Surge for City spaces propels LandSec sales

PROPERTY giant Land Securities said momentum continues to grow after logging strong annual results earlier this year, with healthy take-up in London, low vacancy rates and rising rental values.

The FTSE 100 company yesterday said that of the 1.1m sq ft it had to rent in March, 22,000 sq ft had been let or was in solicitors’ hands, as tenants snap up property across the capital.

The firm, which jointly owns the Walkie Talkie skyscraper in the City with Canary Wharf Group, said it had sold £59.3m of properties in the first quarter.

In retail, the transformation of its portfolio continues to pay off, with footfall up 2.5 per cent, same-store sales up 3.8 per cent and same centre sales up 5.4 per cent on the same quarter last year.

“Following our strong annual results, Land Securities is maintaining good momentum and has started the year well,” said chief executive Robert Noel.

In March, Land Securities sold its Times Square property development in London to private equity group Blackstone for £268m.

Shares in Land Securities dipped 0.23 per cent yesterday.