Landsec is seeking to turn a 160,000 sq ft former Debenhams store in Cardiff into a new public square as part of plans to revamp three of its retail locations.
Along with the new public square at St David’s (pictured), Landsec is also proposing 30,000 sq ft of new F&B and leisure offerings.
The owner will also invest £45m in refurbishing its Portsmouth shopping outlet, Gunwharf Quays. Landsec said it is aiming to “enhance the look and feel of the centre”. The investment is expected to increase turnover at the site by more than a third over the next five years.
At Trinity Leeds, Landsec will aim to build on its Trinity Kitchen offer by repurposing underutilised retail space and delivering 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 are 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 are ensuring they will remain in demand in the future for consumers and brands alike.
“We are confident that best-in-class retail property can deliver high single-digit to low double-digit total returns in the current macroeconomic environment.”
Landsec bought the debt secured against a 50% share of St David’s shopping centre, previously owned by intu, in March.
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