‘Enduring appeal’ of West End boosts Shaftesbury

‘Enduring appeal’ of West End boosts Shaftesbury

Property investment company Shaftesbury has praised the ‘enduring appeal’ of London’s West End after seeing rental profits rise 6.7% to £84.1m over the past year.

London-headquartered Shaftesbury has shrugged off the post-Brexit blues after seeing rental profits soar by 6.7% over the past year.

Boasting a unique real estate portfolio extending to over 14 acres in the heart of the capital's West End, Shaftesbury focuses primarily on retail, restaurants and leisure property.

Despite the headwinds facing the real estate market following the EU referendum, Shaftesbury has found that businesses are continuing to invest in the West End due to its ‘enduring appeal’.

Brian Bickell, chief executive, said: "We are pleased to report another year of excellent performance. Against a background of growing caution in property markets, which is beginning to affect some property values, our exceptional portfolio has delivered underlying capital value growth of 4.9%.

“Whilst London and, at its heart, the West End, cannot be completely immune from the influences of the macro environment, its global city status, exceptionally dynamic and broad-based economy and enduring appeal for domestic and international businesses and visitors, will continue to support its long-term prospects for sustained growth and prosperity. This positive outlook underpins the potential in our portfolio.

“The exceptional qualities and resilience of our business have delivered long-term sector out-performance. Despite present uncertainties, we are confident our impossible-to-replicate portfolio and the innovative, long-term management we bring to it, will continue this record of delivering sustained growth in total returns for shareholders."

 

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