Occupancy improves at CSC
Published: 03 November, 2010
Capital Shopping Centres has continued to drive down voids across its UK portfolio
Capital Shopping Centres’ occupancy level has increased from 98.1 per cent at the end of June to 98.8 per cent at the end of September. And the level of tenant failures has continued to reduce with just six units entering administration in the quarter against 41 in the first half of 2010.
Chief executive David Fischel said: “The impact of the reduced supply of new high quality retail space is increasingly apparent in letting negotiations. Our relationship with the major retailers and our understanding of their space requirements has enabled CSC to conclude a substantial number of lettings in the period. With footfall continuing to increase on a year on year basis, we are benefiting from the trend for retailers and consumers to focus on pre-eminent destinations in which to trade and shop.”
During the period quarter CSC achieved 104 new lettings worth £11.8 million in rent, with a further 182 lettings under offer or in advanced negotiations worth £24.7m pa.
AtSt David’s in Cardiff, a year after opening, 83 per cent of the floorspace is now committed. The number of stores open has more than doubled in the year to 103 including 63 retailers new to Wales
and at least ten more stores are expected to open before Christmas. New brands recently committing to their first store in Wales include Clas Ohlson and Jo Malone.
At Braehead in Glasgow, CSC has significantly enhanced the tenant mix. Following Primark’s successful move in July to a new 80,000 sq. ft. store in the former Sainsbury’s unit, H&M is on target to open its new full line store in the vacated Primark unit by Easter 2011.
