Landsec is investing £17m to transform a former Debenhams unit in St David’s, Cardiff, into an outdoor space, under plans to enhance its prime retail destinations.
The property investment giant said its plans for the 102,000 sq ft square, which were designed in collaboration with over 5,000 people living and working in Cardiff, will create opportunities for brands in the city centre.
The former department store site will feature two new restaurants, smaller kiosk-style units opening onto the square for food and beverages and a leisure space.
Landsec will also invest £15m into the expansion of its food court concept, Trinity Kitchen, in Leeds, which opened in 2013.
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Landsec head of retail asset management Nik Porter said: “These submissions mark the next step in our investment in our major retail destinations.
“Trinity Leeds and St David’s Cardiff both continually outperform industry benchmarks for footfall and have occupancy rates over 94%.”
He added: “By enhancing the guest experience, we’ll increase footfall and dwell time which in turn will bring more brands to the centres, whilst also strengthening the performance of brands already in occupation.”
The planning applications form part of the real estate company’s targeted strategy of investment, as it plans to further strengthen its portfolio of catchment dominant retail destinations.
Landsec also has work on a £45m transformation of Gunwharf Quays underway in Portsmouth, which it said would see the shopping outlet “cement its position as the UK’s leading lifestyle waterfront destination”.
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