Landsec announces £45m investment in Portsmouth shopping outlet
Commercial property development and investment company Landsec has announced its plans to make 'significant investment' in its 'prime' retail destinations, the first of which being Gunwharf Quays in Portsmouth.
The Portsmouth outlet is getting £45 million of investment as part of Landsec's targeted investment plan, with similar plans being made for outlets in Cardiff and Leeds.
Work on Gunwharf Quays will involve ''enhancing the look and feel of the centre'' according to spokespeople from Landsec. Specific details of development plans have not yet been unveiled.
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This investment is expected to increase turnover at the site by more than a third over the next five years.
Managing director of retail at Landsec Bruce Findlay said: “We’re focusing our strategic investment on where we can drive growth and deliver attractive returns. Our prime, catchment-dominant retail destinations have recovered strongly since Covid and, through targeted investment, we’re ensuring they will remain in demand in the future for consumers and brands alike.
''We’re confident that best-in-class retail property can deliver high single digit to low double digit total returns in the current macro-economic environment.”
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