Land Secs calls an end to cut-price rents
LAND Securities, Britain’s biggest property developer, said yesterday it would stop offering cut-price commercial rental deals amid signs that the market is picking up.
Land Securities chief executive Francis Salway said: “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.” The company has 1,600 retail tenants including Boots, John Lewis and Next.
Salway’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.