British Land positive as profits soar

INCREASED lettings activity at the Meadowhall shopping centre in Sheffield helped British Land boost annual profits.

Underlying pre-tax profit at the company was up 9.9% at £256m for the year ended March 31 and its portfolio valuation rose by 6.9%.

British Land, which owns Meadowhall alongside London & Stamford, said 43 long-term lettings and renewals at the centre had improved its overall retail and leisure offer.

New retailers at the site include Boux Avenue, Fashion Rocks, Guess, Lakeland, LK Bennett, L’Occitane, Lush, O’Neill, Phase Eight and Sugacane. 

A £7m refurbishment and extension of the Oasis food court is set to be completed by October and will see Cafe Rouge, Giraffe, TGI Friday’s and Wagamama take space.

Across the group, British Land said net asset value per share increased by 12.5% to 567p.
 
Chairman Chris Gibson-Smith said: “At British Land, we are facing the future with confidence. Our office portfolio comprises modern, flexible buildings that meet evolving occupier needs and we own some of the best retail assets in the UK, where consumers want to shop and retailers trade efficiently and profitably.

“While, as a nation, we have moved from ‘Recession’ to the ‘Age of Austerity’, consumers are still shopping and good businesses are looking to grow. British Land has been well served by the quality, location and sustainability of its portfolio.”
 
Chris Grigg, British Land’s chief executive, added: “British Land has had a very active year. We have again outperformed the market and there is real momentum in the business.

“We have made a significant commitment to London office development and also continued to build on our high quality retail portfolio.”