Hammerson and Town Centre Securities have received planning consent from Leeds City Council for their Eastgate & Harewood retail scheme in Leeds.
The 1m sq ft (100,000 sq m) scheme, which is located in the Eastgate and Harewood quarter of the city, will be anchored by a 258,335 sq ft (24,000 sq m) John Lewis department store. It will also include more than 100 shops, restaurants and bars, a hotel, offices, 600 new homes and 2,700 car parking spaces.
Hammerson and Leeds-based Town Centre Securities submitted the planning application in July last year. It follows a three-year public consultation programme. A development agreement for the scheme was signed with the City Council in December 2006.
Hammerson said construction will begin in 2009 and will be finished in 2012. The total cost of the development is around £675m, of which Hammerson’s 90% in the scheme share amounts to £610m.
John Richards, chief executive officer at Hammerson, said it was a ‘significant milestone’ while Edward Ziff, chairman and chief executive officer at Town Centre Securities, said: ‘The regeneration of the Eastgate & Harewood Quarters will bring a rundown area of the city into public use.’
Leader of Leeds City Council and executive member for development Councillor Andrew Carter said the scheme would help increase Leed’s standing in terms of national retail competitiveness and create jobs for the local community.