Hammerson creates new exec role to drive mixed-use strategy

The landlord has promoted its current retail director for Ireland Simon Betty to the newly created role of managing director City Quarters and developments.

Betty will be responsible for “driving the City Quarters vision, which will see the group move beyond pure retail, delivering vibrant mixed-use neighbourhoods surrounding the group’s existing flagship destinations”.

The City Quarters strategy has become a key component of Hammerson’s new strategy, as it seeks to buffer itself from declining rental incomes from struggling retailers, which in turn has been affecting portfolio values and covenants.

Betty has been with Hammerson since 2006 and has worked across developments, retail parks, investor relations and group strategy, prior to his current role in Ireland.

Hammerson’s strategy will see it leverage “over 100 acres of its existing land” around flagship schemes to effectively create new neighbourhoods, which the landlord said could deliver “up to 6,600 homes, 1,600 hotel rooms and nearly 300,000 sq m of workspace alongside nine new parks and exceptional public realm”.

Last year it received outline consent to build 1,300 homes and 1.4 million sq ft of workspace at Martineau Galleries in Birmingham and full consent for the building of a new hotel near its Victoria Gate Leeds scheme.

While the search for his replacement in Ireland begins, Betty will retain the responsibilities of his Irish portfolio.

Hammerson chief executive David Atkins said: “Simon has been instrumental in establishing our presence in Ireland since we entered the market in 2015 and his experience across the business will be essential for the delivery phase of City Quarters.

“The concept has already made great progress in the past 12 months, and this newly created role will build upon this success, ensuring it delivers value for both stakeholders and local communities.”