Property developer British Land is push the button on new retail developments for the first time since the recession.
British Land said that management expected to “commence work later in the year on a number of schemes”.
The UK’s second largest property developer said these include the 300,000 sq ft factory outlet at Whiteley Village near Southampton, as well as an extension of Glasgow Fort Shopping Park.
Many developers’ schemes were shelved when the recession kicked in, leaving a limited pipeline of new retail space.
British Land chief executive Chris Grigg told The Daily Telegraph: “The headlines from the retailers are tough, but they are prepared to go to the right places. As rents improve we will do more developments that we are at the moment and British Land has done in the past. If you are in the right positions, retail outperforms every time.”
Retail rents grew 0.7% in the year to March 31 as retailers flocked to open in regional centres with large catchment areas, such as Sheffield’s Meadowhall.