Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

London demand boosts Shaftesbury income

Queen carnaby (3)

Property company Shaftesbury has reported a 6.2% rise in net property incomes to £93.8m for the year to 30 September 2018, thanks to the booming appeal of London’s West End.

The landlord, which owns shops around Carnaby Street, Covent Garden and Chinatown, has a total portfolio valuation of £3.95bn, up 3.8% from 2017.

Despite a bleak picture across many UK high streets, the London based company reported robust trading and increasing footfall across its locations.

Brian Bickell, chief executive of Shaftesbury commented that both footfall and spending: “continues to be largely unaffected by the widely reported headwinds affecting the national economy and consumer confidence.”

He also noted that the “global attraction and exceptional features” of London and the West End were to thank for continuing strong performance.

Profit after tax for the business dropped by 41.8%. This was attributed to lower gains from property revaluations than in previous years.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.