Intu plans to redevelop shopping centres with apartments and hotels.

Retail developer and shopping centre owner Intu has reported a challenging year for 2018 due to economic uncertainty and said it plans to redevelop its existing assets with flats and hotel rooms.

Intu Chief Executive David Fischel said: “We have extensive available land at our six major out-of-town centres, comprising 760-acres, of which less than 40% has buildings or car parks on it.”

“The city centre locations offer opportunities for intensification of uses.”

The company’s major centres are predominantly steel-framed facilities and so steel construction could be used to build these residential and hotel extensions.

The major Intu centres include Broadmarsh, Nottingham; Trafford Centre; Intu Lakeside and Intu Watford.

“Mixed-use opportunities being evaluated include around 5,000 residential units and nearly 600 hotel rooms. Further developments could include offices and flexible working spaces and business lounges,” added Mr Fischel.

Intu reported that its property values reduced in the year by more than 13% with a total revaluation deficit of £1,405M.