• 2013 Trinity Leeds

The only large UK retail development project to start on site during the year, this scheme is located in a prime position in a thriving city. The scheme is now 53% pre-let and 4.5% in solicitors’ hands. The centre is due to open in February 2013.

  • 2013 185-221 Buchanan Street, Glasgow

Previously known as the Atlas Site, the scheme is located in the heart of Glasgow’s shopping district. We have now resolved all remaining ownership issues, and the scheme is 69% pre-let. The centre is due to open in March 2013.

 
 

Table 40 – Retail development pipeline at 31 March 2011

Property Descrip-
tion
of use
Owner-
ship
Interest %
Size
m2
Planning
status
Letting
status %
Market
value
£m
Net
income/
ERV
£m
Esti-
mated/
actual
comple-
tion
date
Total
develop-
ment
cost to date
£m
Forecast total
develop-
ment
cost
£m
Developments after practical completion









St David’s Dewi Saint, Cardiff1 Retail 50 89,900
86 208 15.2 Oct 2009 344 365
Developments approved or in progress









Trinity Leeds Retail
100 75,900
52 143 28.8 Feb 2013 114 358
185-221 Buchanan Street, Glasgow Retail 100 10,800
69 35 4.7 Mar 2013 25 65
(formerly the Atlas Site) Residential
3,700






Proposed developments









Garratt Lane, Wandsworth2 Food store 50 16,510 PR 83 n/a n/a n/a n/a n/a










Developments let and transferred or sold
The Elements, Livingston Retail 100 32,000
91 96 7.0 Oct 2008 161 161

Leisure
5,670






Almondvale South Retail Park, Livingston Food store 100 8,360
100 30 1.6 Dec 2010 16 16
Lindis Retail Park, Lincoln Food store 50 10,870
100 23 1.4 Nov 2010 16 16
  1. St David’s Dewi Sant, Cardiff excludes the residential element following its transfer to trading properties.
  2. Sale completed 10 May 2011.

Floor areas shown above represent the full scheme whereas the cost represents our share of costs. Letting % is measured by ERV and shows letting status at 31 March 2011. Trading property development schemes are excluded from the development pipeline.

Planning status for proposed developments
AS – Application submitted
PR – Planning received

Total development cost
Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with capitalised interest, being the Group's borrowing costs associated with direct expenditure on the property under development. Interest is also capitalised on the purchase cost of land or property where it is acquired specifically for redevelopment. Of the properties in the development pipeline at 31 March 2011, interest was capitalised on land costs at Trinity Leeds and 185-221 Buchanan Street, Glasgow. The figures for total development costs include expenditure of £10.6m on the residential elements of 185-221 Buchanan Street, Glasgow.

Net income/ERV
Net income/ERV represents headline annual rent payable on let units plus ERV at 31 March 2011 on unlet units.

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