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Half Yearly Report 2008
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Retail development pipeline

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Table 1: Retail development pipeline at 30 September 2008

Property Description
of use 		Ownership
interest %		 Size
m2 		Planning
status 		Letting
status % 		Net income/
ERV
£m 		Estimated/
actual
completion
date 		Total
develoment
costs to date
£m 		Forecast total
development
cost
£m
Shopping centres and shops                  
Developments completed                  
Willow Place, Corby Retail 100 16,260   75 2 Oct 2007 42 42
Cabot Circus, Bristol – The Bristol Alliance – a limited partnership with Hammerson plc Retail
Leisure
Residential		 50 83,610
9,000
18,740		   90 18 Sept 2008 245 255
Developments approved and those in progress                  
St David’s, Cardiff – St David's Partnership – a limited partnership with Capital Shopping Centres Retail/leisure
Residential		 50 89,900
16,500		   18 18 Oct 2009 196 312
The Elements, Livingston Retail
Leisure		 100 32,000
5,670		   72 8 Oct 2008  132 166
Proposed developments                  
Trinity Quarter, Leeds Retail 75 94,890 PR 20 n/a 2011 n/a n/a
Retail Warehouses                  
Developments approved and in progress                  
Angel Road Retail Park, Edmonton Retail 100 3,480   100 1 Mar 2009 14 19
Proposed developments                  
Almondvale South Phase II b, Livingston Retail 100 4,180 PR – n/a 2009 n/a n/a

Planning status for proposed developments

PR – Planning Received

Total development cost (£m)

Total development cost refers to the book value of the land at the commencement of the project, the estimated capital expenditure required to develop the scheme from the start of the financial year in which the property is added to our development programme, together with finance charges less residential costs (totalling £37m across all categories of development). Floor areas shown above represent the full scheme whereas the cost represents our share of costs. Letting % is measured by ERV and shows letting status at 30 September 2008. Trading property development schemes are excluded from the development pipeline. Cost figures for proposed schemes are not given as these could still be subject to material change prior to final approval.

Net income/ERV

Net income/ERV represents net headline annual rental payable on let units plus ERV at 30 September 2008 on unlet units.