Land Securities made good progress across its development pipeline in the first quarter, though small signs of weakness appeared in its investment properties.
The REIT said it completed £5.8m of development lettings in its London portfolio, including 34,800 sq ft to Panmure Gordon and bwin at One New Change, EC4, (pictured) taking the retail and office scheme to 94% let two years after completion.
Development lettings in its 20m sq ft retail portfolio came in at £3.5m. It said its Trinity Leeds scheme, set to open in spring next year, is now 72% prelet with a further 7% in solicitors’ hands.
However, voids in its 9.5m sq ft London portfolio rose slightly from 2.5% to 2.9% over the three months to the end of June.
Voids remained flat at 3.6% in its retail properties, but footfall at its prime shopping centres was down by 2.8%, compared with a national drop of 3% over the same period.
