Hammerson looks to progress Yorkshire schemes
HAMMERSON today said it was continuing work to progress major schemes in Leeds and Sheffield.
The developer received revised planning consent for a 92,900 sq m retail led shopping centre development in Leeds earlier this year.
The proposal for Eastgate Quarters, for which Hammerson has a development agreement with the Council, features a two-level shopping centre with 130 stores, anchored by John Lewis and Marks & Spencer, and parking for 2,500 cars.
Hammerson said following an agreement with Sheffield City Council for the Sevenstone scheme in the city it was now looking to progress it.
Sevenstone has outline planning consent and Hammerson said it was “working closely with principal stakeholders, such as John Lewis, to progress the project”.
The current scheme comprises 60,500 sq m of retail and leisure accommodation and 2,500 car parking spaces.
Announcing its annual results, Hammerson said it plans to dispose of its office interests and concentrate on its retail portfolio.
Hammerson saw full year pre-tax profit drop from £620.2m in 2010 to £346.3m for 2011.
The group said: “Following a full review of strategy, Hammerson will now focus as a specialist retail REIT operating in the UK and France. Our standing office investments will be sold over the medium term in order to maximise value, with capital redeployed to retail assets, increasing our focus and scale.”
Hammerson said the main reason for the big fall in was the result of a portfolio valuation gain in 2011 of £186.3m which was significantly lower than the gain of £447.1m in 2010.
