Land Securities has announced that it has agreed two major transactions in respect of its London and retail portfolios.
First, Land Securities has exchanged contracts with P&O for the letting of a new headquarters at 16 Palace Street, part of the Cardinal Place development in Victoria, London SW1.
Second is the completion of the purchase of Westwood Cross fashion park, in Thanet, Kent from developer Carillion Richardson.
Francis Salway, Group Chief Executive at Land Securities commented on the transactions; "These two transactions represent a continuation of the high level of transactions across the business. We are delighted to be attracting a number of major corporates to our Cardinal Place development for their headquarters, and we are also pleased to be adding to our out of town retail portfolio with an asset which is already demonstrating strong levels of trading."
P&O will occupy 3,065 m² over the fourth and fifth floors at a rental of £55 per ft². This office letting is the second in the overall Cardinal Place mixed-use development and follows the recent 5,574 m² letting to 3i in April this year. In addition, the 9,290 m² retail and restaurant element of Cardinal Place is now 90% pre-let in anticipation of an Autumn 2005 opening.
Westwood Cross is a 36,230 m² newly developed out of town shopping center which opened in June 2005 and has attracted a high quality retail line up including Debenhams, Marks and Spencer and other high street multiples, with rents of up to £60 per ft².
Source: Land Securities