Land Sec to start Glasgow shopping centre

Grant Prior 12 years ago
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Land Securities is set to start work this year on a new shopping centre in Glasgow after retailers snapped-up 65% of space in its £350m Trinity Leeds scheme despite construction not finishing for two years.

Laing O’Rourke is currently building Trinity Leeds where 45% of space has now been let and another 20% under offer.

The success of the scheme has helped kick-start new developments across the country and Land Securities confirmed today that the Atlas development in Glasgow is expected to start on site this year.

The project has a construction cost of around £20m and will contain 9 retail units together with residential flats.

Other schemes in London set to start this year include 110 Cannon Street while planning is ongoing at 60 Ludgate Hill and the Victoria Transport Interchange.

One property expert told the Enquirer: “Land Securities took a bit of a punt and started developing again ahead of most rivals which looks a smart move now.

“Hopefully this is a sign that confidence is spreading from the London market to other cities.”

Glasgow received another boost yesterday when BAM Properties confirmed plans to redevelop a site at 110 Queen Street into a new office and retail complex.

During his trading update to the City,Land Securities’ Chief Executive Francis Salway said: “Having initiated a large development programme, we are delighted to have achieved lettings on a number of projects which will drive both valuation surpluses and income growth.

“We expect a wider range of buying opportunities in 2011, although current flows of capital into the sector mean that bidding may remain competitive.

“The first quarter of 2011 is likely to see mixed news flow around the consumer and the economy, but we expect occupational demand from large corporates to remain steady.

“It is our expectation that we will soon be in a position to start a further retail development at the Atlas Site in Glasgow, such is the interest in the new space that will be created.”

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