Award of Planning Permission
Hammerson PLC
09 February 2007
Major Retail Scheme: Award of Planning Permission
Hammerson plc and Town Centre Securities plc's plans to regenerate a major site
in the centre of Leeds have taken a step forward with a resolution passed by the
council to grant outline planning permission for the development.
The 100,000 m(2) retail-led scheme, which is centred around the Eastgate &
Harewood Quarters of the city, is to be developed in a 90:10 joint venture
between Hammerson and Leeds-based property company Town Centre Securities. The
scheme will be anchored by a 24,000 m(2) John Lewis store and will include over
100 retail units, restaurants and bars, a hotel, office accommodation, up to 600
new homes and 2,700 associated car parking spaces.
Hammerson and Town Centre Securities submitted a planning application in July
2006. The decision to give the scheme the go-ahead has been made by Leeds City
Council following detailed consideration and an extensive three-year public
consultation programme. A development agreement for the scheme was signed with
the City Council in December 2006.
It is anticipated that construction of the Eastgate & Harewood Quarters will
begin in 2009, with completion in 2012. The total cost of the development is
estimated at £675 million, of which Hammerson's 90% share would amount to £610
million.
John Richards, Chief Executive, Hammerson plc, commented:
'This is a significant milestone for the Eastgate & Harewood project. We look
forward to working closely with the Council and with our joint venture partner,
Town Centre Securities, to bring forward these exciting proposals.'
Edward Ziff, Chairman and Chief Executive at Town Centre Securities plc said:
'This is great news for Leeds and we are very pleased to receive the backing of
the City Council for this important project. The regeneration of the Eastgate &
Harewood Quarters will bring a rundown area of the city into public use, by
providing a fantastic living, working and recreational environment which
reflects the needs and aspirations of the people of Leeds.'
Leader of Leeds City Council and executive member for development, Councillor
Andrew Carter, said:
'We are confident that we now have a scheme that is one of the most bold and
innovative developments Leeds has seen for many years. It will help achieve the
Council's mission of bringing the benefits of a prosperous, vibrant and
attractive city to all the people of Leeds and will take the city up a league in
terms of its retail competitiveness nationally and internationally. It will
secure massive private sector investment from highly reputable companies, such
as John Lewis, and lead to major regeneration of a previously under-utilised
area of the centre generating hundreds of jobs for local people. We now look
forward to work starting and we will continue to work closely with the all those
involved to bringing this exciting project to fruition.'
For further information:
John Richards, Chief Executive Tel: 020 7887 1000
Chris Smith, Director of Corporate Affairs Tel: 020 7887 1019
christopher.smith@hammerson.com
NOTES TO EDITORS
1) Hammerson plc is a leading European REIT. Established over 50 years ago, the
group has operations in the UK and France. Its high quality real estate
portfolio provides around 1,200,000 m(2) of retail space and 270,000 m(2) of
prime offices and is valued at over £6 billion. For more information, visit
www.hammerson.com
2) Town Centre Securities plc is a property investment and development company
based in Leeds and is one of the city's major property investors. The company
portfolio exceeds £455 million with core activity centred in Leeds and
Manchester. For more information, visit www.tcs-plc.co.uk
This information is provided by RNS
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