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Sat December 15 2018

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LandSec plans £1bn of housing for retail sites

13 Nov With the UK retail sector in dire straits, commercial property developer Land Securities is turning to housing.

Land Securities chief executive Robert Noel
Land Securities chief executive Robert Noel

Land Securities is planning to build more than 4,000 homes on its suburban London retail sites.

Planning applications will be submitted for mixed-use schemes at Finchley Road and Shepherd's Bush in the first half of 2019 with a total development cost of around £1bn.

“We also see excellent potential for a new town centre at Lewisham,” said chief executive Robert Noel, “with our ownership of Lewisham Shopping Centre, SE13 forming the core of a potential 8.3 acre mixed use destination.

“In addition to this, we are exploring the potential at other locations in London.”

Land Securities’ London office development pipeline has increased to two million sq ft with an estimated cost of £2bn. 21 Moorfields, EC2 is on schedule to complete in 2021 when it will be handed over to Deutsche Bank for its new UK headquarters. Revised plans are being drawn up for the development of Nova East in Victoria and are it is in pre-planning for the redevelopment of neighbouring Portland House.

“And we are assessing new sites for the next generation of London developments,” Robert Noel said.

Land Securities made a pre-tax profit of £42m in the six months to 30th September 2018, up from £34m for the equivalent months of 2017. The increase in profit was attributed to higher net rental income and lower costs, primarily net finance expense.

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