The development of a £650M shopping centre in Leeds, which hit the buffers in April due to the recession, could be revived after the developer said it had made “good progress” during talks with prospective tenants.
London-based developer Land Securities had mothballed the project last year due to the economic downturn, but an optimistic start to 2010 has led the developer to confirm that work could resume on the 90,000m2 site after it secured a number of lettings.
The future of the Trinity Quarter shopping centre was hanging by a thread last year after Caddick Developments pulled out of the joint venture leaving Land Securities as the sole developer.
However, the group confirmed that a debt repayment of £165.8M coupled with the new uptake in tenants has meant that work on the shopping centre, which will transform the area around Briggate, Commercial Street, Albion Street and Boar Lane, could commence once their pre-let targets had been met.
Land Securities also confirmed that it was pushing ahead with three development projects in London this year with total costs of £655M.