Shaftesbury Capital has reported strong retail and hospitality leasing demand across its portfolio, with high footfall in its West End estate.
The landlord further reported low vacancy rates, with 23 new brands and concepts introduced between 1 January and 3 May 2024.
In a trading update, Shaftesbury Capital highlighted new hospitality signings including wood-fired cookery concept Goldies and house party-inspired bar The Little Violet Door, both on Kingly Street.
Meanwhile, Chinatown will debut hand-pulled noodles and soups restaurant SanHao, with further new openings announced since period end.
“Customer sales continue to grow reflecting the positive trends seen in 2023 boosted by increasing levels of international visitors,” Shaftesbury Capital added.
Ian Hawksworth, chief executive, commented: “It’s been a positive start to the year, our West End estates are busy and vibrant with high footfall, customer sales growth and increasing levels of international tourism. There is continued strong leasing demand across all uses with 147 transactions completed in the period, at rents on average 7 per cent ahead of December 2023 ERV and an excellent leasing pipeline, reflecting the appeal of our exceptional portfolio.
“We have completed £213 million of asset sales since merger at a premium to valuation, reinvesting over £80 million in target acquisitions. Backed by our strong balance sheet and talented team, Shaftesbury Capital is well-positioned to deliver growth in line with our medium-term targets as the leading central London mixed-use REIT.”
