Land Securities to start in Glasgow
Published: 19 January, 2011
Land Securities is poised to start a new retail development in Glasgow's Buchanan Street
Land Securities is planning to start construction this year of a new scheme opposite Glasgow's Buchanan Galleries. In its latest management statement the UK's largest REIT said: “We continue to see significant interest from retailers in our Atlas development, a site we acquired in December 2009, and we are expecting to start work this year on the development which will provide nine retail units together with residential flats.”
At the same time Land Securities said it was planning to sell its Christ’s Lane scheme in Cambridge. The sale is conditional on freeholder consent but at £33.2m, it will show a 5.25 per cent net initial yield to the purchaser.
Further progress on leasing at Trinity Leeds, has taken the development to 45 per cent let, with a further12 per cent in solicitors’ hands and another 8 per cent in negotiations. The company said: “The scheme continues to attract substantial interest and with two years to completion and moving towards being 65 per cent let, it remains on target to be one of the most profitable developments we undertake this cycle.”
The void level on Land Securities' retail portfolio lwas 4.6 per cent at 31 December 2010, down from 4.9 per cent at 30 September 2010. Temporary lettings accounted for 1.8 per cent within this void figure. A further 0.7 per cent is in solicitors’ hands. Units in administration reduced to 0.6 per cent from 0.8 per cent at 30 September 2010.
