Popular West End lifts profits at Shaftesbury

 
Kasmira Jefford
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SHAFTESBURY’s fortress of West End properties helped the landlord post a glowing set of full year results yesterday, in what it called an “exceptionally” busy year for London.

The FTSE 250 company’s net asset value rose by 7.6 per cent to 498p a share in the year to 30 September, driven by a boost in the value of the portfolio by 8.9 per cent to £1.82bn.

Shaftesbury’s £1.8bn portfolio stretches across Carnaby, Covent Garden, Chinatown, Soho and Charlotte Street. Some 72 per cent is let to retailers and restaurants.

The group said vacancy levels continued to be at low levels of around 3.2 per cent and that it is enjoying “unusually high” levels of interest from retailers and other businesses particularly since the summer.

Chairman John Manser said the Olympics caused some “short-term disruption” in visitor numbers but added that it had no discernible effect on the business.

Shaftesbury’s estimated rental value (ERV) rose six per cent while pre-tax profits increased 6.8 per cent to £31.2m. A total of £44m was spent on acquisitions in the period.