LAND Securities, the property developer behind some of Scotland's biggest shopping centres, said it has defied tough conditions by retaining tenants and keeping voids unchanged at 2% at its retail portfolio between April 1 and June 30.
The firm said in an interim management statement it has secured £5.5 million in development lettings since April 1, with a further £12.3m in solicitors' hands.
These include a "flurry" of new lettings at Glasgow's Buchanan Galleries, which Land owns with Henderson Global Investors. New tenants include LEGO and fellow toy shop The Entertainer, which opened its first store in Scotland at the centre in June.
Health chain Holland and Barrett has taken space at the site, which will enhance its hospitality offer later this summer with the launch of a new Champagne bar, 360 Champagne and Cocktails.
Katherine Armstead, senior portfolio manager for Land in Scotland, said many retailers are "trading significantly above target" at Buchanan Quarter, the new retail development launched by Land across from the Galleries in March. Tenants include Forever 21, Vans, Paperchase, Office, Gap, Fat Face and Evans Cycles.
Ms Armstead noted the St Nicholas Centre in Aberdeen, which along with the Bon Accord centre is a joint venture between Land Securities and British Land, has secured a 15-year office deal with energy business Atkins. The firm will move to a 17,631 sq ft office in Kirkgate House, on the upper deck of the St Nicholas Centre, in January.
Ms Armstead said the Overgate centre in Dundee was well-placed to capitalise on the redevelopment work now taking place in the city.
Land reported investment lettings of £6m for the period, with a further £11.4m in solicitors' hands.
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