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Annual Report 2008

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Retail development pipeline

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Table 30

Development timeline

2.6.1.4_retail_dev_pipeline_600px

 

Retail development pipeline at 31 March 2008

Property Description
of use 		Ownership
interest 		Size
m2 		Planning
status 		Letting
status % 		Net income/
ERV
£m 		Estimated/
actual
completion
date 		Total
develoment
costs to date
£m 		Forecast total
development
cost
£m
Shopping centres and shops                  
Developments, let and transferred or sold                  
Christ’s Lane, Cambridge Retail 100 5,800 – 100 2 Nov 2007 33 33
  Residential   1,350            
Princesshay, Exeter Retail 100 37,360 – 95 13 Sep 2007 204 204
  Residential   7,200            
Developments completed                  
Willow Place, Corby Retail 100 16,260 – 75 2 Oct 2007 42 42
Developments approved and those in progress                  
Cabot Circus, Bristol Retail 50 83,610 – 75 18 Sep 2008 198 243
The Bristol Alliance – a limited Leisure   9,000            
partnership with Hammerson Offices   28,000            
  Residential   18,740            
St. David’s, Cardiff Retail/leisure 50 89,900 – 12 18 Oct 2009 156 306
St. David’s Partnership – a limited Residential   16,500            
partnership with Capital Shopping Centres                  
The Elements, Livingston Retail 100 32,000 – 36 8 Oct 2008  107 151
  Leisure   5,670            
Southside Shopping Centre, Phase I, Retail 50 1,960 – – 1 Sep 2009 6 8
Wandsworth, Metro Shopping Fund – Office   1,740            
a limited partnership with Delancey Residential   4,040            
Proposed developments                  
Trinity Quarter, Leeds Retail 75 94,890 PR 20 n/a 2011 n/a n/a
Retail Warehouses                  
Developments, let and transferred or sold                  
Commerce Centre, Poole Retail 100 19,100 – 100 3 Aug 2006 50 50
Thanet Leisure, Thanet Leisure 100 8,970 – 100 1 Aug 2007 25 25
Maskew Avenue, Peterborough Retail 100 13,380 – 100 3 Sep 2007 36 36
Developments approved and those in progress                  
Angel Road Retail Park, Edmonton Retail 100 3,480 – 70 1 Feb 2009 12 18
Proposed developments                  
Almondvale South Phase II b, Livingston Retail 100 4,180 PR – n/a 2009 n/a n/a

Planning status for proposed developments

PR – Planning Received

Total development cost (£m)

Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with finance charges less residential and other miscellaneous sale proceeds. Floor areas shown above represent the full scheme whereas the cost represents our share of costs. Letting % is measured by ERV and shows letting status at 31 March 2008. Trading property development schemes are excluded from the development pipeline. Cost figures for proposed schemes are not given as these could still be subject to material change prior to final approval.

Net income/ERV

Net income/ERV represents net headline annual rental payable on let units plus ERV at 31 March 2008 on unlet units.