Overall occupancy at Capital Shopping Centres’ (CSC) properties has increased by 0.7 per cent to 98.8 per cent during the last quarter, according to today’s interim management statement.
The company has reported that between July 1st and November 3rd 104 new lettings were agreed, with additional lettings totalling 235 for the year-to-date.
CSC has a £4.9 billion portfolio of 13 shopping centres in the UK, which when combined equates to over 14.1 million sq ft of retail space.
At established centres overall footfall was reported to have increased three per cent during the period, whilst the year-old St David’s centre in Cardiff has so far seen 36 million customers since its opening.
David Fischel, CEO of CSC Group, commented: “The impact of the reduced supply of new high quality retail space is increasingly apparent in letting negotiations.
“Our relationship with the major retailers and our understanding of their space requirements has enabled CSC to conclude a substantial number of lettings in the period.”
Of the 104 new lettings, 44 are long term which will generate an uplift in annual rent of £4 million to £8 million, and the company is planning to invest another £78 million into capital projects.
A recent report by property company CB Richard Ellis suggested that shopping centres are outperforming other retail sectors at present and CSC remains confident about the future.
Fischel added: “With footfall continuing to increase on a year-on-year basis, we are benefiting from the trend for retailers and consumers to focus on pre-eminent destinations in which to trade and shop.”