West End landlord Shaftesbury goes to town with jump in value

 
Kasmira Jefford
Follow Kasmira
SHAFTESBURY posted a jump in the value of its large West End estate, buoyed by tourists and Londoners flocking to its cafes and shops.

The developer’s 14-acre portfolio, which includes Carnaby Street and Chinatown, increased by eight per cent in value, to £2.86bn, in the year to 31 March.

Net property income rose 6.3 per cent to £38.7m while its vacancy rate stood at 2.6 per cent of which 1.9 per cent is under offer.

“The buoyant local economy is reflected in continuing strong demand for space in our carefully-curated locations, high occupancy levels and sustained growth in current and prospective rental income,” chief executive Brian Bickell said.