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Land Securities to begin £75m Scottish retail development

Land Securities is set to begin construction of the £75 million Atlas Site retail development in Glasgow after receiving high levels of interest from retailers.

In an announcement to the City, the developer said it had received enough interest from retailers to deliver sufficient pre-lettings to allow the scheme to go ahead.

The development will provide 9 retail units with residential flats.

The firm also said leasing progress on the £350m Trinity Leeds development had reached 45 per cent, despite being over two years from completion.

Laing O’Rourke is building the scheme which is expected to have around 1,000 construction workers on site at its peak.

Land Securities’ chief executive Francis Salway said: “We expect a wider range of buying opportunities in 2011, although current flows of capital into the sector mean that bidding may remain competitive.

“The first quarter of 2011 is likely to see mixed news flow around the consumer and economy, but we expect occupational demand from large corporates to remain steady.

“It is our expectation that we will soon be in a position to start a further retail development at the Atlas Site in Glasgow, such is the interest the new space that will be created.”

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