Developer Land Securities aims to increase the value of its development pipeline by up to £500m over the next three years by targeting distressed properties across the UK
The client, which focuses on London commercial and UK-wide retail schemes, is looking at opportunities in 50 of the UK’s cities in the hope of picking up work worth around £150m in at least three of them.
Derek Baillie, a project management director at Land Securities, said: “We are investigating opportunities on the top 50 city centres in the UK where there are distressed assets or where other firms have had to abandon projects. These would be big schemes, around £150m each in around three or four cities.”
The cities will be retail hubs and the work would be tendered over the next three years. This would be in addition to Land Securities’ £1bn commitment to development in 2010 and its multi-million-pound pipeline over the next three to five years, which includes the £350m retail scheme, Trinity Leeds, the Atlas Site retail development in Glasgow, which will have a £20m construction value, and Buchanan Galleries retail scheme, also in Glasgow, which has a £120m construction cost.