1 & 2 New Ludgate
Completed in 2015, our New Ludgate scheme comprises two architecturally distinctive buildings united by a new public piazza in the heart of the City.
The buildings provide fantastic working environments for our customers’ employees, with enhanced heating and cooling controls and high levels of fresh air. Spacious floorplates with far-reaching sightlines accommodate large groups and smaller gatherings, so teams can work creatively together. A mix of shops and restaurants in the new public realm makes for a great work-life balance. Transport connections are superb: Blackfriars and City Thameslink stations are a stone’s throw away; the new Farringdon Crossrail station a seven-minute walk.
A famous location for fabulous shopping and a great day out, Bluewater attracts 27 million visits a year and is ranked the number one out-of-town retail destination in the UK.
We acquired a 30% stake and asset management rights in 2014. Bluewater already has the longest dwell time of any UK shopping centre but we’re constantly enhancing the guest experience.
Much of our work this year has focused on adding space for popular brands such as Next, Breitling and H&M. We also introduced a new natural ventilation system, which keeps the temperature just right while reducing costs and carbon emissions.
The Zig Zag Building
Completed this year and 88% let, The Zig Zag Building is 11 floors of bright, flexible commercial office space with new shops, restaurants and public realm at street level – all in the heart of a transformed Victoria, SW1.
By harnessing the latest innovations, ‘the thoughtful building’ offers a healthy, inspiring and productive working environment. For example, higher ceilings, open terraces and full-length openable windows mean more space, natural light and exceptional views.
The building has drawn new occupiers from across the West End and City. We delivered into supply-constrained market conditions, achieving rental values and lease lengths ahead of our expectations.
A fine collection of new buildings within a pedestrianised public space opposite Victoria station, our landmark 5.5 acre mixed-use scheme in SW1 will deliver first-class offices, contemporary apartments and London’s newest Food Quarter.
The carefully selected mix of restaurant, café, and ‘grab and go’ concepts will meet the needs of customers entertaining clients, busy office workers and local residents – together with Londoners looking for somewhere new to socialise on weekends and evenings.
Trinity Leeds has established itself as one of the UK’s most innovative and popular shopping centres, bringing a great experience to a catchment of some 4.5 million people.
Leeds is the UK’s third largest city. We knew the place well through our ownership of the White Rose centre. Trinity Leeds added a fresh angle, bringing in brands new to Leeds, including Apple. Today it is home to over 100 brands and welcomes more than 20 million people each year.
Oxford is the most undersupplied major city in the UK in terms of retail. Our Westgate Oxford scheme will transform the shopping and leisure offer, creating a new centre worthy of its historic location.
Through our Westgate Oxford Alliance joint venture with The Crown Estate, we are creating 800,000 sq ft of shops, restaurants, cafés and leisure set amidst covered streets, arcades, lanes and public squares. And we’re working to exceed expectations on issues such as local employment, architectural integrity, sustainable design and biodiversity enhancement.
Revenue Profit £m
Adjusted Diluted Earnings Pence per share
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Profit Before Tax
Including Valuation Surplus
Total Property Return
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- Total Shareholder Return and total business return provide shareholders with the clearest guide to the Group’s progress in financial terms
- We aim to deliver a progressive dividend.
Combined Portfolio value
How we set about creating sustainable, long-term value for our shareholders and the wider world.
Including the different types of funds we use to invest in our business, from shareholder capital to borrowings.
Including our land and buildings, the materials and technologies we use, and the natural environment.
Including the relationships we have with customers, communities and partners and the capabilities of our employees.
Long-term growth in income and asset value, creating capacity for us to increase dividends for our shareholders and reinvest.
Space that creates value for us by meeting the changing requirements of our customers and communities; efficient operations; and a healthy environment.
Our ability to help businesses succeed, the economy to grow and people to thrive – including our own employees.
We aim to buy assets when values are falling or low, start to develop early in the cycle, work closely with customers during their leases, and sell assets at appropriate points in the cycle.
We have delivered another strong year of lettings in good market conditions. Well-timed development and rigorous asset management enabled us to further lengthen income. Our portfolio is high quality, well let, resilient and focused on meeting the changing needs of customers and communities.
We acquire when we see an opportunity to transform under-managed property into a great destination and sell when we see better opportunities elsewhere. We are proactive managers, constantly looking to enhance our space in line with changing needs.
We have now sold all of our standalone superstores and secondary regional assets. We’ve reinvested proceeds into buying and building truly premium destinations such as Bluewater, Trinity Leeds and Westgate Oxford. And we’ve stepped up the offer at Gunwharf Quays, St David’s and our retail parks.