Confidence in Leeds boosts shopping scheme

Land Securities has let almost 58 per cent of the scheme ahead of opening in spring 2013.

Francis Salway, chief executive at Land Securities, said: “(Trinity Leeds) represents the single largest retail development commitment in the UK by a real estate investment trust since the financial downturn.

“We secured pre-lettings of over 40 per cent before restarting construction on Trinity Leeds, so that we were effectively investing in Leeds shoulder to shoulder with a number of key retailers.

“Confidence in Leeds as a trading location, together with our excellent relationships with retailers, mean we have made further progress on lettings.”

The company added in its annual results statement today: “Our Trinity Leeds scheme was the only large retail development project to start on site across the UK during the year.

“Our decision to restart construction at Trinity Leeds reflects the quality of the site - which is in a prime position in a top five city - and our success on pre-lettings. Having reached a level of over 40 per cent before committing to build, we now have 53 per cent pre-let and 4.5 per cent in solicitors’ hands, by income.

“Construction work commenced in July 2010 and the scheme is due to open in March 2013.”

Land Securities today posted pre-tax profits up almost 15 per cent on the previous year, from £1.06bn to £1.2bn.

The group completed portfolio disposals of £687m at an average of 12.7 per cent above its March 2010 valuations.