Strong pre-lettings at Trinity Leeds shopping centre prompts Land Secs to start on Glasgow scheme

Land Securities has announced it will start work on a new shopping centre in Glasgow this year after retailers bought up two thirds of space in its £350m Trinity Leeds scheme.

The £20m Glasgow project will contain nine retail units together with residential flats.

In a trading update Land Securities said work would start on 110 Cannon Street this year. It said planning was ongoing at 60 Ludgate Hill and the Victoria Transport Interchange.

The new developments have been kick-started by the success of Trinity Leeds, where 45% of space has been let and 20% is under offer, despite construction not finishing for two years.

The Yorkshire shopping centre is currently being built by Laing O’Rourke.

Land Securities chief executive Francis Salway said: “Having initiated a large development programme, we are delighted to have achieved lettings on a number of projects which will drive both valuation surpluses and income growth.

“We expect a wider range of buying opportunities in 2011 although current flows of capital into the sector mean that bidding may remain competitive.