Land Securities' Salway to step down
Published: 25 January, 2012
Land Securities' chief executive Francis Salway is to step down in March, to be replaced by Robert Noel
Salway, 54, joined Land Securities in 2000 and became chief executive in 2004. Under his leadership, the company has fostered a strong customer focus, delivered over 8m sq ft of development projects, including One New Change in the City and Princesshay in Exeter, and its property portfolio has materially outperformed the index for commercial property in the UK.
Salway said: “ The business is in very good shape and has strong leadership for the future. From a personal perspective, I now have the opportunity to fulfil my plan to take on a new challenge for the balance of my career."
His successor will be Robert Noel, 47, who joined Land Securities in 2010 as managing director of the London portfolio. He was previously property director at office specialist Great Portland Estates
The news came as Land Securities announced strong results for the third quarter, up to 31 December 2011.
The development at 185-221 Buchanan Street, Glasgow continues to attract interest from retailers with lettings to Watches of Switzerland, Skechers and Fat Face taking it to 90.7 per cent pre-let with only three commercial units remaining available just over a year before completion.
Trinity Leeds has moved to 57.8 per cent pre-let with a further 7.9 per cent in solicitors' hands. While further lettings at St David's 2, Cardiff have taken the scheme to 90.2 per cent let with a further 5.3 per cent in solicitors' hands. Lettings in the period included River Island, Schuh and Dwell.
Land Securities also reported progress on edge-of-town and out-of-town retail developments with planning permission achieved for a 146,000-sq ft scheme in Crawley. In addition planning applications have been submitted for a further 254,000 sq ft in Peterborough, Taplow and Chadwell Heath.
Four new sites are under offer which will add 500,000 sq ft to the out-of-town pipeline and Land Securities has exclusivity agreements for the acquisition of a further two sites.
Overall retail sales in the shopping centre portfolio were down 0.8 per cent year-on-year againsthe BRC national sales figures for the same period of −1.2 per cent. Footfall was up 1.5 per cent against a national benchmark of −0.3 per cent.
The void level on the retail portfolio was 3.4 per cent at 31 December 2011, up slightly from 3.3 per cent at 30 September 2011. Units in administration increased from 0.7 per cent to 1.0 per cent over the three-month period.
