As the owners of Trafford Centre, and other shopping centres across the UK, Intu are on the brink of administration, we take a closer look at the company.
Intu Property Plc are a British real estate investment trust largely focussed on shopping centre management. As such, the company owns or part owns seventeen sites across the UK, with one shopping centre located in Spain. Previously, the company was known by a number of names, including Liberty International Plc and Capital Shopping Centres Group Plc.
Founded in 1980, Intu started life as life assurance investment company. In 1992, a merger with Capital & Counties, a shopping centre development company, changed Intu’s track.
The Trafford Centre was developed and owned by The Peel Group. It first opened its doors in 1998 and was, at the time, the biggest shopping centre in the United Kingdom. The construction of the Trafford Centre cost a total of £600 million and took almost thirty months to complete.
Intu purchased and took control of the Trafford Centre in 2011. At the time, the property was valued at £1.65 billion.
Located right off the M60 motorway, it is believed that the Trafford Centre is within a forty-five-minute drive to ten per cent of the United Kingdom’s population. Thus, it is visited by around thirty-five million people each year.
Many aspects of the Trafford Centre’s design pay homage to its location. The food court is designed in the form of a steam ship, which is a nod to the Manchester Ship Canal, located a stone’s throw away from the centre.
Designed by The Peel Group, the Trafford Centre is covered in ornate luxury. From 45,000 square metres of marble and granite flooring, to the £5 million main dome, which is said to be bigger than the dome at St. Paul’s Cathedral.