By Laura McGuire
The amount of people spending on the West End in the run up to Christmas is up 12 per cent on last year, West End landlord Shaftesbury Capital has said today.
According totrading update, the group, which owns 2.9 million square feet of lettable space cross Soho and Covent Garden said 440 leasing transactions have been completed year-to-date, which was nine per cent ahead of last year figures.
Vacancy rates have also remained low this year, sitting at 2.2 per cent, down from 2.5 per cent as reported in June.
Shaftesbury said spending across its estate is up 12 per cent on last year and 16 per cent ahead of pre-pandemic levels.
The firm is targeting rental growth of 5 per cent to 7 per cent per annum on average over the medium-term, as it backs the vitality of the area.
Ian Hawksworth, chief executive, commented: “Our excellent performance has continued into the second half, with a strong start to the Christmas trading period.
“The West End is one of the most vibrant global destinations with an unrivalled concentration of entertainment and cultural attractions.”
He added: “Footfall remains high and customer sales are tracking 12 per cent ahead of last year. There is excellent leasing momentum across all uses with 220 leasing transactions signed so far in the second half, at rents on average six per cent ahead of June 2023 ERV and a strong leasing pipeline.”
“Despite the uncertain macroeconomic backdrop, our prime West End portfolio continues to demonstrate its resilience and appeal. Backed by our strong balance sheet, we look forward with confidence with a focus on delivering further growth and attractive returns as the leading central London mixed-use REIT.”
In March last year, Shaftesbury merged with fellow West End landlord Capco, creating a property giant with £4.9bn of property and 2.9m square feet of lettable space across 670 buildings.
