Landsec, the prominent UK property company, has recently announced its plans to make substantial investments in three of its key retail destinations in order to boost their growth potential. One of the major projects will involve the transformation of Gunwharf Quays, a shopping outlet located in Portsmouth, into the leading lifestyle waterfront destination in the country. The company has allocated a budget of £45 million for this venture. Additionally, Landsec will be investing in the Trinity Leeds and St David’s, Cardiff malls to further strengthen its portfolio of dominant retail destinations.
The main aim of the transformation plan for Gunwharf Quays is to enhance the overall appearance and shopping experience at the center. By doing so, Landsec hopes to attract visitors from a wider geographical area and provide greater value for its brand partners. The property intelligence firm CACI has already ranked Gunwharf Quays in the top 1% of retail destinations in the UK. With this new investment, it is expected that the site’s turnover will increase by more than a third within the next five years.
At St David’s in Cardiff, Landsec’s investment will be primarily focused on improving the overall guest experience and increasing the amount of time consumers spend at the destination. As part of this initiative, the company plans to demolish the vacant former Debenhams store site, create a new city square, and introduce new dining and leisure options across an expansive area of 30,000 square feet.
Trinity Leeds will also undergo changes in order to capitalize on the success of its popular Trinity Kitchen area. Landsec intends to repurpose retail space that is currently underutilized and transform it into a 70,000 square foot multi-dimensional hospitality destination that prioritizes food and leisure. The objective is to further enhance the appeal of Trinity Leeds as a retail destination.
Bruce Findlay, the Managing Director of Retail at Landsec, emphasized that these strategic investments are driven by a desire to achieve growth and deliver attractive returns. He pointed out the strong recovery of Landsec’s prime, catchment-dominant retail destinations since the Covid-19 pandemic and expressed confidence in the ongoing demand from both consumers and brands.
Landsec’s investment strategy aligns with its belief that exceptional retail properties have the potential to yield high single-digit to low double-digit total returns in the current macro-economic climate. Through these significant investments, the company aims to consolidate its position as a leader in the UK retail market and ensure that its retail destinations remain attractive and successful in the future.
Useful links:
1. Landsec official website
2. Gunwharf Quays official website
