Town Centre Regulatory News (TOWN)

9 Feb 2007 09:30

Hammerson PLC09 February 2007 Major Retail Scheme: Award of Planning Permission Hammerson plc and Town Centre Securities plc's plans to regenerate a major sitein the centre of Leeds have taken a step forward with a resolution passed by thecouncil to grant outline planning permission for the development. The 100,000 m(2) retail-led scheme, which is centred around the Eastgate &Harewood Quarters of the city, is to be developed in a 90:10 joint venturebetween Hammerson and Leeds-based property company Town Centre Securities. Thescheme will be anchored by a 24,000 m(2) John Lewis store and will include over100 retail units, restaurants and bars, a hotel, office accommodation, up to 600new homes and 2,700 associated car parking spaces. Hammerson and Town Centre Securities submitted a planning application in July2006. The decision to give the scheme the go-ahead has been made by Leeds CityCouncil following detailed consideration and an extensive three-year publicconsultation programme. A development agreement for the scheme was signed withthe City Council in December 2006. It is anticipated that construction of the Eastgate & Harewood Quarters willbegin in 2009, with completion in 2012. The total cost of the development isestimated at £675 million, of which Hammerson's 90% share would amount to £610million. John Richards, Chief Executive, Hammerson plc, commented: "This is a significant milestone for the Eastgate & Harewood project. We lookforward 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 ofthe City Council for this important project. The regeneration of the Eastgate &Harewood Quarters will bring a rundown area of the city into public use, byproviding a fantastic living, working and recreational environment whichreflects the needs and aspirations of the people of Leeds." Leader of Leeds City Council and executive member for development, CouncillorAndrew Carter, said: "We are confident that we now have a scheme that is one of the most bold andinnovative developments Leeds has seen for many years. It will help achieve theCouncil's mission of bringing the benefits of a prosperous, vibrant andattractive city to all the people of Leeds and will take the city up a league interms of its retail competitiveness nationally and internationally. It willsecure massive private sector investment from highly reputable companies, suchas John Lewis, and lead to major regeneration of a previously under-utilisedarea of the centre generating hundreds of jobs for local people. We now lookforward to work starting and we will continue to work closely with the all thoseinvolved to bringing this exciting project to fruition." For further information: John Richards, Chief Executive Tel: 020 7887 1000 Chris Smith, Director of Corporate Affairs Tel: 020 7887 1019 christopher.smith@hammerson.com NOTES TO EDITORS 1) Hammerson plc is a leading European REIT. Established over 50 years ago, thegroup has operations in the UK and France. Its high quality real estateportfolio provides around 1,200,000 m(2) of retail space and 270,000 m(2) ofprime offices and is valued at over £6 billion. For more information, visitwww.hammerson.com 2) Town Centre Securities plc is a property investment and development companybased in Leeds and is one of the city's major property investors. The companyportfolio exceeds £455 million with core activity centred in Leeds andManchester. For more information, visit www.tcs-plc.co.uk This information is provided by RNS The company news service from the London Stock Exchange