Land Securities "increasingly confident" about Leeds Trinity scheme

Land Securities said one of its key objectives for 2010/11 was to meet its pre-letting target for the development, which is due to be completed in 2012.

In a statement, it said: "The consumer preference for the choice provided by big centres means we expect the long-term trend of retail sales moving to the biggest locations to continue. This is evidenced by the level of retailer interest in our proposed Leeds Trinity scheme in Leeds and reflects our increased focus on long-term dominant assets."

It added: "Having obtained planning consent to provide 70,000 sq m of new retail space at our Leeds Trinity shopping centre development, we have made good progress in discussions with retailers and are increasingly confident about starting the scheme in 2010 as we move towards the pre-lettings target we have set prior to development."

The firm posted annual pre-tax profits of 1.07bn for the year to March 31 - reversing a 4.7bn loss previously - after the value of its portfolio rose more than 10 per cent.

Revenue was 251.8m, down 20 per cent from 314.9m. The firm achieved 58m in lettings over the period.

Chief executive Francis Salway said: "The year saw a dramatic turnaround in the UK commercial property market, with falling values in the first six months giving way to a rapid recovery in the second half."