Landsec’s two largest on-site development schemes, n2 and Lucent, are now 66% and 67% pre-let or in solicitors' hands respectively.

The developer's overall current pipeline is now 53% pre-let or in solicitors' hands, ahead of its completion by the summer, up from 38% in November, with rents agreed since the half year well ahead of ERV.

Demand across the company’s existing office portfolio remains strong, with further lettings ahead of ERV since the half year. In the West End, where two-thirds of Landsec’s London assets are located, the company’s office portfolio is currently more than 99% let or in solicitors' hands.

Mark Allan, Chief Executive, commented: “Over the past year we have been decisive in positioning Landsec for a ‘higher for longer’ interest rate environment. We have realised capital out of mature assets through well-timed disposals; reduced net debt to preserve a strong balance sheet; extended debt maturities while preserving a low cost of debt; invested selectively in new opportunities that offer a materially higher return and responded proactively to the continued high demand amongst occupiers for prime space.

“We continue to believe that interesting opportunities will emerge as the economy transitions to a higher interest rate environment and have positioned the business to be able to respond accordingly.”

Agents for Lucent are CBRE and Cushman & Wakefield.

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Photo: Lucent development in Piccadilly Circus 16.06.2022