Recently Movehut reported that Whiteley Village, a retail development in Hampshire, was scheduled for completion next spring. The article pointed out that the project was one of only a handful of shopping centre developments currently under construction and that activity in the field is at its lowest since the 1960s. Another of this small number of projects is in Leeds, a city which appears to be bucking the national trend when it comes to retail and leisure building.
Leeds is the largest financial centre outside London and, according to the European Cities Monitor, one of the best locations in Europe for business. Office headline rents are stable and, to date, take up in 2012 is on a similar level to last year and a return of speculative commercial property development is expected shortly. This promising picture looks even brighter when considered alongside the shopping centre boom the city is currently undergoing.
Trinity Leeds is a development the size of thirteen football pitches and is due to open its doors next year. When completed, it will house 120 stores and a dozen cafés, bars and restaurants under a huge glass dome. In addition the shopping centre will be home to the largest Everyman cinema in the UK.
Leeds Trinity will offer free Wi-Fi, and large digital screens providing information, games and music will be dotted around its three floors. Rents are thought to be in the region of £250 to £300 per sq. ft. and 80 per cent of the space has already been let with Marks & Spencer and Next among the retailers leading the way.
The Developers are confident Leeds Trinity will be a success but, such is demand in the city, this isn’t the only project in the pipeline. Construction of another shopping centre, Eastgate Quarters, is due to commence in 2014 providing a further 400,000 sq. ft. of retail space.
Do you live or work in Leeds? Why do you think the city appears to be booming when retail developments in other parts of the UK have stalled? Share your thoughts with us below.
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