New start for Eastgate Quarter

LEADING property investor Hammerson gave a major boost to the region after announcing that it intends to move forward with plans for the stalled Eastgate Quarter shopping scheme.

The announcement for the retail development in Leeds follows the recent positive news that the £590m Trinity Leeds scheme in the city is also to be revived.

Hammerson’s plans to bring forward work at Eastgate Quarter provide a further fillip to the city as it aims to build on its reputation as a leading retail destination.

Hammerson said the scheme would create up to 4,000 jobs and boost Leeds’s retail ranking.

The firm is developing the Eastgate Quarter off the Headrow in Leeds with Town Centre Securities and has previously received outline planning consent for the scheme.

Retailers John Lewis and Marks & Spencer have signed agreements for leases for anchor stores at the site.

However, Hammerson said today it had reviewed the plans for the scheme following the recession and is proposing to make revisions to it which are “designed to improve the shopping experience and respond to retailer requirements”.

Eastgate Quarter is expected to accommodate around 1m sq ft of new retail and leisure space and approximately 2,500 shopper parking spaces.

Peter Cole, chief investment officer at Hammerson, told TheBusinessDesk.com that the plans for the Eastgate Quarter would be “refined rather than changed”.

Mr Cole said Hammerson was keen to ensure the retail element of the scheme complemented other retail areas in the city.

He said it was too early to say when building work would start on the scheme but said the public consultation would be important to ensure the revised plans were passed.

Hammerson said today: “The scheme review revealed a strong retail appetite for aspirational fashion encompassing youth fashion brands and high street favourites.

“An extensive catering quarter will also feature with the offer ranging from a quick lunchtime snack to casual evening dining.

“Over the coming months, the revised design will evolve as key retail and city stakeholders are consulted with a public exhibition on the new scheme expected in the autumn.”

A revised scheme is expected to be submitted to Leeds City Council before the end of the year.

Hammerson said that over the last six months it had secured three new retail lettings and two major office lettings totalling 30,000 sq ft on property within its ownership on the site “to ensure the area remains active while planning and design milestones are achieved”.

Andrew Hilston, project director, said: “A regeneration project of this scale has the potential to truly transform this part of the city. We are committed to our vision for Eastgate Quarters which will deliver high quality retail space, offices, statement architecture and outstanding public realm.

“Eastgate will add to the national and international standing of Leeds as well as providing in the region of 4,000 new jobs.”