"I am pleased to
report on another period of satisfactory progress for LAP against a difficult
economic backdrop. The quality of our portfolio of shopping centres reflects the
high level of investment and strategic management which we apply to all of our
assets. This has protected us from the worst of the property recession.
As at 31 December 2010, our directly owned portfolio of shopping centres and
other retail property was independently valued at £195 million compared to £214
million the previous year. This follows a number of disposals of properties and
on a like for like basis the valuation of our portfolio grew by 1%.
Rental income in 2010 was £16.5 million compared to £17.1 million in the
previous year. However, again on a like for like basis, rental income grew by
2.4%. We have achieved this increase in sustainable income in spite of selling
properties which had a combined annualised rental income of £1.3 million per
annum. This is a commendable achievement considering that tenant demand is
widely regarded as being weak and IPD reports that rental levels across the
retail sector have dropped significantly.
Void levels remain low at just 1.5% of our portfolio by rental value. This has
enabled us to drive our rental values forward, which in turn has supported our
valuations. We have also been decisive in disposing of those properties from
which we could see no further opportunities for growth. During 2010, we sold
Antiquarius in King’s Road, Chelsea for £17.8 million. We acquired this property
as part of the London Portfolio in 2006 and, in 2009, we were successful in
achieving a listed building consent in the face of considerable opposition to
our plans." ... full statement
Michael Heller, Chairman.
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2010 results announced today
Final results for the year ending 31 December 2010 are available now both on this website and as a download
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