,000-sf Chapelfield shopping centre in Norwich, Norfolk for upwards of £275 million ($400 million). Lend Lease will be responsible for building and leasing the scheme, and the final price paid will depend on the level of rents achieved, but it will be a maximum of £295 million ($425 million).

Construction of the scheme is expected to begin in July 2002 with completion scheduled for 2005. The bulk of the payment will be triggered when the centre reaches practical completion and is 70 per cent let, and the agreed price has been based on a target rental income of £18 million ($26 million) per annum.

The 510,000-sf mixed-use project will be anchored by a House of Fraser department store and include a further ten large stores and over 80 shops, restaurants and cafes as well as 115 residential units.

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