The developer revealed that rental values for its retail and office space has risen for the first time in almost three years, reporting a first half pre-tax profit of £455.3m, compared with a loss of £4.6m for the same period last year.
Land Securities which own £9.7bn of property has announced that its new shopping centre ‘One New Change’ is thriving only two weeks after opening. The £540m centre which comprises retail and office space in the city of London is already reporting 10,000 weekday shoppers and 5,000 weekend shoppers.
A deal was recently secured by Land Securities to lease 40,000 sq ft of office space in the shopping centre, although the tenant has not yet been identified. Land Securities are also planning a further 600,000 sq ft of office space in London, taking its total amount to an estimated 2m sq ft across the West End and City.
According to the Financial Times, Francis Salway, the chief executive of Land Securities, said “The growth in value of our developments shows that our early call to start work on our pipeline is paying off. Companies are looking to reposition themselves for growth in the next few years, and we are seeing steady demand showing up in new lettings. There will be the odd dark day ahead but generally we are seeing the world as a sunnier place.”