Retailer Marks & Spencer has agreed terms with Hammerson and Town Centre Securities to anchor their proposed 140,000 m[sup]2[/sup] Eastgate scheme in the UK city of Leeds.
Retailer Marks & Spencer has agreed terms with Hammerson and Town Centre Securities to anchor their proposed 140,000 m2 Eastgate scheme in the UK city of Leeds.
At 18,250 m(2) including 14,000 m(2) of trading space, The new Marks & Spencer store will comprise 14,000 m2 of trading space offering a full range of fashion, homeware, food and hospitality.
Hammerson and Leeds-based Town Centre Securities gained planning permission for the scheme, located in the Eastgate and Harewood Quarters of the city, in February last year. The scheme, to be developed in a 90:10 joint venture, will include 110,000 m2 of retail and also be anchored by a 26,000 m2 John Lewis store. It will include over 100 retail units, restaurants and bars, a hotel, office accommodation, up to 600 new homes and 2,700 associated car parking spaces.
Construction is expected to begin in 2009, with completion in 2012. The total cost of the development is estimated at £800 mln. Hammerson's 90% share will amount to £720 mln.
