10th Feb 2017 07:53
LONDON (Alliance News) - Shaftesbury PLC on Friday reported good footfall and increased trading volumes across its locations in the festive period and into January.
The real estate investment trust, which owns retail, restaurant and leisure assets across London's West End, said its vacancy rate continued to be low in the three months to the end of December, at 2.4% at the end of the period compared to 1.6% at the end of September. Of the 2.4% available, 1.7% is currently ready to let and 0.7% under offer.
Shaftesbury said whilst in the longer-term uncertainties remain, in recent months domestic consumer spending has been resilient and confidence in the medium-term prospects for the UK economy have stabilised.
The West End "continues to attract ever-growing numbers of international visitors", Shaftesbury said, citing this as the reason behind the strong footfall and trading volumes across its portfolio, for which there is "good demand".
The trust said in the period, its space held or under refurbishment declined to 9.7% from 11% at the end of September of total estimated rental value, as a number of schemes completed.
The Charing Cross/Chinatown scheme remains on track to complete in late spring, and construction at the development to the eastern end of Carnaby Street is progressing well, the group said.
"Throughout the period, vacancy rates in our portfolio have remained low, available space has attracted considerable interest and leasing activity has continued to meet our expectations," Shaftesbury added.
By Hannah Boland; [email protected]; @Hannaheboland
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