Broadmarsh deal investigated by OFT

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Broadmarsh deal investigated by OFT

In November 2010 Westfield, the owner of the Broadmarsh Centre in Nottingham, revealed plans to sell it’s stake in the shopping precinct to Capital Shopping Centres (“CSC”), the present owners of Nottingham’s Victoria Centre. The move has prompted the Office of Fair Trading (“OFT”) to announce that it is to investigate the matter.

In a statement, the OFT said that it may need to consider whether there is likely to be “a substantial lessening of competition” which “warrants reference to the Competition Commission for investigation and report”. CSC have responded to confirm that they are co-operating with the OFT and “do not believe that there are any competition issues in relation to the purchase of Broadmarsh”.

While the owners of the Broadmarsh lease, Nottingham City Council, do not expect the referral to be successful, it is likely to delay future development; Westfield had previously promised a £500m redevelopment of the site.

Redevelopment of the south end of the city centre has been an ongoing issue for almost twenty years. With more than 6,000 jobs expected to be created by any redevelopment, the city council are keen to continue discussions as to  future plans with CSC irrespective of the latest developments.

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