Retail development pipeline
In September 2012 we secured full planning consent for the redevelopment of the existing site. We have committed to the new 106,000 sq ft development, which is 88% pre-let.
Tesco, TK Maxx, Nike, Frankie & Benny's and Mountain Warehouse
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 represents headline annual rent on let units plus ERV at 30 September 2012 on unlet units.