Land Securities to start £275m of retail projects

LAND Securities is close to starting work on a number of shopping development projects worth £275m, despite tough economic conditions still facing the retail sector.

Britain’s biggest property company has lined up seven new projects in south-east England and the Midlands for retailers including Tesco and Primark, that together will create more than 1,000 jobs and attract investment to those areas.

The developer has been granted planning permission to start building a 100,000 sq ft extension to a Sainsbury’s in Wandsworth, southwest London and a 70,000 sq ft Primark store at its Westwood Cross mall in Kent.

Other projects in the pipeline include a development for Tesco in Taplow, Berkshire and a 100,000 sq ft extension to a retail park in Derby.

The move comes as several troubled retailers including HMV and Thorntons have been forced to close hundreds of stores due to tighter consumer spending and continued price inflation.

A spokesperson for Land Securities, however, said there is demand from stronger retailers looking to expand.