UK REIT Landsec has submitted two planning applications to improve its retail destinations in the cities of Cardiff and Leeds.
At St David’s in Cardiff, Landsec is investing £17 mln (€20 mln) to transform a former Debenhams unit into an outdoor space that it said would 'bring life and value' back to this part of the centre.
Plans for the 102,000 ft2 (9,500 m2) square will create new opportunities for brands, while enhancing access to nature and play space to meet the demand for quality family space in the city centre, Landsec said.
The square's proposals were designed in collaboration with over 5,000 people living and working in Cardiff that Landsec engaged during consultation. It will feature two new restaurants with terraces and smaller kiosk-style units that open out onto the square for food and beverage brands to grow their businesses.
The plans also include a leisure space. If approved, the square is expected to build on St David’s 30 million annual footfall while boosting local job opportunities.
In Leeds, Landsec will invest £15 mln into the expansion of its food court concept, Trinity Kitchen. With a rotating line-up of food trucks and permanent eateries, Trintiy Kitchen has welcomed over 800,000 visitors annually since its opening in 2013.
The plans will build on this, repurposing under-utilised retail space and delivering a 72,000 ft2 hospitality destination complete with a new outdoor terrace offering views overlooking the city.
Nik Porter, head of retail asset management at Landsec said: 'These submissions mark the next step in our investment in our major retail destinations. Trinity Leeds and St David’s Cardiff both continually outperform industry benchmarks for footfall and have occupancy rates over 94%.
'By enhancing the guest experience, we’ll increase footfall and dwell time which in turn will bring more brands to the centres, whilst also strengthening the performance of brands already in occupation.
These new spaces will create even more opportunities for both new and existing brands to benefit from the attraction of new F&B and leisure experiences, quality outdoor space, and the increasing demand for leisure.'
The applications are the next phases of targeted investment into Landsec’s prime retail destinations. Work on the £45 mln transformation of Gunwharf Quays is already underway in Portsmouth, designed to enhance the appeal of the waterfront destination.
