Retail development pipeline

Our priority is to time our development activity in line with the market cycle to maximise returns.

Our development schemes are creating the right spaces in the right locations to meet the needs of successful businesses. In Retail we secure significant levels of pre-lettings before we start construction.

Property Name
Property Size
Value Range
Westgate Centre, Oxford

In February 2015, the Westgate Oxford Alliance, a joint venture between Land Securities and The Crown Estate, confirmed it was proceeding with the redevelopment of the Westgate centre, Oxford. The new 800,000 sq retail and leisure scheme is due for completion in autumn 2017 and will include over 100 new stores, 25 restaurants and cafes, a boutique cinema, roof top terrace dining and a wealth of new public spaces.

In February 2016 the Westgate Oxford Alliance acquired the Castle Quarter, Oxford. The city centre site is made up of a Malmaison hotel in the former Oxford Prison, an exciting hub of restaurants and bars, and 40 modern apartments. It is in close proximity to the Westgate centre development.


Property Size840,000 sq ft
Value Range£50m - £100m
HideFast facts
Principal Occupiers:

John Lewis Partnership, Primark, Next, H&M, Curzon, River Island, New Look and Superdry

Key Facts:
803,000 sq ft
Retail Area
37,000 sq ft
Other Area
Ownership Interest
Letting Status
Completion Date
Development Costs

Where the property is not 100% owned, floor areas shown above represent the full scheme whereas all other figures represent our proportionate share. Letting % is measured by ERV and shows letting status at 30 September 2012. Trading property development schemes are excluded from the development pipeline.

Planning status for proposed developments
PR – Planning Received

Total development cost (£m)
Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with capitalised interest, being the Group's borrowing costs associated with direct expenditure on the property under development. Interest is also capitalised on the purchase cost of land or property where it is acquired specifically for redevelopment. Of the properties in the development pipeline at 30 September 2012, interest was capitalised on the land cost at Trinity Leeds and 185-221 Buchanan Street, Glasgow. The figures for total development costs include £12.9m for the residential elements of 185-221 Buchanan Street, Glasgow.

Net income/ERV
Net income/ERV represents headline annual rent on let units plus ERV at 30 September 2012 on unlet units.

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