PRESS RELEASE - Feb 07
MAJOR RETAIL SCHEME RECEIVES PLANNING PERMISSION
Hammerson plc and Town Centre Securities plc's plans to regenerate a major site in the centre of Leeds have taken a step forward with a resolution passed by the council to grant outline planning permission for the development.
The 100,000 m2 retail-led scheme, which is centred around the Eastgate & Harewood Quarters of the city, is to be developed in a 90:10 joint venture between Hammerson and Leeds-based property company Town Centre Securities. The scheme will be anchored by a 24,000 m2 John Lewis store and will include over 100 retail units, restaurants and bars, a hotel, office accommodation, up to 600 new homes and 2,700 associated car parking spaces.
Hammerson and Town Centre Securities submitted a planning application in July 2006. The decision to give the scheme the go-ahead has been made by Leeds City Council following detailed consideration and an extensive three-year public consultation programme. A development agreement for the scheme was signed with the City Council in December 2006.
It is anticipated that construction of the Eastgate & Harewood Quarters will begin in 2009, with completion in 2012.
John Richards, Chief Executive, Hammerson plc, commented:
"This is a significant milestone for the Eastgate & Harewood project. We look forward to working closely with the Council and with our joint venture partner, Town Centre Securities, to bring forward these exciting proposals."
Edward Ziff, Chairman and Chief Executive at Town Centre Securities plc said:
"This is great news for Leeds and we are very pleased to receive the backing of the City Council for this important project. The regeneration of the Eastgate & Harewood Quarters will bring a rundown area of the city into public use, by providing a fantastic living, working and recreational environment which reflects the needs and aspirations of the people of Leeds."
Leader of Leeds City Council and executive member for development, Councillor Andrew Carter, said:
"We are confident that we now have a scheme that is one of the most bold and innovative developments Leeds has seen for many years. It will help achieve the Council's mission of bringing the benefits of a prosperous, vibrant and attractive city to all the people of Leeds and will take the city up a league in terms of its retail competitiveness nationally and internationally. It will secure massive private sector investment from highly reputable companies, such as John Lewis, and lead to major regeneration of a previously under-utilised area of the centre generating hundreds of jobs for local people. We now look forward to work starting and we will continue to work closely with the all those involved to bringing this exciting project to fruition."