Trinity Leeds powers ahead

The one million square foot Trinity Leeds development is the largest retail and leisure scheme under construction in the UK and will be the only major development to open in the next two years.

Land Securities’ portfolio director Gerald Jennings, who heads the company’s Leeds office, said: “It’s all about delivering the right product at the right time and in the right location and we are well-placed in every respect.

“Trinity Leeds is on schedule for a spring 2013 opening. The scheme is almost 61 per cent let or in solicitors’ hands and negotiations are on-going with a whole host of leading national and international retailers and restaurateurs who want to bring their brand to Leeds’ prime pitch.”

Land Securities added that its existing Leeds development White Rose is its top-performing retail asset in the north.

“We have made further investment in the centre over the past six months, including the opening of a 20,000 sq ft H&M store, the relocation of WH Smith and expansion of New Look, which has quadrupled in size to 16,000 sq ft.

“We are currently awaiting planning permission for 7,000 sq ft of space that could see two new restaurants at White Rose and have strong interest from a number of operators.”

Land Securities reported a 17 per cent rise in net asset value (NAV) as the value of its UK malls and offices climbed against a worsening economic backdrop.

The developer posted an adjusted NAV of 863 pence per share in the six months through to end-September, up from 737p for the same period last year.

The value of its property portfolio rose 11 per cent to £10.8bn from £9.7bn this time last year and produced a total return, which includes rental income, of 4.9 per cent, outperforming the Investment Property Databank benchmark of 3.9 per cent over the half-year.

“We are alive to the potential effects of economic uncertainty and changeable sentiment in capital markets,” said chief executive Francis Salway.

“We have consistently stated that we did not expect to see a straight-line recovery in our market, rather that it would be interspersed with ripples and we see no reason to adjust this outlook.”