Lakeside remains Liberty's big draw
SHOPPERS are still addicted to the giant Lakeside mall in Thurrock, Essex, a decade after it opened. Surveys by owner Liberty International show it attracts millions of visitors, and not just from Essex and Kent. Five out of every 100 are first-timers from a catchment area that extends along the Thames as far as West London. Over Christmas, Lakeside pulled in shoppers from across the Channel.
Liberty International controls six of the top 15 shopping centres in Britain, including Glasgow and the MetroCentre in Gateshead as well as Lakeside. Its property portfolio of offices and commercial premises is now almost exclusively concentrated on the prosperous London and South-East region, with £550m of its £700m properties in the area.
It recently paid £70m for a 32-storey office tower in Southwark on the south bank of the Thames. It plans to refurbish the building, which will be ideal for businesses wanting a location near the City.
Liberty International's pre-tax profits fell to £90.9m for the year ended December, from £153m last time. The previous year's figure was boosted by share-stake and property sales. The dividend rose 4.6% to 22.75p a share. The stock added 8 1/2p to 547 1/2p.
