Hammerson ready to submit Eastgate plans

PROPERTY developer Hammerson is preparing to submit new plans for the Eastgate Quarters scheme in Leeds.

The company also said it was “working closely” with stakeholders in the Sevenstone development in Sheffield to move the scheme forward.

The updates were included in Hammerson’s 2010 results published this morning which saw the company report adjusted pre-tax profits of £144.5m to the end of December, up 11.2% the previous year.

Hammerson chairman John Nelson said: “This is a strong set of results which reinforces the strategy we are pursuing. Our rigorous focus on the performance of each asset is improving occupancy and income.

“We have sold mature assets and reinvested in properties which offer better growth prospects through active management. Looking forward, our financial flexibility and continued asset recycling will allow us to continue to take advantage of opportunities which we believe will arise in the coming period.”

Hammerson unveiled new designs for the Eastgate Quarters scheme last year which already has lease agreements in place with proposed anchor tenants John Lewis and Marks & Spencer.

In its update on the scheme, Hammerson said a new outline planning application would be submitted “early in 2011”.

The Sevenstone development has been on hold since 2008 and had millions of pounds of public funding for the project withdrawn last year.

Hammerson said it is “in discussion with the council to complete the land acquisition phase of the scheme” and is “working closely with principal stakeholders, such as John Lewis, to progress the project.”

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