Land Secs calls an end to cut-price rents

LAND Securities, Britain&rsquo;s biggest property developer, said yesterday it would stop offering cut-price commercial rental deals amid signs that the market is picking up.<br /><br />Land Securities chief executive Francis Salway said: &ldquo;There are instances of retailers still asking for concessions, and it can be in our interests to show flexibility. However, we do not believe across-the-board changes to agreed contracts are appropriate.&rdquo; The company has 1,600 retail tenants including Boots, John Lewis and Next.<br /><br />Salway&rsquo;s comments came as landlords begin to report an increase in demand for lettings for prime retail space. Analysts say this indicates that further cuts on rental contracts are unlikely.