West End landlord Shaftesbury has reported “healthy trading “ across its estate, with the West End “largely unaffected” by the challenges facing the rest of the sector.
In an update this morning, the group reported good trading and footfall across its estate for the six months to 31 March.
It said as 31 March all its available to-let restaurant , café and leisure space was under offer.
The company owns a total of 283 restaurants , cafes and pubs and said demand was high against a backdrop of existing occupiers reluctant to give up space other than for a significant premium.
It said in Chinatown, where it own 79 sites, its strategy remained to improve the variety of offer while maintaining the area’s authentic character. It is also taking opportunities, where they arise, to secure vacant possession of buildings.
Chief executive Brian Bickell said: “Our results for the half year ended 31 March 2018, which show continuing growth in rental income, EPRA earnings, and NAV, demonstrate the successful and innovative approach we bring to the management of our portfolio, and the breadth of appeal and resilience of London’s West End.
“The West End economy has been largely unaffected by business and consumer uncertainty following the 2016 EU referendum and the structural challenges facing national retail and restaurant chains. Interest in our space is good and occupancy remains high with occupiers recognising that the West End has a broad appeal to domestic and international businesses and visitors, as well as its large local working population, and a generally less price-sensitive customer base.
“We are confident that our exceptional portfolio, located in the centre of one of the world’s leading global cities, managed by an experienced and enthusiastic team and supported by robust finances, is well-placed to continue to deliver excellent long-term returns for shareholders.”