Land Securities plans retail developments worth £275m

Land Securities has reported a project pipeline of retail schemes worth £275m. In its trading update for the months April to June, the developer says it has made good progress on its development programme.

Much of the demand comes from the retail sector which remains firms firm in generating construction work.

Land Securities has several projects earmarked for development in and around London.

The developer has been granted planning permission to build a 100,000ft² extension to a Sainsbury’s store in Wandsworth and a 70,000ft² Primark store at its Westwood Cross mall in Kent.

Other projects in the pipeline include a new Morrisons in Crawley, a Tesco in Taplow and a 100,000ft² extension to a retail park in Derby.

The developer also plans to start demolition work on new office scheme near St Paul’s in London.

Two new office buildings totalling 375,000ft² will be located at 30 Old Bailey and 60 Ludgate Hill.

Land Securities chief executive Francis Salway said: “While the quarter has seen a period of uncertainty in the wider economy, our activities show that our plan continues to deliver opportunities for value creation. 

“The outlook for development in London remains attractive and, despite the mixed messages in the retail sector, our leasing activity demonstrates that the stronger retailers are looking to take new space.”