West End landlord: Weekly footfall 60 per cent of pre-Covid levels – CityAM : CityAM

West End landlord Shaftesbury has said weekly footfall has recovered to 50-60 per cent of pre-pandemic levels as hospitality businesses enjoy a “strong recovery” of trading levels.

The landlord reported increased occupancy across all uses with available-to-let vacancy at 4.1 per cent by 13 August 2021 compared to 8.4 per cent on 31 March 2021.

The West End’s large office-based working population was expected to return in the early autumn and boost the weekday economy, the landlord said in a trading update for the period 1 April 2021 to 20 August 2021.

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There has been a “healthy” interest for shops as online retailers have sought physical space to add to their brands while office lettings have continued “at a steady pace” ahead of bosses preparing for the return of their workforces.

Rent collection was recovering with 51 per cent of contracted rent and 73 per cent of billed rent paid in the three months to June 2021.

This was compared to 40 per cent of contracted rent and 77 per cent of billed rent paid in the three months to 31 March 2021, amid the country’s third lockdown.

The landlord said it was confident of further improvements as post-lockdown trade continues to rebuild, after 55 per cent of contracted rent and 62 per cent of billed rent was collected in July.

One non-core building in Soho was disposed for £5.3m in the period while two buildings were acquired in Seven Dials for a combined £12m plus purchase costs.

The landlord’s available liquidity at 30 June was £330.7m while it had agreed a £134.8m term loan interest cover covenant waiver extension from July 2021 to January 2022.

“The momentum of the last four months is providing a sound platform for the continuing revival of the West End in the important months ahead, leading up to Christmas and into the New Year, and the prospects for a return to pre-pandemic patterns of life and activity,” chief executive Brian Bickell said.