West End is 'busy and vibrant' in run up to Christmas says major landlord

Carnaby Street is one of the jewels in the crown of the Shaftesbury portfolio - (Capco)

Covent Garden and Soho are “busy and vibrant” in the run up to Christmas the boss of one of the West End’s biggest landlords said today in an upbeat trading statement.

Ian Hawksworth, chief executive of Shaftesbury Capital, which also has estates in Chinatown and Seven Dials, said the business was seeing “high footfall and good customer sales growth” across its portfolio

Shaftesbury owns 2.7 million sq ft of lettable retail, hospitality and office space in central London as well as more than 600 rental apartments.

The company, which owns landmark destination addressees such as Carnaby Street and the Covent Garden Market building, said it has secured £15.9 million of new leases and renewals since July with rents up 9 per cent. The 48 openings since the summer include new brands such as Longines, Alta, Autry, Farm Rio, Aspinal, Barbour and Salomon.

It said: “Retail and hospitality leasing demand has been strong across our vibrant destinations with 48 new openings since July. There is good momentum across Seven Dials with eight new brands introduced since July. There is particularly positive performance from our Soho hospitality portfolio. Kingly Court continues to attract interest from multiple hospitality operators.

“Mediterranean concept Alta has signed following the redevelopment of units across two floors, creating a larger destination dining opportunity.

“Cheesecake specialist La Maritxu signed on Kingly Street, while the opening of Donutelier has introduced al fresco food on Carnaby Street at the gateway to Kingly Court. Eastern Mediterranean concept Delamina opened in Covent Garden while Suzhou Noodle and Noodle & Beer will open new restaurants in Chinatown.”

The company continued “the core West End occupational market continues to be strong, with excellent levels of leasing activity, low vacancy and continued customer sales growth. Available to let space has reduced to 2.1 per cent of ERV, which when combined with 0.6 per cent under offer results in total EPRA vacancy of 2.7 per cent.”

Hawksworth added: “We have completed £240 million of asset sales over the last 18 months and will continue to recycle capital into target acquisitions. We are well-positioned to deliver attractive long-term returns as the leading central London mixed-use REIT.”