Land Securities’ annual results
Published: 20 May, 2011
Land Securities Group has announced its annual results for the year ended 31 March 2011.
During that time Land Securities opened One New Change in the City of London, the retail element of which is fully let with offices 73 per cent let, and started development on Trinity Leeds which is 58 per cent pre-let ahead of its opening in Spring 2013.
Retail voids are down to 4.9 per cent from 6.1 per cent at 31 March 2010 and rental values are up by 4.7 per cent.
The year showed positive yield differential between purchases and sales with an average yield on purchases of 5.2 per cent and on sales of 3.0 per cent.
Letting highlights include 40,100 sq m of space let to Primark, John Lewis committed ‘at home’ stores in Chester and Exeter and two new stores completed and opened for Sainsbury’s.
Land Securities chief executive Francis Salway, said: "This was a year of continued recovery in our market and strong progress by Land Securities. Our focus on development, our disciplined approach to acquisitions and disposals and our asset management activities have all delivered significant momentum across the business.
"In Retail, our focus covers both a small number of development projects grounded on pre-lettings and the recycling of assets to ensure the portfolio is well matched to the emerging patterns of demand from retailers.”
Looking ahead, there is opportunity for the development of 121,800 sq m of retail space with planning consents obtained or applications submitted.