Landsec plans £32m investment into its retail assets
Landsec has submitted a pair of planning applications to enhance its retail destinations, as it plans to invest £32m into two assets.
The real estate investment trust is investing £17m to transform the former Debenhams store at St David’s in Cardiff into an outdoor space.
Plans for the 102,000 sq ft square will look to create new opportunities for brands, whilst enhancing access to nature and play space to meet the demand for family space in the city centre.
The plans – which were designed in collaboration with 5,000 local people – propose the creation of two new restaurants with terraces and smaller kiosk units that open out onto the square for fledgling food and drinks businesses.
The proposals also include a leisure space to meet increased demand for best-in-class leisure experiences across the UK.
Landsec is also set to invest £15m into the expansion of Trinity Kitchen, its food court concept at Trinity Leeds. Trinity Kitchen has a rotating line-up of food trucks and permanent eateries, and has welcomed over 800,000 visitors annually since opening in 2013.
The new proposals look to repurpose under-utilised retail space and deliver a 72,000 sq ft multi-dimensional hospitality destination with a new outdoor terrace offering views overlooking the city.
Nik Porter, head of retail asset management at Landsec said: “These submissions mark the next step in our investment in our major retail destinations. Trinity Leeds and St David’s Cardiff both continually outperform industry benchmarks for footfall and have occupancy rates over 94%. By enhancing the guest experience, we’ll increase footfall and dwell time which in turn will bring more brands to the centres, whilst also strengthening the performance of brands already in occupation.
“These new spaces will create even more opportunities for both new and existing brands to benefit from the attraction of new F&B and leisure experiences, quality outdoor space, and the increasing demand for leisure.”