British Land Continues Evolution of Broadgate With New Park
British Land is progressing with plans to transform Exchange Square at Broadgate into a new park. Designed by architects DSDHA, the reimagined Exchange Park will...
Read Full ArticleAs part of their “Places People Prefer” approach, British Land plans to focus on developing their mixed-use offering, to drive demand for their spaces.
British Land saw the value of their retail portfolio decline by 26.1 per cent, as ongoing structural challenges were exacerbated at the year-end valuation date by the early effects of coronavirus. However, offices saw an uplift of 2.3 per cent so overall the portfolio was down 10.1 per cent.
The UK property company prides itself on providing places that reflect the needs of the people who use them – and with interactions with buildings so far changed due to COVID-19, they are looking to promote the benefits of a mixed-use portfolio.
The report also states that the company will remain flexible in their approach, with an awareness that it remains early days in terms of assessing the effects of the pandemic.
“The impact of COVID-19 will rightly and inevitably dominate both our own and the national agenda for the coming months. At the same time, we are very conscious of our broader responsibilities to deliver value for our shareholders on a long term, sustainable basis.”
–Tim Score
Non-Executive Chair, British Land
Although British Land are asserting this as an attractive post-lockdown offering, their focus on mixed-use portfolios is part of their wider strategic plan. They say that COVID-19 has merely accelerated many of the trends that inform that strategy, such as more flexible working and the shift to online retail.
According to Chris Grigg, Chief Executive at British Land, most occupiers of offices feel that it is too early to make fundamental long term changes around their requirements.
However, British Land are mindful that the trend towards greater flexibility may accelerate following this prolonged period of working from home. At the same time, there will be a greater focus on high quality, modern and safe environments, which provide more space per person and they expect the trend towards higher density offices and hot-desking to reverse.
Grigg commented: “Where occupiers are looking for smaller spaces, on a shorter timeframe progress has been delayed due to remote working, and uncertainty around fit-out and timing of occupation.
“We are conducting virtual viewings and have now commenced physical viewings and are encouraged by the level of activity we are seeing.”
The way people use real estate is changing and the most effective way to drive enduring demand for British Land’s space is to evolve their offer in line with those trends, the report says. This means providing a wider mix of uses in one place.
But what is the appeal of this approach?
To deliver this plan, British Land is looking to concentrate on a smaller, more focused retail portfolio with high quality, accessible and well-located assets which are affordable to retailers and can play a role facilitating online fulfilment such as click and collect. In London, assets will be focused on transport hubs, especially assets with mixed-use potential.
Picture: 100 Liverpool Street at Broadgate London. Image Credit: British Land
Article written by Ella Tansley | Published 21 July 2020
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