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. Trinity Leeds is set to transform the city centre. At 185-221 Buchanan Street, Glasgow we are creating contemporary retail space on one of Britain’s busiest shopping streets. In Retail we secure significant levels of pre-lettings before we start construction.
Trinity Leeds will offer retailers over 120 modern, flexible units located in the city's prime retail area.
M&S, H&M, Arcadia, Next, Primark
(to date)
(Total)
Located on Glasgow's Buchanan Street, this asset will help maximise the development potential of our Buchanan Street holdings.
Forever21, Gap, Paperchase
(to date)
(Total)
Three miles north of the city centre this 180,000 sq ft park comprises 14 units and a fast food restaurant. The park was granted planning permission for a new 100,000 sq ft food store in April 2011.
DFS, Staples, Lidl, Pets at Home, Carpetright
(to date)
(Total)
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 31 March 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 31 March 2012, interest was capitalised on land cost at Trinity Leeds and 185-221 Buchanan Street, Glasgow. The figures for total development costs include expenditure on the residential elements of 185-221 Buchanan Street, Glasgow (£11.7m).
Net income/ERV
Net income/ERV represents headline annual rent on let units plus ERV at 31 March 2012 on unlet units.
