Trinity Leeds set to unveil more new tenants

The Trinity Leeds scheme is almost 60 per cent pre-let, two years ahead of opening in spring 2013.

Land Securities’ portfolio director Gerald Jennings said: “We think this is a fantastic level of commitment just under two years before opening. Over the next few months we will announce a stream of new lettings.

“This is a vote of confidence in Leeds and our scheme, which was the first major retail-led development in the UK to start on site since the economic downturn.”

Trinity Leeds is cashing in on the fact that it will be the only UK scheme to open in 2013, with none opening in 2012.

“This puts us in a very advantageous position,” said Mr Jennings.

“Whatever happens with the economy, retailers will still need to open new stores. Trinity Leeds is the only opportunity in the timeframe.”

Once the scheme opens it will propel Leeds into the top three retail destinations in England.

Leeds currently lies in sixth place behind London, Birmingham, Manchester, Nottingham and Liverpool, but after spring 2013 it will be in third place behind London and Birmingham.

In addition to its plans for Trinity Leeds in the heart of the city, Land Securities is continuing to invest in White Rose, south of Leeds.

The group has received outline planning permission for a 40,000 sq ft extension, which would extend the White Rose centre by over six per cent.

“We are deciding how we use that 40,000 sq ft,” said Mr Jennings. “A number of key retailers have called and said ‘Can we talk about expansion’?”

The extension, which will cost between £5m and £10m to construct, could appeal to Marks & Spencer and Primark, which are both trading well on the site and are keen to expand their offer.

Some of the 40,000 sq ft space will be used for new restaurants.

“It won’t be fast food,” said Mr Jennings. “We’re looking to improve the dining and restaurant experience for families.

“We already have a Nando’s, which is very successful, but we want to take it a step further. Restaurants such as Cafe Rouge, Pizza Express and Strada would fall into the category.”

Following the successful improvement of the fashion element, White Rose is keen to upgrade its catering offer.

Mr Jennings said that despite the economic difficulties, White Rose had “ a cracking year”.

Its value increased by over 10 per cent in the 12 months to the end of March.

“It’s a fantastic performance,” said Mr Jennings. “We have hardly any vacant sites and the void level (the percentage of empty space) is under one per cent.” A 20,000 sq ft H&M opened at White Rose before Easter.

At Trinity Leeds, the group signed up discount retailer Primark last month for a 90,000 sq ft space over three storeys – the largest space taken by a fashion brand which will create 240 jobs.

The Primark deal followed the announcement that international restaurant operator D&D London had booked two places at Trinity Leeds, where it will have Conran-designed roof-top restaurants, linked from ground level with an external glass lift with views over the Grade I listed Holy Trinity Church.

“This puts Leeds on the international map, alongside London, New York, Paris, Tokyo and Copenhagen, as cities around the world where D&D wants to be,” said Mr Jennings.

Land Securities reported pre-tax profits of £1.23bn for the year to the end of March, up almost 15 per cent on the £1.07bn made last year. The company said returns on its property investments grew by 17 per cent.

Land Securities was among the first property companies to restart work on building sites after the global financial crisis saw construction activity seize up.

Group chief executive Francis Salway said: “We remain of the view that our markets are in recovery mode.”

Voids, or unlet floorspace, fell to 4.3 per cent at the end of March.

Recognition for ARISE initiative

Land Securities said it ended its financial year on a high note after its ARISE South Leeds initiative won the Social Responsibility Award for the second time in three years at the Variety Club Yorkshire Property Awards.

The ARISE initiative provides funds for grass-roots voluntary sector activities and since its launch in 2005 more than £140,000 of funding has been approved by an independent committee. The awards are given to projects and initiatives that benefit thousands of people across south Leeds.

Fellow property companies, Evans Property Group and Munroe K, also support the scheme.