The owners of Kings Square shopping centre in West Bromwich have returned to profit in the first six months of this year, new figures revealed today.
Bosses said the High Street centre is set for a boost thanks to the ongoing multi-million pound regeneration in the town.
And the opening of the new Sandwell College on nearby Spon Lane was also a factor in improved visitor figures.
London & Associated Properties’ results were boosted by an improvement in rental income.
Its pre-tax profit for the half year was £10.2 million following a £100,000 loss a year before, while rental income rose to £7.8m from £7.7m last year.
And today the company said that the shopping centre, which was built in the 1970s, was in line for a boost as millions of pounds are ploughed into a revamp of the town, including an £8.2 million scheme to spruce up the High Street.
In its interim statement, Chairman Michael Heller, said: “This will particularly benefit our property since much of the focus of this project is in improving the pedestrian access from the new Sandwell College into the town centre, which directs pedestrians through the rear of our shopping centre.”
The company’s assets rose by 39 per cent to £54.7m over the period. Since the end of June two properties have been sold for £9.48m
Mr Heller said the improvement in the results was despite a backdrop of the continuing challenging retail climate. London & Associated bought Kings Square in 1995.
The centre, which was opened by the then Mayor of Sandwell in 1974 has 45 shops and an indoor cafe area. It attracts more than 120,000 shoppers a week.
The company said that in spite of the difficulties experienced in most economies in the region, Kings Square had the same high level of occupancy as last year.
As well as the opening of the £200m New Square shopping and leisure development in the town, West Bromwich is also undergoing an £8.2m Public Realm scheme to improve the High Street.