Landlord Land Securities’ rental values increased 1.1% across its portfolio as it benefited from an improving property market.
The UK’s largest landlord said many large companies were now thinking of ways to grow, citing John Lewis as an example, which has opened its ‘at home’ stores on Land Securities’ developments in Exeter and Chester. Elsewhere fashion giant Primark had signed up to over 25,000 sq m for three new stores.
The developer’s £350m Trinity Leeds shopping development, due to open in spring 2013, is 50% let, with retailers including Next, Hollister and Cult poised to open stores there.
Land Securities chief executive Francis Salway said the firm saw further development opportunities in edge-of-town locations targeted by supermarkets and other retailers.