![\"\"](\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Screenshot-2023-04-02-at-11.49.25-1.png\")
<\/a><\/p>\nLandsec’s first major urban housing scheme in London at the O2 centre strip site in Finchley<\/p>\n<\/div>\n
\n
<\/a><\/div>\n<\/div>\nIn Manchester, Landsec has restructured its agreement with JV partners at the Mayfield site to unlock the potential for around 1,700 homes. A decision on detailed plans for the first 879 units is also expected in the second half of 2025.<\/p>\n
The third key site is in Lewisham, south-east London, where a masterplan covering up to 2,800 homes \u2013 including student and co-living accommodation \u2013 is awaiting planning sign-off.<\/p>\n
Landsec aims to recycle \u00a33bn of capital out of offices and non-core assets to fund the residential push and a further \u00a31bn of retail acquisitions.<\/p>\n
\n
<\/a><\/div>\n<\/div>\nChief executive Mark Allan said: \u201cOur capital allocation decisions from here are about ensuring that the growth outlook for our portfolio in 3-5 years’ time is as positive as it is for our current portfolio today.<\/p>\n
“That is why we have set out a clear plan to increase investment in major retail by a further \u00a31bn and establish a \u00a32bn+ residential platform by 2030, to be funded by rotating \u00a33bn of capital out of offices.”<\/p>\n
The firm expects gross yields on housing schemes of around 6.5%, with net yields of 4.8\u20135.5%.<\/p>\n
Meanwhile, Landsec has committed \u00a3600m to top-tier retail assets including Liverpool ONE and Bluewater over the past year and is targeting another \u00a31bn of investment in prime shopping destinations where yields are currently hitting 7\u20138%.<\/p>\n
| Pipeline projects<\/th>\n<\/tr>\n<\/thead>\n | |||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| \nProject<\/td>\n | \nSq ft ‘000<\/td>\n | \nStart date<\/td>\n | \nPlanning status<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||
| \nOffice-led<\/td>\n<\/tr>\n | |||||||||||||||||||||||||||||||||||||||||||||||||||
| \nRed Lion Court, SE1<\/span><\/td>\n | \n250<\/span><\/td>\n | \n2026<\/span><\/td>\n | \nConsented<\/span><\/td>\n<\/tr>\n| \nOld Broad Street, EC2<\/span><\/td>\n | \n290<\/span><\/td>\n | \n2026<\/span><\/td>\n | \nConsented<\/span><\/td>\n<\/tr>\n | \nLiberty of Southwark, SE1<\/span><\/td>\n | \n220<\/span><\/td>\n | \n2026<\/span><\/td>\n | \nConsented<\/span><\/td>\n<\/tr>\n | \nHill House, EC4<\/span><\/td>\n | \n390<\/span><\/td>\n | \n2026<\/span><\/td>\n | \nConsented<\/span><\/td>\n<\/tr>\n | \nSouthwark Bridge Road, SE1<\/span><\/td>\n | \n140<\/span><\/td>\n | \n2026<\/span><\/td>\n | \nConsented<\/span><\/td>\n<\/tr>\n | \nNova Place, SW1<\/span><\/td>\n | \n60<\/span><\/td>\n | \n2027<\/span><\/td>\n | \nDesign<\/span><\/td>\n<\/tr>\n | \nTimber Square Phase 2, SE1<\/span><\/td>\n | \n380<\/span><\/td>\n | \n2027<\/span><\/td>\n | \nDesign<\/span><\/td>\n<\/tr>\n | Total<\/td>\n | 1,730<\/td>\n | <\/td>\n<\/tr>\n | <\/td>\n<\/tr>\n | \nResidential-led<\/td>\n<\/tr>\n | \nMayfield, Manchester<\/span><\/td>\n | \n1,800<\/span><\/td>\n | \n2026<\/span><\/td>\n | \nConsented<\/span><\/td>\n<\/tr>\n | \nFinchley Road, NW3<\/span><\/td>\n | \n1,400<\/span><\/td>\n | \n2026<\/span><\/td>\n | \nConsented<\/span><\/td>\n<\/tr>\n | \nLewisham, SE13<\/span><\/td>\n | \n1,900<\/span><\/td>\n | \n2027<\/span><\/td>\n | \nPlanning application<\/span><\/td>\n<\/tr>\n | \nMediaCity Phase 2, Salford<\/span><\/td>\n | \nn\/m<\/span><\/td>\n | \nn\/m<\/span><\/td>\n | \nDesign<\/span><\/td>\n<\/tr>\n | Total<\/td>\n | 5,100<\/td>\n | <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n | |