Land Securities reports £9.3m of lettings as occupier interest remains firm
Land Securities today said it was “pleased with progress” as it reported £9.3m of development lettings signed during the three months since the start of April, £5.8m of which were within its London portfolio and £3.5m across its retail properties. A further £2.4m of London lettings and £2.3m of retail lettings are in solicitors’ hands, the group announced in an update to the London Stock Exchange.
The One New Change development of offices and retail property in the City of London is now 94% let after the letting of 34,800 sq ft to Panmure Gordon; 19% of the 20 Fenchurch Street office space available in EC3 is pre-let or in solicitors’ hands; and the retail units at the 123 Victoria Street scheme of retail and office space in SW1 are fully pre-let and the offices there are 42% pre-let, the group noted, after lettings to Jimmy Choo and CDC Group. Within the retail portfolio, Trinity Leeds is now 72% pre-let compared with 65% at the end of March, with a further 8% in solicitors’ hands, while the 185-221 Buchanan Street scheme of retail property in Glasgow remains 92% pre-let.
The group made £7.0m of investment lettings during the quarter, with a further £4.3m of lettings currently with solicitors. Portfolio voids on a like-for-like basis rose to 3.2% at the end of the period, compared with 3.0% at the end of March – this includes units let on a temporary basis, at 0.8%, with a further 0.7% under offer. Units in administration on a like-for-like basis were at 1.1% at the end of June, compared with 1.2% at end-March.
“The quarterly change in retail sales in our shopping centre portfolio (April to June 2012 compared to April to June 2011) was +1.4%, on a like-for-like ‘same retailer’ basis. This compares to the BRC national non-food sales figure for the same period, at -0.2%. The quarterly change in footfall in our shopping centres (also April to June 2012 compared to April to June 2011) was -2.8%. This compared to a -3.0% movement in national footfall data over the same period,” the group noted.
Chief executive Robert Noel said the group had continued to see interest from occupiers during the quarter, despite the continued uncertain economic newsflow. “While transactions are taking longer, occupier interest and intent remains firm as businesses seek out efficient space for their future needs,” he added.
