Landsec is reshaping its development priorities, pausing new office schemes in favour of a major push into retail acquisitions worth £1bn.

Chief executive Mark Allan used the company’s latest investor day to set out the shift, highlighting stronger opportunities for growth in shopping centres compared with new-build commercial offices. The strategy marks a decisive pivot for one of the UK’s biggest developers, which has already seen success from previous retail investments.

Over the next three years, Landsec plans to scale back its office-led pipeline to around £200m by mid-2026. In the same period, it will recycle about £2bn of capital by selling office assets, redirecting the funds into retail expansion. Allan told investors: “Having sold £295m of offices well ahead of schedule, Landsec intends to accelerate further capital recycling over the next 12–18 months, to reinvest in major retail.”

The move signals a halving of office development in the medium term, reflecting shifting market dynamics. Yet Landsec insists its wider ambitions remain intact, particularly in residential. The group is pressing ahead with regeneration at Mayfield in Manchester, along with proposals for new homes above Lewisham shopping centre in south London.

By focusing on retail at scale while maintaining a foothold in housing, Landsec is betting on consumer-led growth to drive the next chapter of its portfolio.

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