THE opening of a Sandwell College campus next to West Bromwich’s Kings Square shopping centre is having a beneficial on the mall, its owner has said.
London & Associated Properties said the increasing footfall through the centre was having a welcome impact on retailers in the centre.
“We continue to achieve successful lease renewals at Kings Square and the centre is effectively fully let,” said LAP in its interims statement.
“The opening of Sandwell College to the rear of our centre is driving higher levels of footfall through it and our tenants are benefiting from this.”
In its interim statement, LAP said it had continued to make progress despite the challenging economic environment. Like-for-like income was broadly unchanged at £7.7m but the company said the strength of its portfolio was reflected by voids of only 2% in rental income, while it had completed lease renewals and new leases worth £833,000.
In a joint statement, Michael Heller, chairman, and John Heller, chief executive, said: “We are pleased with our continued operational progress against the background of a challenging economic climate. The strength of our £210m property portfolio is reflected in the extremely low level of voids and continued new lettings.