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Capital Shopping Centres plans £78m of retail development

Capital Shopping Centres is planning £78 million of capital projects in order to combat reduced supply of new high quality retail space.

In an interim management statement released today, the developer said it had £106m of construction projects already underway, including the new 5,574 sq m Next flagship store at Eldon Square, Newcastle, and works to extend Primark’s unit at Lakeside, Thurrock.

CSC chief executive David Fischel said: “CSC has made good progress since our interim results with continuing active management of our centres and the fundamentals of our business remain strong. 

“The impact of the reduced supply of new high quality retail space is increasingly apparent in letting negotiations. 

“Our relationship with the major retailers and our understanding of their space requirements has enabled CSC to conclude a substantial number of lettings in the period. 

“With footfall continuing to increase on a year on year basis, we are benefiting from the trend for retailers and consumers to focus on pre-eminent destinations in which to trade and shop.”