INDUSTRY NEWS

Land Securities reveals third quarter success

Land Securities has revealed that 82 per cent of the London office space at the One New Change building has been let out.

The announcement was made as part of the company’s third quarter interim management statement.

The six-storey building, composed of 330,000 sq ft of office space, is occupied by a roster of well-known firms, including the London Stock Exchange, Lloyds TSB and the Bank of Ireland.

One New Change is expected to be joined in Land Securities’ property portfolio by 123 Victoria Street, a development scheduled for completion this June and expected to provide 200,000 sq ft of office space in the West End.

Francis Salway, Land Securities’ chief executive, commented on the company’s performance during the third quarter.

He said: “Despite weak economic news flow, we have continued to make progress in the period having completed a number of development lettings and further reduced void levels on our portfolio. As is to be expected in a period of economic uncertainty, letting transactions are taking longer to execute.”

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