Commercial property company Landsec has announced a return to profit and a strong financial position, defying the economic turbulence in the UK. CEO Mark Allan highlighted the growth in major retail destinations and the expansion of their mixed-use urban neighborhood portfolio as key factors contributing to their success.
Landsec reported pre-tax profits of £875 million for the year, a significant turnaround from the previous year’s loss of £1.39 billion. The increase in the value of their stores and offices, which grew by 11% during the period, played a major role in this positive outcome. The gradual return of workers to offices also contributed to the company’s financial success.
In addition to their financial achievements, Landsec made a strategic move by redefining the traditional retail leasing agent model. They appointed a new leasing agent panel to work across their retail and hospitality portfolio. Five agents, including CBRE, Bruce Gillingham Pollard, Colliers, Curson Sowerby Partners, and Time Retail Partners, were selected after a competitive process. These agents will collaborate with Landsec’s brand team to serve new and existing retail customers and attract new brands to their destinations.
This new panel reflects Landsec’s efforts to drive performance and adopt a customer-centric approach. It challenges the traditional agent structure by aligning the selected partners with specific brands and sectors, creating a more transparent and sustainable model. The brand sectors include Apparel & Accessories, Health & Beauty, and Home.
Landsec’s success and innovative approach to leasing demonstrate their commitment to growth and making a positive impact on the industry and communities. The company strives to reduce embodied carbon and enhance social mobility, positioning themselves as a leading player in the commercial property sector. As Landsec continues to thrive, it will undoubtedly shape the future of retail and hospitality leasing practices.
Useful links:
– Landsec Official Website
– Property Week (relevant industry news source)
