Landsec has revealed plans to invest significantly in its prime retail destinations, with a major initiative lined up for St David’s in Cardiff.
The plans include investment in Cardiff, Portsmouth and Leeds.
At St David’s, Landsec is investing in a place-making initiative that aims enhance guest experience and increase the time consumers spend at the destination.
As part of the plan, Landsec intends to remove 160,000 sq ft of vacant retail, previously a former Debenhams store, as well as create a new city square and introduce 30,000 sq ft of new F&B and leisure offerings.
The wider investment will be led by a £45m transformation plan for Portsmouth-based shopping outlet Gunwharf Quays. Landsec said the plans aim to enhance the look and feel of the centre to "create a more memorable experience for visitors, attract guests from further afield and deliver more value for brand partners".
The investment in Gunwharf Quays is expected to increase turnover at the site by more than a third during the next five years.
At Trinity Leeds, Landsec will invest in building on the success of Trinity Kitchen, repurposing under-utilised retail space and bringing forward a 70,000 sq ft multi-dimensional hospitality destination, with food and leisure at its heart.
Bruce Findlay, managing director, retail at Landsec said: "We're focusing our strategic investment on where we can drive growth and deliver attractive returns. Our prime, catchment-dominant retail destinations have recovered strongly since Covid and, through targeted investment, we’re ensuring they will remain in demand in the future for consumers and brands alike.
"We're confident that best-in-class retail property can deliver high single digit to low double digit total returns in the current macro-economic environment."
Landsec’s investment plans were unveiled at a retail-focused Capital Markets Day held in Gunwharf Quays on Wednesday (21 June).
