It is hoped in Yorkshire, that Leeds will soon be challenging the North’s traditional commercial property heavyweight, Manchester, following completion of the Trinity Leeds Scheme.
Trinity Leeds is a £350 million development which will offer over 120 modern, flexible retail units ranging from 100 to 100,000 sq.ft and is located in the city’s prime retail area. The Trinity Leeds centre will be redeveloped between January 2008 and 2013 where the current Leeds Shopping Plaza will be remodeled and become known as Trinity Leeds.
The scheme has not been without its hiccups though, in 2009, following the recession, work on the development came to a standstill, due to a problem with funding. However, construction work on the scheme commenced in July 2010 and it is due for completion by March 2013.
Land Securities, the developer behind Leeds Trinity, this week declared ‘that the scheme is now 57.5 per cent pre-let or contracts are in solicitors’ hands. The 816,980 sq ft development already has confirmed occupants including Marks & Spencer, BHS, H&M, Boots, Primark, Topshop/Topman, River Island, Next, Hollister and Cult.’
The development is enormous and will offer a huge retail property boost to Leeds, Land Securities say ‘it represents the single largest retail development commitment in the UK by a real estate investment trust since the financial downturn.’
Trinity Leeds will transform the shopping zone around Briggate, Commercial Street, Albion Street and Boar Lane and occupy a prime position connected to the city’s office quarter and main transportation links. The Leeds Shopping Plaza will be extensively re-modelled to integrate within the new shopping and leisure environment.
Ian Williams, director of policy at Leeds, York and North Yorkshire Chamber of Commerce has said, ‘The development will bring huge economic benefits to Leeds and will help confirm the city’s positioning as a leading retail destination.’
New research out this week has shown that the Trinity Leeds shopping development will catapult Leeds into third place in England’s retail league table. Leeds currently lies in sixth place, but the development will see Leeds leapfrog other northern powerhouses like Manchester, to sit behind London and Birmingham only.
Developments like this are fantastic for the economy and in turn have a fantastic knock on effect on the commercial property markets in such areas
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