New Glasgow Buchanan Street development is 91% let
Land Securities has revealed in its third quarter trading statement that its 185-221 Buchanan Street development in Glasgow is now 90.7% pre-let. The scheme, which is due to open in 2013, has signed up a number of retailers recently including Watches of Switzerland, Skechers and Fat Face.
The companys’s other new retail scheme, Trinity Leeds, has moved to 57.8% pre-let with a further 7.9% in solicitors’ hands. The St David’s 2 shopping centre in Cardiff is now 90.2% let with a further 5.3% with solicitors. Lettings in the period included River Island, Schuh and Dwell.
Retail sales in the firm's shopping centre portfolio were 0.8% down in the quarter on a like-for-like ‘same retailer’ basis, despite an increase in footfall of 1.5%.
The void level on like-for-like properties was 3.4% at 31 December 2011, up slightly from 3.3% at 30 September 2011 reflecting the impact of the closure of all eight of Brand Empire stores in November.
Units in administration in the like-for-like Retail Portfolio increased to 1% at 31 December 2011 from 0.7% at 30 September 2011 due primarily to the Barratt’s and Officer’s Club administrations.
This month Land was affected by the collapse of the La Senza, Outdoor Group and Peacocks chains which has increased units in administration in the Retail Portfolio to 2% as at 20 January 2012. However Land said it expected the majority of the La Senza and Outdoor Group units in its centres to continue to trade.
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