Land Securities, the property company which owns several retail developments including One New Change, saw voids fall in the third quarter according to results published today.
Between October 1st and December 31st it achieved total lettings of £11 million whilst another £6.6 million of lettings are currently in solicitors hands.
Voids in Land Securities like-for-like retail portfolio have been reduced to 4.6 per cent compared to 4.9 per cent last quarter and units in administration have fallen by 0.2 per cent to 0.6 per cent.
Land Securities’ Chief Executive Francis Salway said: “Our focus on executing the plans we laid out for the year is bearing fruit. Having initiated a large development programme, we are delighted to have achieved lettings on a number of projects which will drive both valuation surpluses and income growth.
“We enter our final quarter confident in our ability to continue to exploit the opportunities we have created across our portfolio as well as reacting to wider market activity, such as the earnings accretive acquisition of the Overgate Centre in Dundee at an attractive yield of 6.9 per cent.”
Along with acquiring the Overgate Centre and opening One New Change during the quarter, the company achieved lettings at the under-construction Trinity Leeds centre of 45 per cent and an additional eight per cent is currently with solicitors.
Two large Sainsbury’s developments were completed, two John Lewis at home stores were refurbished and work was started on a new 70,000 sq ft Primark store in Livingston during the last three months.
Salway added: “We expect a wider range of buying opportunities in 2011, although current flows of capital into the sector mean that bidding may remain competitive.
“The first quarter of 2011 is likely to see mixed news flow around the consumer and the economy, but we expect occupational demand from large corporates to remain steady.”