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Landsec has announced plans to invest significantly in its prime retail destinations to further enhance its positive growth outlook.
The investment include a £45m transformation plan at Gunwharf Quays that will improve the Portsmouth-based shopping outlet to create a more memorable experience for visitors and deliver more value for brand partners
The Gunwharf Quays investment, which is already ranked in the top 1% of UK retail destinations according to property intelligence firm CACI, is expected to increase turnover by more than a third over the next five years.
At St David’s Landsec is also investing in a place-making initiative that will enhance guest experience and increase the time consumers spend at the destination. The group intends to remove 160,000 sq ft of vacant retail previously occupied by Debenhams, as well as create a new city square and introduce 30,000 sq ft of new F&B and leisure offerings.
In addition, at Trinity Leeds Landsec will invest in Trinity Kitchen, repurposing underutilised retail space and delivering a 70,000 sq ft hospitality destination.
Speaking on the investment plans, Bruce Findlay, managing director 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 macroeconomic environment.”
