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Land Securities confident with sound progress
Quarter interim management statement shows active demand for office space
Article posted: 20 Jul 2011
Land Securities has continued to make sound progress on lettings across its development projects and its investment portfolio according to its latest quarterly interim management statement. The Company has also recycled capital through profitable asset sales and continues to bring forward a number of new development opportunities in both its London and Retail Portfolios.
The REIT has retained good momentum on its development pipeline with the sale of office space in the City of London at 110 Cannon Street, EC4, shortly after start of construction, realising virtually all of its anticipated development surplus. Demolition started at 30 Old Bailey and 60 Ludgate Hill, EC4 (pictured) in preparation for delivery of two new buildings totalling 375,000 sq ft of new office space in the Square Mile in December 2013.
Revised planning consent has been received for minor modifications, enabling the continuous construction of 20 Fenchurch Street, EC3, through from the current ground works to completion of the scheme in April 2014, and further progress has been made on development plans for Kingsgate House with a view to creating 341,000 sq ft of contemporary residential, retail and office space in Victoria, SW1.
There has been active demand for space within LandSec’s investment portfolio where a total of £9.5m of lettings has been achieved in Q2 with a further £5.4m in solicitors’ hands. The lease on 55,900 sq ft of office space in Southwark was regeared with Motability at Southwark Bridge Road, SE1.
Commenting on the results, Land Securities’ Chief Executive Francis Salway said: “While the quarter has seen a period of uncertainty in the wider economy, our activities show that our plan continues to deliver opportunities for value creation. We entered the financial year with a clear plan, and the letting and sales activity we have undertaken in the first quarter underpins our confidence in this plan.”
Posted by Janet
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