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.