Table 40 – Retail development pipeline at 31 March 2011
cost to date
|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|
|185-221 Buchanan Street, Glasgow||Retail||100||10,800||69||35||4.7||Mar 2013||25||65|
|(formerly the Atlas Site)||Residential||3,700|
|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|
|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|
- St David’s Dewi Sant, Cardiff excludes the residential element following its transfer to trading properties.
- 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 represents headline annual rent payable on let units plus ERV at 31 March 2011 on unlet units.