Shaftesbury Capital completes 151 leasing transactions in 2026
Shaftesbury Capital has completed 151 leasing transactions since the beginning of 2026, representing £13.7m of new contracted rent.
The Central London-based real estate investment trust said these transactions were completed 18% ahead of previous passing rents.
In a trading update released ahead of its annual general meeting, Shaftesbury Capital said that only 2% of estimated rental value (ERV) across its portfolio is available to let, with a further 1.2% currently under offer.
Recent transactions within the group’s Covent Garden portfolio include a lease renewal for luxury jewellery brand Tiffany & Co. on James Street, the introduction of Covent Garden Market Bar by Inception Group, as well as the opening of fragrance brand INITIO Parfums Privés in the Market Building. Original dining concept Burro also opened in Floral Court. At Seven Dials, Shaftesbury Capital welcomed the arrival of Code8 Beauty, Percival, MONC, and Islander.
On Carnaby Street, the group has introduced seven new concepts this year, including fashion brand Edikted, which opened its first store outside the US, Sephora, which will launch its first West End store this summer, as well as a debut UK location for Kookaï, French outerwear brand K-Way, and an upsized store for Subdued. Vagabond Wines is set to open a new Soho site on Ganton Street this summer, while Italian restaurant Padella recently opened on Kingly Street.
The group’s Chinatown estate is now fully occupied, following the arrivals of POP MART, which opened its largest London store on Charing Cross Road, and Darjeeling Express which will upsize into a larger restaurant on Rupert Street.
Shaftesbury Capital also said it had progress on asset management and refurbishment initiatives, with £12.3m of ERV across 149,000 square feet currently under refurbishment, representing 4.6 per cent of portfolio ERV. In the year-to-date, the REIT has invested £16m into capital expenditure and targeted acquisitions.
Ian Hawksworth, chief executive of Shaftesbury Capital, said: “Shaftesbury Capital has made a positive start to 2026, demonstrating the strength and resilience of our prime West End portfolio. Despite an uncertain geopolitical backdrop, our portfolio continues to perform well, with 151 new leases and renewals completed year to date, 5 and 18 per cent ahead of market rents and previous passing rents respectively. There continues to be competitive demand for space in our high-footfall destinations. With high occupancy, a strong leasing pipeline and backed by a very strong balance sheet, we remain confident in achieving our medium-term targets.”