New Victoria Gate shopping mall to be built by McAlpine’s – Developer more than doubles profit

hammerson 2Developer Hammerson has appointed construction firm Sir Robert McAlpine to carry out the main construction work for its £150m Victoria Gate development in Leeds city centre.

“Initial enabling works on the site have begun with the main start on site scheduled for later this spring,” says a press release.

Scheduled to open in autumn 2016, Victoria Gate is going to be home to over 30 top-end retailers, six restaurants, a casino, a 21,000m2 John Lewis store and an 800-space multi-storey car park on the site of Millgarth police station.

According to Hammerson’s latest company results, “estimated annual income from the scheme is £10 million, of which 28% has been let or is in solicitors’ hands”.

You’d think that the lets already agreed for the casino and the John Lewis store would have taken them over 28%. Maybe someone’s getting a discount. Who knows.

hammerson 1Along with the press release came the two “never seen before” CGI images of the development, posted to the right and above.

Hammerson’s profit before tax increased from £142m last year to £341m for the year ended 31 December. Its shopping malls are at 97.7% occupancy and its first major retail development in France – a £381m shopping mall in the “regeneration” port area of Marseille – is scheduled to open in May.

Marseille was European Capital of Culture in 2013.

Coincidence or what?

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2 Responses to New Victoria Gate shopping mall to be built by McAlpine’s – Developer more than doubles profit

  1. Techno says:

    Yet they can’t even fill all the shops in Trinity and The Core.

    I noticed the other day that there is a sign up in The Core saying “Food Court coming soon”. The food court in the Headrow Shopping Centre was one of the main reasons for going there, I often went there solely for that reason. Removing it was one of the stupidest decisions ever made and they’ve clearly realised that they’ve made a mistake.

  2. The Core is an utter failure. removal of the food court and the awful refurb just took the soul out of the place. the single direction escalator up from Lands Lane is also a killer for that centre…who wants to use it as a cut through when you’d have to walk through a shop to get out of the other end? madness.

    that being said, for someone who likes his films and music, i don’t mind a little detour through HMV 😉

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