LAND SECURITIES 21 November 2014
Land Securities has confirmed 127,000 sq ft of retail and leisure lettings across its shopping centre portfolio and retail development pipeline at the MAPIC property conference in Cannes, France this week.
A five screen Curzon Cinema totalling 21,700 sq ft has been confirmed at Westgate, Oxford, the proposed 800,000 sq ft city centre scheme that Land Securities is planning in partnership with The Crown Estate. Luxury fashion brand Michael Kors has also agreed to take a 2,200 sq ft unit at the centre, joining John Lewis which has already confirmed a 142,000 sq ft store, and Next which is taking 47,400 sq ft.
At Buchanan Galleries in Glasgow, where Land Securities is proposing a major extension to create a 1.2 million sq ft retail and dining destination in the heart of the city centre, three new restaurant brands and two well-known fashion brands have all committed to the scheme.
D&D London is making its first entry into the Scottish market, taking 10,000 sq ft for a rooftop dining destination with views over Buchanan Street, while Living Ventures is planning to open two concepts, the Artisan Kitchen & Bar totalling 13,000 sq ft, and The Alchemist totalling 7,000 sq ft. These three sought-after restaurant brands will form part of a 200,000 sq ft leisure district in the new centre.
Mango and Superdry have agreed to take 17,000 sq ft and 15,000 sq ft respectively, further strengthening the line-up for the newly-extended centre which will also include a 150,000 sq ft M&S flagship store, a 300,000 sq ft John Lewis and an extended Next flagship store of 72,000 sq ft.
At Bluewater, Kent, Land Securities has brought seven new brands to the centre since it took ownership in July with names such as White Stuff, Bill's, American Eagle, Rockar Hyundai and Le Creuset taking space totalling 23,600 sq ft.
At Gunwharf Quays, Land Securities has recently introduced Mint Velvet, Asics, Coast, Watch Station, Musto, Pret a Manger and Pearl Izumi, which have taken a total of 17,000 sq ft. The premium outlet centre has benefited from a 30% change in tenant mix over the last 24 months with the addition of brands such as Tommy Hilfiger, All Saints, Ugg and Radley.
Scott Parsons, Managing Director, Retail, said: 'This raft of lettings across both our existing and proposed new centres is testament to the strength of our retail portfolio, which we have been reshaping to focus on the key themes of dominance, experience and convenience. The best brands want the best space in the best locations, and that is exactly what Land Securities can deliver.'
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Notes to editors:
Land Securities is the UK's largest listed commercial property company and a member of the FTSE 100. The company owns and manages more than 25 million sq ft of property, from shopping centres to offices, valued in excess of £13.2 billion.
The Crown Estate
• The Crown Estate is an independent commercial business, established by Act of Parliament.
• 100% of its annual profits are returned to the Treasury for the benefit of the public finances.
• Over the last 10 years The Crown Estate has returned over £2.2bn to the Treasury. In the last financial year the value of the business rose to almost £10bn and its returns were £267m.
• Across its diverse portfolio, The Crown Estate's approach remains consistent; driving sustainable returns and growth through an active approach to asset management and long term investment in four key sectors: London's West End; prime regional retail; rural and strategic land; and offshore wind.
For further information, please contact:
Land Securities Group PLC
Press
Molly Neal
T: +44 (0)20 7024 5460
Molly.Neal@landsecurities.com
Investors
Ed Thacker
T: +44 (0)20 7024 5185
Edward.Thacker@landsecurities.com
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