Land Securities’ retail development to start on site in early 2016
WORK is expected to begin on site early next year at a retail development which received planning permission two years ago.
Trinity Leeds owner Land Securities is turning its attention back to its retail park White Rose and will begin building a 65,000 sq ft extension within weeks.
Deals with four of its six restaurants are now with lawyers, while the development is being anchored by an 11-screen Cineworld cinema. It is due to be completed in 2017, the 20th anniversary of the retail park opening..
The plans were originally unveiled in September 2012 and approved by Leeds City Council 15 months later, despite objections by Westfield, which opened its Bradford shopping centre The Broadway last week.
Trinity Leeds continues to thrive, having enjoyed an 18% growth in its total sales in the 18 months to September.
The group, which has a £14.6bn portfolio, recorded a 31% drop in pre-tax profits in the six months to September, to £707.9m. This was mainly caused by a £360m drop in its valuation surplus.
“Land Securities continues to deliver the right space at the right time, and it’s paying off. Our retail portfolio is performing well and leasing levels in our London developments remain strong,” said chief executive Robert Noel.
“In retail, our portfolio is focused around our core themes of dominance, experience and convenience.
“Operationally we are strong, with retailer sales and footfall up in our shopping centres and voids down.
“Our strategy is working and we are well positioned for the future. We have better assets, with higher quality income, and our balance sheet is stronger than ever. We are delivering for our customers, our communities and our shareholders and look forward to the second half of the year with confidence.”
