This page contains a Flash digital edition of a book.

The UK shopping centre development pipeline has slowed to a trickle, but there are signs of renewed confidence among developers.

project while in Wakefield Sovereign Land has revived Modus’s Trinity Walk. Like its near-namesake in nearby Leeds,

Trinity Walk in Wakefield spent a period in mothballs following the collapse of its original developer Modus Ventures. The site had been abandoned after completion of all of the site works and erection of about a third of the steel frame. In December last year it was bought by

Sovereign Land, AREA Property Partners and Shepherd Construction. As soon as the purchase completed the new owners were back on site, with only minor tweaks to the design. “We revisited the finishes and went for an EFTE roof,” explains Sovereign Land director Chris Geaves. “We’ve made it more efficient so it looks better and works better.” Work has progressed quickly and the

scheme is now targeting a May 2011 opening date. But at the beginning of this year the decision to restart work looked brave. “Instinctively we knew demand was there,” remembers Geaves. And letting progress at the 500,000-sq ft scheme looks to have vindicated that decision. Anchor tenants Sainsbury’s with 117,000

sq ft and Debenhams with 96,000 sq ft have been joined by Arcadia which has taken

20,000 sq ft for its Topshop, Topman, Dorothy Perkins and Burtons façias. JD is taking a 6,716 sq ft unit and Bank

the adjacent 5,661 sq ft unit – both are high profile two-storey flagship stores at the Teall Street entrance to the centre, which forms the principal link to Wakefield city centre. Republic is taking a 5,877 sq ft single storey unit opposite Next and adjacent to Arcadia. Men’s accessories and gift retailer Menkind has taken 2,562 sq ft while Coral has signed up for 1,227 sq ft. All units have been let on 10-year leases

and Max la Frenais, Sovereign Land’s leasing director, echoes Land Securities’ John Grimes’ view that there is an appreciable improvement in the market. “The tide has turned a bit,” he says. “We’re finding that we’re not having to pay as much in contributions as we’d expected.” La Frenais says quoting terms are based

on £125 zone A although as a rule units are being leased on overall rents. This is less than had been achieved previously in Wakefield, but La Frenais explains: “We started from scratch with rents when we took over the scheme. We have to recognise we’re in a very different market.” The other major town centre scheme

under way is Parkway, Standard Life’s 475,000 sq ft mixed-use scheme in Newbury. Ed Jenkins, fund manager of Standard

Life Investments’ UK Shopping Centre Trust, explains the complex construction project was delayed by the need to excavate multiple levels of underground car parking. But now the shell of the 70,000-sq ft Debenhams anchor store has been completed. “It’s beginning to look like a shopping centre,” says Jenkins. In addition to Debenhams, New Look and

H&M have both taken 20,000 sq ft MSUs. With another 25,000 sq ft of lettings in solicitors’ hands, the scheme is now 45 per cent let or in legals. “And there are more in advanced negotiations,” adds Jenkins. Although he would not be drawn on

rental levels, Jenkins says: “We are offering turnover rents on this scheme, as we are in the rest of our portfolio. We know Parkway will push Newbury up the national rankings and everything we’re doing is in line with our expectations.”

Find out more: For more information, please contact the author or visit the website: October 2010 SHOPPING CENTRE

Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40
Produced with Yudu -