Two JLL retail directors quit for Legal & General and Standard Life

Jones Lang LaSalle has lost two retail directors to Legal & General and Standard Life.

Mark Harvey, a director in the retail agency team, has quit Jones Lang LaSalle to join Legal & General, while Niall Macdonald, director in the Edinburgh retail team, will join Standard Life.

Harvey, who joined Jones Lang LaSalle through the purchase of Churston Heard, will now join Legal & General as a senior retail asset manager and will head the asset management of the retail and leisure assets in Legal & General Property’s Managed Property Fund.

Guy Grainger, head of UK retail, said: “We wish both Mark and Niall all the best for the future and thank them for their valuable contribution to Jones Lang LaSalle’s growing retail team over the years. We look forward to working with them as clients”.

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Blackstone and Catalyst retail spending spree

15 July 2011 | By Kat Baker

Joint venture to invest in booming market for secondary shopping centres

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Retail collapses could cost landlords £393m

Retail landlords could lose £393m in rent payments following therecent spate of administrations on the UK high street, according to the Investment Property Databank.

The current annual rent payments from retailers including TJ Hughes, Jane Norman, Habitat, Focus DIY, Homeform and Oddbins is £35.8m,representing 0.5% of the £7.2bn annual income stream.

These retailers have lease commitments of between 5 and 12.5 years, and average 10.8 years across all of the IPD quarterly dataset.

Focus DIY and TJ Hughes represent the biggest hit for landlords, comprising 0.26% and 0.11% of their income streams respectively.

Malcolm Hunt,director and head ofUK and Ireland Client Services at IPD, said: “The total annual cost to landlords of these administrations could be as high as £35.8m based on IPD data.  Obviously some of these costs can be mitigated through reletting, as was found following the demise of Woolworths and MFI. 

“Only 16% of property funds could lose more than 1% of their income stream as a result of these corporate failures. The two most important retailers affected are Focus DIY and TJ Hughes with potential total impacts over the lifetime of their leases of up to £231m and £94m respectively.”

The annual rent bills for retailers undergoing restructurings, including Carpetright, HMV, JJB Sports, Thorntons and Mothercare, are £153m, with an average lease commitment of 9.2 years.

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