Hammerson results: Sheffield and Leeds both longer term commitments

So no quick wins for the regions in Hammerson's results this morning. Sheffield Sevenstone and Leeds Eastgate Quarters (pictured) will be longer term commitments it says, in sharp contrast to Land Securities results a couple of weeks ago which were all about Trinity Leeds being go,go, go.

The earliest start for Eastgate Quarters will be 2013 with a forecast completion of 2016. Sevenstone is currently running on a similar timescale. The latter was only revived in June after Hammerson signing a development agreement with the council.

The REIT is obviously feeling a little braver and has broken down the values and costs to complete Leeds and Sheffield (see below for a complete break down of all the numbers) something it hasn't done in its last two results statements. It's a not insubstantial £550m to complete Eastgate Quarters versus an estimated annual income of £45m - after rent frees etc. There is "nil" let in either development it says although Marks & Spencers and John Lewis are both signed up for Eastgate Quarters.

Echoing that commitment to the longer term, it's statement is fairly measured:

"We will progress projects on the basis of sound financial analysis demonstrating good returns, when the relevant markets are sufficiently robust and when we have the right level of interest from occupiers. We will also continue to follow a prudent funding strategy for developments which will involve recycling established assets and entering into joint ventures where appropriate"