Leeds Trinity Centre rents hit by retail failures

The Trinity Leeds Shopping Centre
The Trinity Leeds Shopping Centre
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The company behind Trinity Leeds said the shopping centre has been affected by administrations among some retailers, which has resulted in lower rents.

Land Securities said a boom in demand for commercial property had boosted its net asset value and it was among the top performers on the bluechip FTSE-100 index.

However, Land Securities said that rental values at its completed developments decreased marginally due to Trinity Leeds, where retailer administrations led to some lower appraised rents.

Commenting on net rental income, the company said: “At our completed developments, Trinity Leeds and The Bishop Centre, Taplow, income increased by £3.7m while net rental income from our like-for-like properties was virtually unchanged.”

Land Securities was unable to provide a spokesman to discuss the performance of Trinity Leeds.

But the company said in a statement: “With regards to administrations, across Land Securities’ portfolios, the retailers which went into administration last year had been on our high risk list and therefore we were well prepared and are working on solutions for these units – both at Trinity Leeds and elsewhere.”

Earlier this month, it was announced that The Hip Store independent boutique will move out of Trinity Leeds to premises in Vicar Lane in Leeds.

In the statement, Land Securities said that its White Rose Centre, which is near Leeds, was one of the top performers in Land Securities’ £6.3bn retail portfolio.

Earlier this month, it was revealed that Land Securities had appointed a successor to Gerald Jennings, its former portfolio director for Trinity Leeds and White Rose.

However, the new post is based in London rather than Yorkshire.

Rob Jewell is overseeing the two Leeds shopping centres as well as Buchanan Galleries in Glasgow.