Landsec to invest 17 million pounds into former Debenhams unit

Real estate group Landsec has submitted a planning application as part of a 17 million pound investment into transforming a former Debenhams unit at St David’s in Cardiff.

The proposal builds on a targeted strategy of investment, Landsec said, as it looks to strengthen its portfolio of catchment dominant retail destinations.

The move is in regards to a 102,000 square foot space, which Landsec envisions will create new opportunities for brands in the form of two new restaurants with terraces, as well as smaller kiosk-style units.

The plan, which was developed in collaboration with locals, also includes a leisure space in order to meet continued demand for such experiences.

In a release, Nik Porter, head of retail asset management at Landsec, said the investment was part of a next step in the company’s investment in its major retail destinations.

According to Porter, St David’s Cardiff is among the locations that “continually outperforms industry benchmarks for footfall and has occupancy rates over 94 percent”.

He continued: “By enhancing the guest experience, we’ll increase footfall and dwell time which in turn will bring more brands to the centres, whilst also strengthening the performance of brands already in occupation.”