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British Land welcomes rising rent collection

It comes as the landowner saw retail footfall and sales rise to 86% and 94% of pre-pandemic levels respectively

British Land has announced that following the latest quarter date for rental payments on 24 June, it has recorded higher levels of rent repayment, with 85% of June 2021 rent collected to date.

Retail rent collection hit 71%, 24% ahead of rent collection at the same point for the December quarter and 17% ahead of the same point for the March quarter. In addition, March rent collection is now 91% overall, with 99% in offices and 85% in retail.

It comes as the landowner saw retail footfall and sales rise to 86% and 94% of pre-pandemic levels, respectively, in the seven weeks since the reopening of indoor hospitality on 17 May.

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It noted that retail parks are continuing to “clearly outperform”, with footfall and sales up to 96% and 99% of pre-pandemic levels respectively. 

Shopping centres fared slightly worse, however, with footfall reaching 74.8% and sales reaching 89.1% of pre-pandemic levels. 

The landowner added that the sales of jewellery, accessories, childrenswear, furniture, homewares and convenience stores have particularly demonstrated good growth compared to pre-pandemic levels.   

Simon Carter, CEO British Land said: “With lockdown restrictions lifting, we have seen a notable improvement in activity across our markets and our business is performing well.  On our retail parks, footfall and sales are close to pre pandemic levels, rents are stabilising with recent deals in line with March ERV and there are indications that retail park values are starting to rise as more investors target the market. 

“At Storey, our flexible workspace offer, activity is above pre pandemic levels. Elsewhere on our Campuses, we see good occupier interest for new and refurbished space, which we expect to be supportive of office rents and values as we move through the year.”

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