Latest news with #BritishLand
Irish Times
2 days ago
- Business
- Irish Times
Return to office boosts demand for older London buildings, says British Land
Demand for high-end London offices is starting to 'trickle down' to older buildings because of sky-high rents, fewer people working from home and a shortage of new properties, according to one of the capital's biggest landlords. British Land, which co-owns Broadgate in the City of London, said it had seen a significant uptick in demand for 'good second-hand space in core locations' and a sharp fall in the amount of available space. Since Covid-19, big office tenants have been narrowly focused on the best-quality space in new or freshly refurbished buildings, as they try to lure employees back to in-person work. But Simon Carter, British Land chief executive, said the market was now shifting because new space had become so expensive and there was little availability owing to a lack of construction since the pandemic. READ MORE 'There is definitely the trickle-down effect,' he said. 'The return to the office is much stronger than anyone anticipated. No one [has] built, so the rents are strong.' A year ago, hedge fund and market maker Citadel pre-leased a large office space in British Land's development at 2 Finsbury Avenue for about £100 per sq ft (€118.70), far ahead of the roughly £70 per sq ft rent similar buildings had commanded just a few years earlier. Rents for that top-quality space are now pushing £115-£120 per sq ft, with few buildings still on the market to occupy in the next several years – which is forcing businesses to look at other options. 'That demand is just going elsewhere,' said Mr Carter. Office vacancy levels fell slightly in London's central City and West End districts in the first quarter, according to data provider Costar. Brokers Cushman & Wakefield said the amount of second-hand space sitting on the market in the City had fallen by a fifth since 2023. Most businesses want to stay in core locations close to large train stations, but Mr Carter noted early signs of a move to office districts farther away from key transport links, such as British Land's development at Canada Water. He said he was beginning to see a trend that 'if [companies] want a new building and they are more price sensitive, they are looking at some of the emerging locations: Battersea, Stratford, the new buildings at Canary Wharf or Canada Water'. British Land recently reported an improvement in the value of its properties with its £9.5 billion portfolio of UK offices and retail parks increasing 1.5 per cent in the 12 months to March, according to independent assessments. The portfolio was boosted by higher rents after several years of valuation declines driven by rising interest rates. The company reported its rents rose 3 per cent on a like-for-like basis, with underlying profit – which strips out the impact of changes in property valuations – rising 4 per cent to £279 million. – Copyright The Financial Times Limited 2025
Fashion Network
3 days ago
- Business
- Fashion Network
Superdrug launches new Meadowhall flagship following 'significant investment'
Beauty retail continues to be a major battleground for big names making their mark by opening statement stores at key locations. Now Superdrug says it's making a 'significant investment' in unveiling an all-new store in Sheffield's Meadowhall mall. At 10,199 sq ft, the store has opened ahead of French rival Sephora that will land there this summer, becoming the brand's 10th major UK store opening in 12 months. The Meadowhall flagship becomes one of Superdrug's largest locations in the UK, and forms part of the brand's plans 'to expand its bricks-and-mortar retail footprint with 25 new stores set to open in 2025'. The latest store will offer an expansive range of health and beauty products, everyday toiletries, beauty treatments, and luxury fragrances, including Superdrug's own-brand ranges such as B. Skin, Me+, Vitamin E and Optimum. In addition to its extensive product range, the store also features a dedicated Beauty Studio area, where shoppers can access professional treatments including eyebrow shaping, nail treatments, acrylics, lashes and piercings, making it a one-stop destination for all beauty needs. And as an added customer incentive, the store features a nurse-clinic service, offering a range of services including travel health advice, vaccinations, and blood tests 'to meet the varying needs of Superdrug customers'. The store also features Superdrug's Health & Beauty card and VIP Rewards programmes with exclusive offers available for cardholders, including lower member prices, bonus point offers, birthday treats, and the option to pay with points. Clare Jennings, property director at Superdrug, said: 'Opening our new store in Meadowhall… [allows] us to offer a premium shopping experience to our valued customers. The opening will generate 10 new jobs in Meadowhall, allowing us to support employment in the local community.' Richard Crowther, Retail Leasing director at mall-owner/operator British Land, added: 'The latest in a long line of leading brands to have committed to Meadowhall, Superdrug's brand-new, upsized location responds to clear growth in the health and beauty category. This latest announcement follows the news that Meadowhall secured a trio of new retail leases at the top-four regional mall. AllSaints and Tommy Hilfiger have recommitted with significant investment, while Oliver Bonas has joined the destination, with what will be its largest store in the North of England.
Fashion Network
3 days ago
- Business
- Fashion Network
Superdrug launches new Meadowhall flagship following 'significant investment'
The latest store will offer an expansive range of health and beauty products, everyday toiletries, beauty treatments, and luxury fragrances, including Superdrug's own-brand ranges such as B. Skin, Me+, Vitamin E and Optimum. In addition to its extensive product range, the store also features a dedicated Beauty Studio area, where shoppers can access professional treatments including eyebrow shaping, nail treatments, acrylics, lashes and piercings, making it a one-stop destination for all beauty needs. And as an added customer incentive, the store features a nurse-clinic service, offering a range of services including travel health advice, vaccinations, and blood tests 'to meet the varying needs of Superdrug customers'. The store also features Superdrug's Health & Beauty card and VIP Rewards programmes with exclusive offers available for cardholders, including lower member prices, bonus point offers, birthday treats, and the option to pay with points. Clare Jennings, property director at Superdrug, said: 'Opening our new store in Meadowhall… [allows] us to offer a premium shopping experience to our valued customers. The opening will generate 10 new jobs in Meadowhall, allowing us to support employment in the local community.' Richard Crowther, Retail Leasing director at mall-owner/operator British Land, added: 'The latest in a long line of leading brands to have committed to Meadowhall, Superdrug's brand-new, upsized location responds to clear growth in the health and beauty category. This latest announcement follows the news that Meadowhall secured a trio of new retail leases at the top-four regional mall. AllSaints and Tommy Hilfiger have recommitted with significant investment, while Oliver Bonas has joined the destination, with what will be its largest store in the North of England.
Fashion Network
3 days ago
- Business
- Fashion Network
Superdrug launches new Meadowhall flagship following 'significant investment'
The latest store will offer an expansive range of health and beauty products, everyday toiletries, beauty treatments, and luxury fragrances, including Superdrug's own-brand ranges such as B. Skin, Me+, Vitamin E and Optimum. In addition to its extensive product range, the store also features a dedicated Beauty Studio area, where shoppers can access professional treatments including eyebrow shaping, nail treatments, acrylics, lashes and piercings, making it a one-stop destination for all beauty needs. And as an added customer incentive, the store features a nurse-clinic service, offering a range of services including travel health advice, vaccinations, and blood tests 'to meet the varying needs of Superdrug customers'. The store also features Superdrug's Health & Beauty card and VIP Rewards programmes with exclusive offers available for cardholders, including lower member prices, bonus point offers, birthday treats, and the option to pay with points. Clare Jennings, property director at Superdrug, said: 'Opening our new store in Meadowhall… [allows] us to offer a premium shopping experience to our valued customers. The opening will generate 10 new jobs in Meadowhall, allowing us to support employment in the local community.' Richard Crowther, Retail Leasing director at mall-owner/operator British Land, added: 'The latest in a long line of leading brands to have committed to Meadowhall, Superdrug's brand-new, upsized location responds to clear growth in the health and beauty category. This latest announcement follows the news that Meadowhall secured a trio of new retail leases at the top-four regional mall. AllSaints and Tommy Hilfiger have recommitted with significant investment, while Oliver Bonas has joined the destination, with what will be its largest store in the North of England.
Yahoo
24-05-2025
- Business
- Yahoo
British Land Full Year 2025 Earnings: Misses Expectations
Revenue: UK£552.0m (down 18% from FY 2024). Net income: UK£338.0m (up from UK£1.00m loss in FY 2024). Profit margin: 61% (up from net loss in FY 2024). EPS: UK£0.35 (up from UK£0.001 loss in FY 2024). We've discovered 3 warning signs about British Land. View them for free. All figures shown in the chart above are for the trailing 12 month (TTM) period Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 20%. Looking ahead, revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the REITs industry in the United Kingdom. Performance of the British REITs industry. The company's shares are down 6.7% from a week ago. You should learn about the 3 warning signs we've spotted with British Land (including 1 which doesn't sit too well with us). Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
