West End popularity sees developer Shaftesbury close to fully let
London’s whirring West End continues to benefit property business Shaftesbury.
The FTSE 250 firm, which invests in the area exclusively, has said this morning that its portfolio is “substantially fully let” with domestic and international visitors continuing to flock to the area.
Despite adverse weather over Christmas, people have kept up spending in Shaftesbury’s restaurants’ cafes and bars.
The company said its numerous refurbishment and reconfiguration plans are letting quickly on completion. It said in the statement this morning:
Importantly, the quality and variety of the businesses we are attracting are enhancing the shopping, restaurant and leisure choices across our central West End villages, in line with our long-term management strategy.
In the final three months of last year, Shaftesbury spent almost £20m acquiring five new properties and agreeing the acquisition of three more, including shops, restaurants and apartments in Chinatown and Charlotte Street.
Over on Carnaby Street, a mixed-use scheme to redevelop buildings fronting the south side of Foubert’s Place and Kingly Street is going well, and will provide 32,500 square feet.
The scheme's estimated rental value of £2m is £1.6m above pre-scheme rental income, the developer said.
Total debt at 31 December was £611.8m – up £6.6m since 30 September.