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Nigel TAYLOR Published
September 20,长沙U币支付问题解决 2025
British Land has hitched its waggon to retail parks as the sector of choice to deliver success. So how’s that going for the UK property giant?
With an 8% share of the market (the UK’s largest), it’s going very well, with demand strong from both retailers and consumers, according to a British Land performance update.
Importantly, it said retail parks “are the preferred format for a wide range of customers due to the format’s affordability, convenience, and omni-channel compatibility”.
This was backed up by “strong demand and limited supply, combined with our scale and focus on operational execution is keeping occupancy at 99% and is giving us strong pricing power”, it noted.
British Land highlighted that it continues to see “significant leasing momentum across our retail parks”. In the five months to 30 August it has leased 511,000 sq ft, 15.3% above of ERV, with 677,000 sq ft under offer at 19.4% above ERV.
And to press home those advantages, this week British Land hosted a tour for key investors and analysts at Nugent Shopping Park in Orpington, south London. The park is typical of many evolving retail parks with a major M&S Clothing store, as well as a Next branch, plus a large Boots and a Surpedrug.
The tour was designed “to provide more detail on its strategy for retail parks, the occupational dynamics and investment landscape”, noting that retail parks are “an attractive and liquid investment in the direct market”.
And that impressive 99% occupancy rate is backed by news of five deals with Frasers Group, including Sports Direct doubling in size to 21,000 sq ft and 24,000 sq ft at Teesside Park and Wheatley Retail Park, Doncaster respectively and a new 13,000 sq ft letting to high end fashion retailer Flannels at Teesside Park.
Then there’s a 23,000 sq ft letting to value fashion/lifestyle retailer Primark at Glasgow Fort and a 43,000 sq ft letting with value retailer B&M at Teesside Park
The bottom line, it said, is: “Given we continue to lease significantly above ERV we are upgrading our retail park ERV growth guidance for FY2025 from 2-4% to 3-5%”.