One of Britain’s biggest property developers is shifting its London portfolio from the City of London to the West End as tenants seek smaller offices and vibrant locations with easy access to shopping and leisure activities.
Landsec, which owns offices and shops around Victoria station and Piccadilly Circus in the heart of London, has sold £2.5bn of properties since 2020 – mostly single-let office buildings in the City, such as the Deutsche Bank and Deloitte headquarters, as well as the Harbour Exchange office block in Canary Wharf. More than three-quarters (76%) of the developer’s portfolio is now in the West End and Southwark, south of the Thames, up from 58% in 2020, while its City assets are down to 24%.
