Business Weekly - Cambridge, UK

The scheme, one of the most noteworthy retail developments in Essex, had a book value of £229m at December 31 and is projected to generate a net rental income of approximately £10m in 2006.

Hammerson developed the original Liberty Shopping Centre in 1968 in a joint venture with Standard Life Investments.

In 1999, Hammerson acquired Standard Life s 50 per cent interest in the scheme and the freehold for approximately £53m.

It subsequently invested a further £52m in refurbishing the scheme, which was completed in 2003 and on which Eversheds also advised. The shopping centre now provides 41,000 sq m of retail accommodation, anchored by Marks & Spencer and Debenhams.