Growth comes on back of recovery in market for retail and offices

Property developer Hammerson has a short-term pipeline of new developments worth £1.1bn as the market for retail and offices shows signs of recovery.

The firm recently received planning approval for a 79,600m2 office led project at Principal Place in London – and another office scheme spanning 45,800m2 at London Wall Place.

Retail schemes earmarked for development include the 106,000 m2 Eastgate Quarters in Leeds and 130 new restaurant units and sites in Sheffield and Didcot.

In its six monthly results update for the period ended 30 June 2011, the developer also confirmed eight property acquisitions worth £373m since the year end.

Hammerson said: “After a period of restrained activity as the real estate market contracted during the worst of the economic downturn, we are now increasing the resources applied to development.

“We will progress projects on the basis of sound financial analysis demonstrating good returns, when the relevant markets are sufficiently robust and when we have the right level of interest from occupiers.”