Land Secs set to restart its £350m mall
THE UK’S largest real estate investment trust Land Securities will restart work on a £350m shopping centre in Leeds next month, in the biggest retail project seen outside of London since the recession.
The property group said it waited until 47 per cent of the Trinity Leeds mall was let before agreeing a construction contract, after work was halted last year due to the recession.
In the City, its One New Change development on Cheapside is 98 per cent let and on course for completion in October, according to the company’s interim management statement.
Chief executive Francis Salway said: “If you were to ask me to sum up in one word what I see in our business it is momentum. We are progressing our London development programme, and… we have been the first to put large scale retail development back on the agenda.”
Talks are still progressing with an unnamed potential partner for the Walkie Talkie development on Fenchurch Street, said Salway in a conference call, with construction on the 36-storey tower set to restart in January and end in early 2014.
“Our outlook and plan remain the same – a recovery in property values over the medium term, but interspersed by ripples,” said Salway, who added the firm has a “wonderful pipeline of organic opportunities”.
The company also announced that Simon Palley would join its board as a non-executive director on 1 August. Palley was chief executive at private equity firm BC Partners until 2007, after which he became core adviser and non-executive director at investment managers Haymarket Financial. Land Securities stock closed up 1.5 per cent at 589.5p.