LAND Securities has offered no further update on its stalled Buchanan Galleries extension in Glasgow but pointed to strong trading across its retail portfolio. Chief executive Robert Noel reiterated to analysts that the £390m expansion of the mall has been “deferred” until the completion of rail improvement works on the Edinburgh to Glasgow line, particularly at Queen Street Station.
Land Securities had initially hoped to open the enlarged site – which is slated to include new shops, a cinema, restaurants and a 1700 space car park - in 2017. It is not known when work on the scheme will be restarted but Land Securities said it is continuing "to work on our plans to extend Buchanan Galleries".
In a trading updated the company indicated footfall across its retail portfolio, which includes Bluewater in Kent and Trinity in Leeds, grew 2.5 per cent in the three months to the end of June.
A recent survey by the Scottish Retail Consortium showed total footfall in Scotland had fallen in June.
Land Securities said on a like-for-like basis sales from its retail tenants were up 3.8 per cent on the same quarter in the previous year.
There were £9m of lettings signed in the period with a further £10.4m said to be in the hands of solicitors.
Mr Noel said retail had recorded a “strong operational performance across the portfolio with voids and administrations down across the board”.
In its London office portfolio the company said £10.5m of letting deals have been agreed with a further £7m waiting on legal completion.
Mr Noel said the company has maintained good momentum in the first months of the financial year.
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