Shaftesbury Capital sees “strong” retail and hospitality leasing demand in 2024
Shaftesbury Capital said it has seen “strong” retail and hospitality leasing demand across its London portfolio so far in 2024.
In the period from 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate.
Highlights across the REIT’s portfolio include the upsizing of Charlotte Tilbury to a new flagship store following its success of its James Street store.
Meanwhile, Seven Dials has welcomed athleisure brand Alo at the entrance of Neal Street, whilst British wellness brand ELEMIS will open its debut London store on Monmouth Street, joining recent openings Odd Muse and Missoma.
Footwear brand Axel Arigato is currently fitting out its flagship store on Earlham Street, its second location in Shaftesbury Capital’s portfolio, while Greek boutique hotel ERGON House will open in a newly refurbished heritage listed building, anchoring King Street next year.
The REIT has also made a number of additions to its Soho estate, introducing hospitality concepts The Counter and The Little Violet Door to Kingly Street, joining Two Floors.
Carnaby Street has welcomed global lifestyle brand PANGAIA for its first UK standalone store, whilst SanHao will be debuting a new restaurant within Chinatown, offering hand-pulled noodles and soups.
Since the merger which saw Shaftesbury merge with Capco, Shaftesbury Capital has completed £212.6m of asset disposals, with £82.9m reinvested in target acquisitions.
Ian Hawksworth, chief executive of Shaftesbury Capital, said: “It’s been a positive start to the year, our West End estates are busy and vibrant with high footfall, customer sales growth and increasing levels of international tourism. There is continued strong leasing demand across all uses with 147 transactions completed in the period, at rents on average 7 per cent ahead of December 2023 ERV and an excellent leasing pipeline, reflecting the appeal of our exceptional portfolio.
“We have completed £213 million of asset sales since merger at a premium to valuation, reinvesting over £80 million in target acquisitions. Backed by our strong balance sheet and talented team, Shaftesbury Capital is well-positioned to deliver growth in line with our medium-term targets as the leading central London mixed-use REIT.”