London & Stamford Property, the owner of the Meadowhall shopping centre in Sheffield, has reported strong trading at its primary retail scheme for the first quarter of its financial year.
In the period from April 1st 2011 to July 20th 16 new leases for Meadowhall were completed with retailers such as lingerie specialist Boux Avenue and footwear brand Vans now renting space at the centre.
Occupancy at the centre now stands at 97 per cent and London & Stamford has also undertaken a refurbishment of its food court.
Footfall increased 2.7 per cent in the financial year to date and overall sales for the scheme grew 1.4 per cent compared to the same period in 2010.
The group’s occupancy levels for its supply chain sites took a hit in the period, down to just 84.5 per cent, due to the collapse of Focus DIY which vacated London & Stamford’s Tamworth distribution unit on June 23rd.
For its previous year ending March 31st its final dividend was 3.3p per share, whilst total dividend rose 43 per cent year-on-year to 6.3p per share.
Patrick Vaughan, CEO of the property firm, said: “London & Stamford remains committed to identifying and making investments with the potential to deliver strong, sustainable income, whilst adding shareholder value through the implementation of asset management initiatives and achieving good returns on asset disposals where we consider it appropriate.
“We are determined to maintain our disciplined criteria to investment in a very challenging economic environment and are delighted therefore to have secured £84.8 million of further investment during this period.”
A possible extension of Meadowhall is also being considered, with London & Stamford working with joint venture partners British Land to asses the surrounding development lands.