Retailers including Watches of Switzerland, Skechers and Fat Face have signed up to Land Securities’ Glasgow Buchanan Street development, which is now 90.7%pre-let.
The scheme opens in Spring next year. Its other new major retail development opening in 2013, Trinity Leeds, has moved from 54% pre-let last September to 57.8%let, with a further 7.9% in solicitors’ hands.
In Land Securities’ third quarter update, the developer also revealed that its chief executive Francis Salway will stand down at the end of its financial year on March 31, when he will exit the business.
Robert Noel, currently managing director of Land Securities’ London Portfolio, will take over as chief executive.
Salway has been at the helm of the property group since 2004.
Salway said: “I have had a wonderful eight years as chief executive of Land Securities, and I am delighted that our achievements as a board include a smooth succession process. The business is in very good shape and has strong leadership for the future.”
Land Securities said like-for-like retail sales at its schemes dipped 0.8% in the quarter to December 31 despite footfall rising 1.5% in the quarter.
Void levels for its retail portfolio were 3.4% on a like-for-like basis at December 31, up 0.1% from the end of September. It said this reflected the closure of its eight stores connected to its Brand Empire venture, in November.
The property firm decided to close the venture, a tie-up with Spanish retailer Cortefiel designed to introduce new brands to the UK, as it proved too difficult in the current climate to establish the fascias. It ran stores for three brands, Cortefiel, Springfield and Women’secret.
Like-for-like units in administration in Land Securities developments increased from 0.7% to 1% over the quarter, primarily due to Barratt’s and Officer’s Club. The recent spate of administrations has increased this to 2% of units as of January 20 but it expects the majority of its La Senza and Blacks stores to continue trading.