Having announced in November that its Victoria Gate retail development was one-third pre-let, Hammerson now says the figure has risen to 40 per cent, eighteen months ahead of its scheduled opening.
The Leeds shopping centre is being built in two phases, with phase one delivering 34,000 sq m and phase two adding a further 8,000 sq m to the scheme. Phase one is expected to bring in around £10 million per annum in rental income.
The chief executive of Hammerson, David Atkins, said: “The £150 million development will consist of three main buildings: a flagship John Lewis store; a two street arcade with more than 30 aspirational retailers and restaurants and an 800 space multi-storey car park”.
Hammerson is in a good place at the moment, having recently announced pre-tax profits of £703.1 million for the year ending ending December 2014.
Mr Atkins added that they the company has seen a good uplift in asset valuation and income growth and that strengthening consumer sentiment is driving demand for prime retail space, generating growth across the entire portfolio.
He goes on to say that Hammerson has “built a successful track record, growing shareholder dividends by close to 25% over the last three years.
“With strong momentum across our markets predicted to continue, bolstered by further growth from our prime portfolio, strategic exposure to the fast growing outlet sector and our major development programme, we remain confident in our ability to deliver sustainable growth going forward”.
Work started on the site last April and the completion date is expected to be in the third quarter of 2016.
Earlier this month Hammerson announced that Nando’s and Five Guys will be joining the growing restaurant offer at its Westquay Watermark development in Southampton which is now 58 per cent pre-let.
Story: Chris Grigorovsky
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