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April 18, 2019

This £1B Mixed-Use Scheme Is A Microcosm Of The Last 150 Years Of Retail

The rumour spread like wildfire around the BCSC conference in 2013. The Sultan of Brunei had made one of the most unlikely retail purchases in living memory, paying Standard Life £115M for the tired Whiteleys shopping centre in Queensway, West London.

Today he is persona non grata due to new laws making same-sex intercourse punishable by death, but back then the deal was seen as a shot in the arm for a shopping centre market still emerging from the financial crisis.

Before long, the rumour was scotched, and it emerged that retail specialist private equity firm Meyer Bergman had swooped in at the eleventh hour to buy the centre.

The story of how the deal came about is fascinating, but so is the scheme itself: The history of Whiteleys and what it is to become is a microcosm of retail evolution over the last 150 years.

This £1B Mixed-Use Scheme Is A Microcosm Of The Last 150 Years Of Retail

Nearly six years on, and with little fanfare for a project of its size, the firm is in the middle of a massive redevelopment of the grade-II listed building that will have taken almost a decade, cost £1B and completely transformed the centre. The proposed scheme, designed by Foster +…

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