Member Article

Land Secs: Property take up in London is ‘healthy’ while vacancy rates are ‘low’

Land Securities has carried out £10.5m of development lettings in London since 1 April, with a further £7m currently in solicitors hands.

The property company has seen £9m of investment lettings since 1 April, with a further £10.4m in the legal pipeline.

Following reports of soaring profits in May this year, Land Secs has reported a continued increase in take up of its London portfolio:

• 62 Buckingham Gate, SW1: 87% let with a further 9% in solicitors’ hands
• 20 Fenchurch Street, EC3: 92% let with a further 6% in solicitors’ hands
• 1 & 2 New Ludgate, EC4: 87% let with a further 5% in solicitors’ hands
• The Zig Zag Building, SW1: 37% pre-let

Chief Executive, Robert Noel is confident about the future for Land Secs. “Following our strong annual results, Land Securities is maintaining good momentum and has started the year well,” he said

“In London take-up is healthy, vacancy rates are low, and rental values are rising. We have good interest in our well-timed schemes and of the 1.1m sq ft remaining to let in our speculative development programme at 31 March, 322,000 sq ft has been let or is in solicitors’ hands. We remain confident in the prospects for the remaining space.

“In Retail, the transformation of our portfolio is continuing to pay off. By focusing on assets which offer customers an excellent experience, while either being dominant in their catchment or highly convenient, we have seen footfall up 2.5%, same store sales up 3.8% and same centre sales up 5.4% on the same quarter last year.

“The redevelopment of Westgate, Oxford is progressing to plan with good leasing interest in the scheme which is now 35.4% pre-let or in solicitors’ hands two years before opening.”

This was posted in Bdaily's Members' News section by Ellen Forster .