Advertisement

Shaftesbury sees 'sustained interest' for retail space in first half

Central London-focused FTSE 250 real estate group Shaftesbury said it has seen continuing good demand and letting activity across its West-End villages in the first half, while vacant space is now at an 'exceptionally low level'.

Central London-focused FTSE 250 real estate group Shaftesbury said it has seen continuing good demand and letting activity across its West-End villages in the first half, while vacant space is now at an 'exceptionally low level'.

In a trading update covering the period between October 1st to date, the firm said that it has "sustained interest from retailers, particularly from Europe and America, seeking shops in our centrally-located villages. Similarly there are many interesting new restaurant concepts seeking space in the West End."

Advertisement - Article continues below

Shaftesbury is currently undertaking two major schemes around the Carnaby Street area, just east of Regent Street, which will cost £18m and, when fully let, will produce an additional £2.0m of rental income every year.

Meanwhile, the estimated rental value (ERV) of the group's other schemes amounts to £2.3m, equal to 2.8% of its wholly-owned commercial ERV.

The ERV of wholly-owned commercial space available to let amounted to just £2.0m by January 31st (2.4% of the total commercial ERV), of which £1.2m was under offer.

"This low level of available space reflects a particularly busy period for enquiries and letting activity since September," the firm said.

However, the number of vacant shops is expected to increase in the early months of 2013 but the company said that this was in line with seasonal patterns of activity.

At Friday's annual general meeting, John Manser will step down as Chairman (as previously announced) and will be replaced by current Deputy Chairman Jonathan Lane.

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020
Why the moving average is my favourite charting tool
Sponsored

Why the moving average is my favourite charting tool

Traders and technical analysts use "moving averages" to iron out daily fluctuations and give a much clearer picture of a market's direction. Dominic …
13 Jul 2020