Gunwharf Quays transformation headlines Landsec retail investments
A £45m transformational development at Portsmouth’s Gunwharf Quays is one of three major investments Landsec is set to announce at its Capital Markets Day.
Landsec said the Portsmouth development will enhance the look and feel of the centre to create a more memorable experience for shoppers, attract more guests, and deliver more value for brand partners.
The Gunwharf Quays investment is expected to increase turnover at the site by over a third during the next five years.
Landsec is also set to outline further developments at St David’s in Cardiff and Trinity Leeds.
The Cardiff development will see the removal of 160,000 sq ft of retail space left vacant by Debenhams, as well as the creation of a new city square and introduction of a further 30,000 sq ft of new food and beverage and leisure space.
In Leeds, Landsec will be investing in Trinity Kitchen, which looks to repurpose under-utilised retail space and create a 70,000 sq ft multifunctional hospitality destination.
Bruce Findlay, managing director of retail at Landsec, said: “We’re 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’re ensuring they will remain in demand in the future for consumers and brands alike. We’re confident that best-in-class retail property can deliver high single digit to low double digit total returns in the current macro-economic environment.”