The property industry has been talking about it for a long time, but it has finally begun – last week marked the start of the opening of a huge glut of space in the UK.

Last Thursday, Multi Development’s Victoria Square opened in Belfast and this Thursday Multiplex will open its Eden shopping development in High Wycombe.

Both schemes have been long in the making and, despite a slow start, have been fairly successful with pre-lettings. Victoria Square seemed to stagnate for a while after securing anchor House of Fraser, but it has delivered a stream of lettings over the past six months.

About 92 per cent of floor space is signed or under legal discussions at Victoria Square and about two thirds opened last week. All the retailers signed so far – including All Saints, Cruise, Hugo Boss, LK Bennett and Ted Baker – should be open by June and about 40 are new to Northern Ireland.

Multiplex’s Eden shopping scheme, also anchored by House of Fraser, has spruced up what was a tired shopping centre and pulled in several high street names, many new to High Wycombe.

The new part of the scheme will open with just more than half the stores trading, but the developer is keen to point out that only a handful of units are not in negotiation. Those already lined up to open include Zara, H&M, Office, Gap, LK Bennett and Jane Norman.

While lettings on these schemes may have been slower than usual, both have delivered the goods because they service a need. Belfast had fallen by the wayside compared with the retail mecca of Dublin and needed a new development to bring in the popular high street names. And High Wycombe had a tired shopping development, so its wealthy catchment preferred to travel to places such as Reading to get their fix of high street names.

This need isn’t immediately apparent for all the UK shopping developments that are due to come on stream over the next couple of years. Without naming names, there are schemes being built in areas that already have plenty to offer shoppers.

The danger is that these schemes will not reach anywhere near fully let by the time they open. Sir Stuart Rose said yesterday that the economic downturn will last until 2011 and if established and successful retailers such as M&S are talking with caution, other retailers are not just going to open in any new space because the landlords offer a good deal. Those landlords with developments that don’t have a clear need should start to think about contingency plans in case the retail space doesn’t deliver.

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