Go-ahead for shelved Leeds shopping centre

A £350m shopping centre in Leeds, shelved because of the recession, has been given the go-ahead.

By The Newsroom

Published 21st Jul 2010, 13:45 BST

Updated 21st Jul 2010, 14:59 BST

Work will begin on Land Securities' Trinity Leeds project next month, the firm said.

The decision to press ahead with the scheme, which includes flagship stores from H&M, Next and River Island, means Land Securities has now started projects worth 1 billion since the start of the year.

JP Morgan analyst Harm Meijer said the Trinity Leeds approval "shows Land Securities is "putting its money where its mouth is".

But the firm has also secured an unusually high level of pre-lets for the scheme, with nearly half - 47 per cent - let or in solicitors' hands. This reduces the risks of the project, which is due for completion in 2013.

The firm said it had gained "momentum on lettings, sales and development" over the past three months. It forecasts "a recovery in property values over the medium term, but interspersed by ripples".