In its Q1 trading statement today, ahead of its AGM, Land Securities, the UK's number one commercial property developer, is making some progress on letting its development pipeline.
It has now let 94% of its City office scheme, One New Change (EC4), but has only just got off the mark at its 20 Fenchurch Street (EC3) scheme where the first letting to Markel International was penned last month and a total of 19% of the space is now spoken for with completion due in April 2014.
West End of London
In the West End, the 123 Victoria Street development is now 42% let and is due to complete next month, with Jimmy Choo helping out by taking additional space.
The Trinity Leeds £350 million development will open next March, moving to 72% let with another 8% in solicitors' hands. This is a very high profile scheme for Land Securities, which will transform the centre of Leeds, so its success is critical to the firm's reputation.
Robert Noel, CEO said:
"Our focus continues to be to secure income from our developments. We are pleased with progress and continue to see interest from occupiers, despite ongoing uncertain economic news flow. While transactions are taking longer, occupier interest and intent remains firm as businesses seek out efficient space for their future needs."
"We remain confident that the development pipeline offers exceptional opportunity to deliver growth while our active asset management and strong financial base underpin our activities."