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Confidence building in Trinity Leeds retail development
The UK's largest property company, which owns and manages the flagship White Rose Shopping Centre in south Leeds, is encouraged by the positive reaction to its city centre Trinity Leeds development scheme from prospective occupiers now preparing to commit.
Gerald Jennings, Land Securities' retail portfolio director for the North and Scotland, said: "We are at the stage where expressions of interest are being converted into commitment as retailers and other occupiers want to ensure that they have a place on Leeds' prime pitch in readiness for the economic upturn.
"Retailers are now recognising the limited availability of the UK development pipeline, which is helping to build momentum and we have recently completed a deal that will give H&M a 25,000 sq ft flagship store within our scheme to complement its Briggate store.
"Our leasing team is in advanced negotiation with other major retailers, restaurant and leisure operators and looks forward to announcing a succession of new lettings once they have been signed.
"We have also restructured our joint venture partnership in regard to Trinity Leeds, giving Land Securities 100% ownership of the project with Caddick Developments maintaining a long-term interest in the project's success. Our confidence in Trinity Leeds continues to grow as we work towards a 2012 opening."
White Rose, with its strong fashion-led offer, is fully let and continues to buck the trend, with the number of customers through its doors over the first half of the financial year rising to 6.44 million - an increase of 5.48% compared with the same period for last year and in marked contrast to the UK high street where footfall decreased by 2.9%
Gerald Jennings pointed out: "White Rose is an established star performer and when Trinity Leeds opens we will be double handed, with two complementary offers serving different shopper requirements, while adding to the overall attraction of the city as one of the UK's top retail destinations."
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