Landsec has announced plans to significantly invest in its UK portfolio of prime retail destinations.
At Gunwharf Quays in Portsmouth, the company intends to spend £45m to “enhance the look and feel of the centre to create a more memorable experience for visitors, attract guests from further afield and deliver more value for brand partners”.
At St David’s in Cardiff, Landsec is investing in a place-making initiative to enhance visitor experience and increase the amount of time consumers spent at the centre. The company also intends to remove 160,000 sq ft of vacant retail space previously occupied by Debenhams, create a new city square and introduce 30,000 sq ft of new F&B and leisure.
And at Trinity Leeds, it will repurpose under-utilised retail space and deliver a 70,000 sq ft “multi-dimensional hospitality destination, with food and leisure at its heart”.
Bruce Findlay, managing director, retail at Landsec, said: “We’re focusing our strategic investment on where we can drive growth and deliver attractive returns. Our prime, catchment-dominant retail destinations have recovered strongly since Covid and, through targeted investment, we’re ensuring they will remain in demand in the future for consumers and brands alike. We’re confident that best-in-class retail property can deliver high single digit to low double digit total returns in the current macro-economic environment.”
