Shaftesbury says occupancy levels remain high

published 26 July 2012

Real estate investment trust Shaftesbury, which invests exclusively in London's West End, has said that occupancy levels remained high during the first half of 2012.

At the half year the total estimated rental value (ERV) of the 68,000 square foot (sq ft). of vacant wholly owned commercial space amounted to £3.3m, which is equivalent to 4.1% of total commercial ERV, while the ERV of the 41,000 sq ft of space available to let amounted to £2.1m (2.6% of total commercial ERV) of which £0.8m was under offer.

The 27,000 sq ft (ERV £1.2m) held for or under refurbishment includes 6,000 sq ft in the first phase of the Lasenby House retail scheme in Carnaby, where works are now underway. A further 2,700 sq ft of shops fronting Foubert's Place (current passing income £0.3m) will be vacated by the end of 2012. Completion of the scheme is anticipated in early summer 2013 and there is already considerable interest in the three larger shops the firm is creating.

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In the Longmartin joint venture, of the 10,000 sq ft of recently refurbished offices which were vacant at June 30th 2012, 8,000 sq ft is now under offer.

At June 30th the firm had drawn $420m from its £575m of committed bank facilities, and the group's overall average cost of debt at June 30th was 5.43%.

The share price rose 0.28% to 542p by 16:26.