Westfield UK shopping centres boast a near-perfect lease rate

GLOBAL retail giant Westfield yesterday announced a near perfect leasing record for the first quarter, with 99 per cent of its UK shops rented.

The company said Westfield London and Stratford City performed especially well in the first three months of the year, with retail sales up 2.6 per cent and 7.7 per cent respectively.

Combined annual sales from Westfield’s two London centres is now more than £1.9bn, with rents at around £890 per square metre.

The lease rate is good news for the group, especially as one in ten shops are empty around the UK.