New openings and redevelopment of existing UK shopping centres will reach a four-year high in 2017, property firm Cushman & Wakefield reports.
Total UK shopping centre floorspace remained static at 185 million sq ft in the first half of 2016, but 1.4 million sq ft across 10 schemes are due to complete by the end of the year, Cushman & Wakefield’s UK Shopping Centre Development Report states.
Four of these schemes are new developments and include Victoria Gate in Leeds and Bond Street in Chelmsford, which are both anchored by John Lewis stores. The remaining six schemes are extensions or redevelopments and include Watermark Westquay in Southampton and the next phase of Moor Sheffield.
A further 2.7 million sq ft of additional floor space is under construction and will open in 2017. This will be the most new floor space added in UK shopping centres since 2013 when Trinity Leeds opened.
This space is made up of six new developments, the largest of which is Lexicon in Bracknell. The remainder of the new space is made up of eight extensions and redevelopments dominated by two projects – the Westfield London extension and the fully redeveloped Westgate Shopping Centre in Oxford.
John Percy, Cushman & Wakefield’s head of shopping centre development consultancy, said: “After a quiet first six months, we will see schemes completing up and down the country in the second half of the year, and 2017 will be busier still. More than half of this new space consists of extensions to, or refurbishments of, existing centres, reflecting the additional risks and costs of establishing a new build project and taking it through the development process.”