Developer Land Securities is moving closer to starting work on several shopping centre developments, including The Trinity Quarter Project in Leeds, after the recession delayed progress on the schemes.
Land Securities said it has made “good progress” on the Leeds development, having concluded a number of pre-lets with retailers. The landlord said it is making progress toward its “pre-let threshold” before committing to the start of the development. It will be the first major retail development to start since the recession.
Chief executive Francis Salway would not reveal how much of the 1 million sq ft Trinity Quarter project he wants pre-let before beginning construction, but described the retailers signed up as “high quality”, according to The Telegraph.
The project was postponed amid the financial crisis, and its proposed revival will be seen by some as the latest sign of a recovery in the commercial property market, and the economy as a whole.
Salway said Land Securities was “not putting a precise timescale” on when it hoped to launch the development but “expects” it to be this year.
The landlord is also starting construction on three West End developments in London, at a cost of £655m, two of which - Park House in Mayfair and Selborne House on Victoria Street, will provide retail space.