Development pipeline
- 2008
Cabot Circus, Bristol
Opened successfully and now established as a landmark addition to Bristol.
- 2008
The Elements, Livingston
Now opened and part of The Centre, a major regeneration of retail in Livingston.
- 2009
St David’s 2, Cardiff
Opened to acclaim last year and continuing to attract new lettings.
- 2012
Leeds Trinity
Vibrant new retail space in the heart of Leeds.
Table 34: Retail development pipeline at 31 March 2010
| Property | Descrip- tion of use |
Owner- ship Interest % |
Size sq m |
Planning status |
Letting status % |
Net income/ ERV £m |
Estimated/ actual comple- tion date |
Total develop- ment cost to date £m |
Forecast total develop- ment cost £m |
| Shopping centres and shops | |||||||||
| Developments, let and transferred or sold | |||||||||
| Willow Place, Corby | Retail | 100 | 16,260 | 94 | 2 | Oct 2007 | 42 | 42 | |
| Cabot Circus, Bristol | Retail |
50 | 83,610 |
95 | 16 | Sept 2008 | 269 | 269 | |
| Leisure | 9,000 | ||||||||
| Residential | 18,740 | ||||||||
| Developments completed | |||||||||
| St David’s, Cardiff | Retail | 50 | 89,900 | 61 | 15 | Oct 2009 | 323 | 357 | |
| Residential | 16,500 | ||||||||
| The Elements, Livingston | Retail | 100 | 32,000 | 78 | 8 | Oct 2008 | 166 | 166 | |
| Leisure | 5,670 | ||||||||
| Proposed developments | |||||||||
| Trinity Quarter, Leeds | Retail | 100 | 70,000 | PR | 32 | n/a | 2012 | n/a | n/a |
| The Atlas Site, Glasgow | Retail | 100 | 10,660 | – | n/a | 2013 | n/a | n/a | |
| Residential | 4,180 | ||||||||
| Retail warehouses and food stores |
|||||||||
| Developments approved and those in progress |
|||||||||
| Almondvale South Retail Park | Food store | 100 | 8,360 | 100 | 1.6 | May 2011 | 12 | 17 | |
| Sainsbury, Lincoln | Food store | 50 | 10,870 | 100 | 1.1 | Dec 2010 | 12 | 15 | |
| Proposed developments | |||||||||
| Sainsbury, Wandsworth | Food store | 50 | 9,850 | MG | 58 | n/a | 2012 | n/a | n/a |
Floor areas shown above represent the full scheme whereas the cost represents our share of costs. Letting % is measured by ERV and shows letting status at 31 March 2010. Trading property development schemes are excluded from the development pipeline. Cost figures for proposed schemes are not given as these could still be subject to material change prior to final approval.
Planning status for proposed developments
PR – Planning Received
MG – Minded to Grant
Total development cost (£m)
Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with capitalised interest. The figures for total development costs include expenditure on the residential elements of Cabot Circus, Bristol (£12m) and St David’s, Cardiff (£20m).
Net income/ERV
Net income/ERV represents headline annual rent payable on let units plus ERV at 31 March 2010 on unlet units.
