No stopping the shopping as Land Securities sees city demand grow

The group also said it was making good progress with prospective retailers at its 650m Trinity Leeds shopping complex, which is now scheduled to open in October 2012 after plans were put on hold last year.

White Rose opened its doors to 13,200,000 shoppers in 2009, up from 12,800,000 in 2008, an increase of more than three per cent.

Gerald Jennings, Land Securities retail portfolio director for the North, said that while Leeds has not been immune to the downturn, it is such a strong city for retail that it continues to see good demand from both consumers and retailers.

"Demand from retailers continues despite the difficult economic climate and consumers are still out shopping," he said. "There is a real confidence in Leeds and it contradicts the view that there is a North/South divide."

In the city centre he said Trinity Leeds is attracting strong interest from retailers keen to get a foothold in the centre.

Work will start on the site in late Spring/early Summer.

Land Securities, which now owns 100 per cent of the scheme after buying out partner Caddick Developments, said a number of big name retailers are now committed to the site.

Trinity Leeds has already secured key tenants including Marks & Spencer, Boots, Top Shop, Bhs, H&M and Everyman Cinema.

Mr Jennings said the signing of niche cinema operator Everyman would set the tone for the catering element at Trinity Leeds.

"We are looking for quality restaurateurs for the centre and we're close to signing a number of them," he said.

In other parts of the country, Land Securities said it plans to pump 655m into three new projects in London.

Work on the three schemes at Park House in Mayfair, and Wellington House and Selborne House in Victoria, will begin in the first and second quarter, with completions due in 2012 and 2013.

Chief executive Francis Salway said: "Our financial strength allows us to be first off the block with our London development programme."

In a third quarter trading update, Land Securities trimmed its net borrowings to 4.15bn from 4.35bn at September 30 and posted a third interim dividend payment of 7p per share.

Mr Salway said he was optimistic about Britain's property rental market, citing lower vacancy rates and availability of space in London's West End and City financial districts today than after earlier downturns in 2002 and 2003.

As a result, he said the company is also mulling a possible restart of its City skyscraper plan at 30 Fenchurch Street, although no firm decisions have been made.

While it is focusing energies on development in the near-term, Mr Salway said Land Securities has not abandoned hopes of buying assets.

"We are looking for the right opportunities at the right price and ones where we can use our expertise to create shareholder value," he said.

"We continue to monitor the market and we stick to our view of being willing to be patient."

Festive bonanza for retail centres

Boxing Day proved a big hit at both the White Rose Shopping Centre and Leeds Plaza as bargain-hunters flocked to the post-Christmas sales.

Footfall at the White Rose centre rose by 22 per cent compared to Boxing Day 2008, setting a new all-time record for the centre.

Peter Cook, centre director for White Rose, said: "We had 64,396 people through our doors on Boxing Day – more than double the attendance at the Leeds United vs Hartlepool football match at nearby Elland Road.

"Shoppers were queuing from 5.30am for the Next sale and all of our 100 plus retailers were extremely busy."

At one point the centre was so busy that White Rose's community police officers had to direct cars in and out of the south Leeds site.

Parent company Land Securities also reported brisk trade at Leeds Plaza in the city centre, which will eventually become part of the 650m Trinity Leeds shopping complex.

Leeds Plaza centre director Denis Manning said: "There was a steady week on week build up of footfall up to Christmas Eve and we reached a crescendo on Boxing Day as shoppers turned up in droves to snap up bargains at the start of the post-Christmas sales."