October 7, 2024
Investment

Landsec Advances Retail Investment Strategy With Major Enhancements In Cardiff And Leeds


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Landsec has submitted two significant planning applications as part of its ongoing strategy to enhance its prime retail destinations. These applications represent the next steps in a targeted investment plan aimed at reinforcing Landsec’s portfolio of catchment-dominant retail locations.

At St David’s in Cardiff, Landsec is set to invest £17 million to transform the former Debenhams unit into a vibrant 102,000 sq ft outdoor square—equivalent to nearly one and a half football pitches. The proposed redevelopment will bring new life to this part of the centre by creating opportunities for brands to thrive while providing enhanced access to nature and family-friendly play spaces. The square will feature two new restaurants with terraces, smaller kiosk-style units for food and beverage brands, and a leisure space designed to meet the growing demand for high-quality leisure experiences in city centres. If approved, this project is expected to build on St David’s already impressive 30 million annual footfall and boost local job opportunities.

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The design of the square was shaped by input from over 5,000 Cardiff residents and workers who participated in Landsec’s consultation process. The initiative reflects Landsec’s commitment to creating spaces that resonate with the community and meet the evolving needs of city dwellers.

In Leeds, Landsec plans to invest £15 million into the expansion of its popular food court concept, Trinity Kitchen. Originally opened in 2013, Trinity Kitchen revolutionised traditional food courts with its rotating lineup of food trucks and permanent eateries, attracting over 800,000 visitors annually. The expansion will repurpose under-utilised retail space to create a 72,000 sq ft multi-dimensional hospitality destination, complete with a new outdoor terrace offering panoramic views of the city.

Nik Porter, Head of Retail Asset Management at Landsec, commented on these developments: “These submissions mark the next step in our investment in our major retail destinations. Trinity Leeds and St David’s Cardiff both continually outperform industry benchmarks for footfall and have occupancy rates over 94%. By enhancing the guest experience, we’ll increase footfall and dwell time which in turn will bring more brands to the centres, whilst also strengthening the performance of brands already in occupation.

“These new spaces will create even more opportunities for both new and existing brands to benefit from the attraction of new F&B and leisure experiences, quality outdoor space, and the increasing demand for leisure.”

These latest planning applications are part of Landsec’s broader strategy to invest in its prime retail destinations. This follows the ongoing £45 million transformation of Gunwharf Quays, which aims to solidify its position as the UK’s leading lifestyle waterfront destination.

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