Intu is planning major revamps worth more than £1bn to its portfolio of shopping centres across the UK over the next five years. Confirmation of the firm’s development pipeline came as intu revealed half year results showing a £262m profit for the period.  The firm is planning a £145m extension of its intu Watford development which is due to start this year while a £275m revamp of intu Lakeside is scheduled to begin in 2016. Intu Broadmarsh is lined up for a £70m redevelopment from next year while Cribbs Causeway will get a £105m extension starting in 2019.

Intu Braehead and the Victoria Centre are also in line for £200m and £275m revamps respectively starting in 2020. BAM was lined-up for the Watford scheme but parted company with intu on the job earlier this month after failing to agree a price. Intu said: “Project costs have increased as we have re-defined the scope to include existing mall refurbishments and improved ancillary services, such as upgraded car parks. “In addition, cost inflation from the construction demand in the London area has increased the expected build costs.”