Victoria Gate developers Hammerson on track for growth
THE developers of Victoria Gate, the £165m retail development in Leeds city centre, are optimistic about the future and have unveiled more details about the flagship site.
The site for Victoria Gate was acquired by Hammerson in 2012.
The development consists of three buildings: a flagship John Lewis store; a two-street covered arcade with more than 30 aspirational retailers and restaurants; and an 800-space multi-storey car park.
The firm recently upgraded the design of the scheme to incorporate two rooftop restaurants and are reportedly in negotiations with high-end operators.
The scheme is 51% pre-let to brands including Maje and The White Company and is due to open in autumn 2016.
James Hepburn, development manager at Hammerson said earlier this week at an event hosted by DAC Beachcroft that there were also plans in the works to connect Victoria Gate and Victoria Quarter into one entity.
The firm has plans to expand to France in the works and schemes like Victoria well on their way to completion.
This comes despite a slight dip in pretax profits for the six months to 30 June, from £362m in the same period last year to £329m.
David Atkins, chief executive of Hammerson, said: “The business has performed very well in the first half, underpinned by robust consumer confidence and an active asset management strategy resulting in sector-beating earnings growth of 13%.
“We have made good progress with our on-site and pipeline developments, and remain on track to open four schemes in 2015. In premium outlets we are already seeing positive results from the specialised management of the VIA portfolio and remain excited about our strategic exposure to this high growth sector.
“Looking ahead, the business is well positioned to benefit from continuing momentum across our key markets and to deliver attractive and sustainable returns for shareholders.”
