One of the UK’s best known public property companies is beginning a retail asset investment drive with a £45 mln (€52 mln) ‘transformation’ of its Gunwharf Quays shopping centre outlet in Portsmouth on the south coast of England.
The London-based company said it will also invest in Trinity Leeds and St David’s in Cardiff further ‘strengthening Landsec’s portfolio of catchment dominant retail destinations'.
Gunwharf Quays has been trading for over 20 years and is established in the top 1% of UK retail destinations according to property intelligence firm CACI, but the owner wants to increase turnover at the site by more than a third over the next five years. Currently around 90 high fashion brands trade there such as Ralph Lauren, Armani, and Michael Kors.
Meanwhile, at St David’s, part of the plan is to remove 160,000 ft2 of vacant retail, previously a former Debenhams store, as well as create a new city square and introduce 30,000 ft2 of new F&B and leisure offerings.
At Trinity Leeds, it will repurpose under-utilised retail areas, delivering 70,000 ft2 of 'multi-dimensional' hospitality space destination with food and leisure at its heart.
Landsec made the pledge as it held its capital markets day on Wednesday.
Bruce Findlay, MD of Retail, said: ‘We’re focusing our strategic investment on where we can drive growth and deliver attractive returns.’
‘Our prime, catchment-dominant retail destinations have recovered strongly since covid and, through targeted investment, we’re ensuring they will remain in demand in the future for consumers and brands alike.’
