AROUND 4,000 jobs could be created in West Yorkshire after a property company decided to re-start a shelved shopping centre scheme in Leeds.
Property giant Land Securities put its money on a retail recovery as it gave the go-ahead for the scheme.
Work will begin on the £350 million Trinity Leeds project - shelved a year ago when the UK was still in recession - next month, the firm said.
The decision to press ahead with the scheme, which includes flagship stores from H&M, Next and River Island, means Land Securities has now started projects worth £1 billion since the start of the year.
JP Morgan analyst Harm Meijer said the Trinity Leeds approval "shows Land Securities is "putting its money where its mouth is".
But the firm has also secured an unusually high level of pre-lets for the scheme, with nearly half - 47% - let or in solicitors’ hands. This reduces the risks of the project, which is due for completion in 2013.
The firm said it had gained "momentum on lettings, sales and development" over the past three months. It forecasts "a recovery in property values over the medium term, but interspersed by ripples".
Land Securities said the 750,000 sq ft Leeds scheme would create around 1,000 building jobs, and sustain around 3,000 retail positions when the centre is finished.
Privately owned Laing O’Rourke is understood to be close to signing a deal for the construction work.
Panmure Gordon analyst Andrew Saunders said the approval of the Trinity scheme "displays confidence in provincial development".
