Vacancies down at Land Securities
Published: 10 November, 2011
Land Securities saw an improved performance from its retail portfolio in the six months ended 30 September 2011
Voids across the UK portfolio fell from 4.7 per cent to 3.6 per cent, of which 1.5 per cent are subject to temporary lettings. However units in administration rose slightly from 0.6 per cent at 31 March 2011 to 0.7 per cent at 30 September 2011.
The retail portfolio was valued at £4.9bn at 30 September 2011, showing a valuation surplus for the six months of 1.1 per cent overall, with shopping centres and shops up 1.3 per cent and retail warehouses and food stores up 0.7 per cent.
Across the investment portfolio £8.9m of lettings were completed over the six months, with a further £2.6m in solicitors' hands. Rents achieved averaged 2.9 per cent above ERV.
And on the development front Trinity Leeds is now 54.0 per cent pre-let with a further 6.7 per cent in solicitors' hands. And185-221 Buchanan Street, Glasgow, is 73.5 per cent pre-let with a further 17.2 per cent in solicitors' hands.
St David's 2 in Cardiff, held in a joint venture with Capital Shopping Centres, is now 93.2 per cent let or in solicitors' hands with The North Face and Vans now open in the scheme, and Gilly Hicks due to open shortly.
Chief executive Francis Salway said: “Despite the uncertainty in the consumer economy we have seen resilient demand for space within our portfolio. Stronger retailers have continued to take new space to grow market share with a preference for larger stores and out-of-town locations.”
