Planning Many developers hoping to build schemes in the region have seen their ideas thwarted by planning decisions. Stacey Meadwell reports
Across Yorkshire, planning has proved a sore point for developers looking to get retail schemes off the ground. Tops Estates’ is one such developer. It wants to construct a 500,000 sq ft scheme on Albion Street in Leeds city centre but had its plans turned down by Leeds city council earlier this year. Tops has lodged an appeal and is awaiting a date for the public inquiry.
While the fight is not yet lost for Tops Estates’ in Leeds, York is a different scenario. The Office of the Deputy Prime Minister has blocked plans by Land Securities for its 250,000 sq ft Coppergate scheme in the historic city. The decision follows a lengthy public inquiry into the £60m scheme last year. The ODPM cited factors including a perceived mismatch between the local development plan and the scheme’s design.
Redevelopment given the go-ahead
There is one silver lining for Yorkshire’s retail developers though. USS’s plans for the redevelopment of the Trinity & Burton Arcades in Leeds were referred to the OPDM. But last month the developer was told the 400,000 sq ft scheme would not be called in. The proposals include 70 shops and restaurants. The developer plans to start work in early 2005.
Also having successfully gained planning permission is the 500,000 sq ft Broadway scheme in Bradford. Developer Stannifer has agreed to take full control of the scheme and construction is due to start early next year.
Meanwhile, the odd retailer is causing anxiety for developers. Selfridges has been in “advanced talks” with Town Centre Securities about anchoring its mixed-use Harewood scheme east of Leeds city centre. But the department store’s new owner, Galen Weston, the Canadian billionaire who bought the group for £628m in July, sent shockwaves through the retail sector when he announced he wanted to concentrate investment on the flagship store in London’s Oxford Street.
Plans for the department store to open in Bristol have fallen foul of this new business focus. However, Selfridges insists that it will continue to investigate the markets in Leeds and northern neighbour, Newcastle. It is unlikely, though, that any development will happen in the short term.
Some of those with existing retail schemes in the region have been sprucing up their centres. Sheffield’s Meadowhall centre is one. Owner British Land has spent £8m revamping the Oasis food court.
Lillywhites leaves Leeds
Other refurbishment projects across Yorkshire include Chester Properties’ 93,000 sq ft Packhorse Centre, Huddersfield. The company has launched the investment on the market at £21m, reflecting a net initial yield of 7.4%. Since the refurbishment, average rents have increased from £55 to £76 per sq ft zone A.
In Leeds, the refurbishment of the former Lillywhites unit at the Headrow Centre is nearing completion. The retailer gave up its 65,000 sq ft store at the end of 2002, saying it is not suited to the Leeds’ market.
One scheme actually under construction is the redevelopment of the Peel Centre in Barnsley. It is due to complete in June 2004.
Feature based on EGi’s retail database. For more information contact sue.medd@rbi.co.uk
