London offices at One New Change part of Land Securities success
The London offices at Land Securities' One New Change, EC4, are 82 per cent let.

In its third quarter interim management statement, Land Securities revealed the 25,200 sq ft let to CB Richard Ellis Global Investors boosted the let rate of the scheme.

One New Change enjoys a prestigious location in the City, with local occupiers including Lloyds TSB, the Bank of Ireland, Eversheds, Commerzbank and the London Stock Exchange.

Other milestones made during this period include achieving resolution to grant planning permission from Westminster City Council for a 336,000 sq ft development at Kingsgate House, SW1 that would deliver 188,000 sq ft of London offices.

After September of this year, the existing buildings at Victoria Circle, SW1 will be demolished, with new space expected to come on to the market between 2016 and 2018.

In addition, 123 Victoria Street, SW1 is scheduled for completion this June and will deliver 200,000 sq ft of West End offices.

Commenting on the performance during the third period, chief executive of Land Securities Francis Salway said: "Despite weak economic news flow, we have continued to make progress in the period having completed a number of development lettings and further reduced void levels on our portfolio. As is to be expected in a period of economic uncertainty, letting transactions are taking longer to execute."

The presence of the organisation in the capital's commercial property sector continues to increase, with a 377,000 sq ft office scheme soon to begin construction at 30 Old Bailey and 60 Ludgate Hill, EC4.

Other London developments include the joint venture with Canary Wharf Group to deliver a development at 20 Fenchurch Street, EC3 and the new London offices at 62 Buckingham Gate, which are set to be completed in April of next year.

Meanwhile, Land Securities' share price climbed on the FTSE 100 this morning (January 25th), lifting by 0.51 per cent as of 08:05 GMT, compared to yesterday's close.

British Land also enjoyed success on London's premier stock index, rising by 0.41 per cent, while Hammerson experienced a 0.39 per cent hike.

Posted by David Hudek

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