Shopping centre developer reports strong demand for retail space

Retail developer Capital Shopping Centres said it is planning £78m of capital projects in order to extend its portfolio of destinations.

The developer said it had £106m of construction projects committed and under way, including the completion of a 60,000 sq ft store at Eldon Square in Newcastle, and work to extend Primark’s flagship Lakeside store in Thurrock to 100,000 sq ft.

In addition the developer said it was continuing to make progress on plans for extensions totalling 1.5m sq ft at Victoria Centre, Nottingham, Lakeside, Thurrock and Braehead, Glasgow.

The news came as the developer reported continuing strong growth in the retail sector in an interim management statement to the city. David Fischel, chief executive, said: “The impact of the reduced supply of new high-quality retail space is increasingly apparent in letting negotiations. With footfall continuing to increase on a year-on-year basis, we are benefiting from the trend for retailers and consumers to focus on pre-eminent destinations in which to trade and shop.”