It has already paid £149 million ($257 million) and the exact amount still due will depend on the level of turnover rents achieved in the retail element of the scheme. Overall, Gunwharf Quays includes 243,000 sf of designer factory outlets, 130,000 sf of leisure, 117,000 sf of bars and restaurants, 26,000 sf of offices and a 44,000 sf hotel.

The outlet mall is let to 91 top retailers including Gap, Adidas, Levi Strauss, Fat Face, Ted Baker, Gieves & Hawkes, and Marks & Spencer. The leisure includes an 11 screen Warner Village Cinema, a 26 lane bowling complex operated by Bowlplex and a casino operated by Grosvenor. Berkeley Group will retain an interest in the remaining development phases planned at Gunwharf Quays.

.Richard Akers, Head of Retail Portfolio Management at Land Securities, said: "Gunwharf Quays has been a key performer in our retail portfolio and we were therefore very interested in taking control of the partnership when the opportunity arose. We believe that Gunwharf Quays benefits from strong retailer demand, a secure income stream and considerable growth potential."