Landsec has submitted two planning applications to enhance its prime retail destinations as it gathers pace with its retail investment plans. The applications form part of a targeted investment strategy that seeks further to strengthen Landsec's portfolio of catchment-dominant retail destinations.
At St David's in Cardiff, Landsec is investing c. €19.9m to transform a former Debenhams unit into a vibrant outdoor space that will bring life and value back to this part of the centre. Plans for the 9,476m2 - the equivalent of almost one and a half football pitches - will create new opportunities for brands, while enhancing access to nature and play space to meet the demand for quality family space in the city centre.
The square's proposals were designed in collaboration with over 5,000 people living and working in Cardiff with Landsec engaged during consultation. It will feature two new restaurants with terraces and smaller kiosk-style units that open out onto the square for food and beverage brands to grow their businesses. The plans also include a leisure space to meet continued consumer demand for best-in-class leisure experiences across the UK. If approved, the square is expected to build on St David's 30m annual footfall while boosting local job opportunities.
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."
The applications are the next phases of targeted investment into Landsec's prime retail destinations. Work on the c. €52.7m transformation of Gunwharf Quays is already underway, which will see the Portsmouth-based shopping outlet cements its position as the UK's leading lifestyle waterfront destination.
Image source - Pexels.
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