Success of Trinity Leeds helps to boost profits at Land Securities

Trinity Leeds
Trinity Leeds
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​Land Securities, Britain’s biggest listed property developer, reported ​a 10 per cent increase in annual profits to £320m, driven by higher rental income following the opening of the ​landmark ​£350m ​Trinity Leeds shopping centre.

Trinity Leeds, which is now​ ​97​ ​per cent let, attracted 22 million visitors in its first year.

​​​Land Securities’ portfolio director Gerald Jennings said there are only two retail units and two small kiosks left to rent out.

“We’re really pleased with that,” he said.

“We’ve also signed up three new brands that are only trading in London at the moment so they’re totally new to Leeds and the North.”

The first is Italian cosmetics retailer Kiko from Milan, winner of the 2013 Cosmopolitan Beauty Awards as the “brand to watch”. Kiko is only available on Regents Street in London at the moment.

The other two brands are restaurant chains Cabana, which specialises in Brazilian barbecues, and Meatliquor, which focuses on steaks, burgers and cocktails.

The centre opened the award-winning Trinity Kitchen street food market in the autumn, which Land Securities said has proved very popular and strengthened the leisure offer in the centre.

It added that the opening of Primark in December has added substantial footfall, as has its use of social media, pop-up stores and events.

White Rose, Land Securities’ other big shopping centre to the south of the city, has received planning permission for a cinema and more food outlets.

The group said that despite the excitement and footfall generated by the opening of Trinity Leeds, White Rose has continued to trade well.

​​“White Rose goes from strength to strength,” said Mr Jennings. “We’ve improved the catering offer and added to the experience for the consumer. It’s another reason to come and stay longer and spend more time here.”

He added that Trinity Leeds’ opening has not had any effect on White Rose as the two offer different shopping occasions with Trinity Leeds being more urban and White Rose more of a destination centre with free parking.

“The two are complementary,” said Mr Jennings.

White Rose has one empty unit, a Barratts shoe store that went into administration. The unit is now under offer.