Lettings boost Land Securities in London, Cardiff and Leeds
Published: 19 January, 2010
Land Securities' 220,000-sq ft retail development at One New Change, opposite St Paul's Cathedral in the City of London, is now 68 per cent let or in solicitors' hands. Recent retail lettings include All Saints, Reiss, Hobbs and a new Jamie Oliver restaurant concept.
The retail space forms part of a 560,000-sq ft mixed-use development, designed by renowned architect Jean Nouvel. It will provide 70 retail units around new public thoroughfares opening up previously unseen views of the Cathedral.
The news came as Land Securities unveiled its management statement for the three months to 31 December 2009. In retail terms the highlight was the opening of St David's, Cardiff, in partnership with Capital Shopping Centres. The centre drew 1.3 million customer visits in the first week and the company says high footfall has been maintained since then. A further 15 lettings have been secured in the quarter and there are 20 in solicitors' hands. The scheme is now 69 per cent let or in solicitors' hands by income and has already resulted in Cardiff moving up four places in the Experian retail rankings to number six in the UK.
Land Securities also reported good progress on the proposed Trinity Quarter development in Leeds with a number of lettings concluded and more in solicitors' hands. “We are making progress toward our pre-let threshold before committing to the start of the development,” said the company.
Across the retail portfolio as a whole the void level on a like-for-like basis rose from 4.8 per cent at 30 September to 5.2 per cent at 31 December. However temporary lettings are occupying 38 per cent of voids.
Units in administration reduced from 3.7 per cent of rent roll to 3.0 per cent, as a consequence of increased letting of space and units moving from administration to void status.
Chief executive Francis Salway concluded: "The business continues to perform well against our operational targets and we are pleased that our portfolio is proving its appeal to occupiers with ongoing lettings.”
