West End resurgence sees Shaftesbury back in the black
Real estate investment trust Shaftesbury has released its full year results for 2022, revealing that the business’s West End portfolio has returned a strong profit after making losses last year.
Recovering from a 2021 which saw the investment trust make a loss of £194.9m, a rebound in the West End economy has seen Shaftesbury return a profit of £119.1m in 2022.
The report, for the year ending 30 September, also said that a post-pandemic recovery in confidence and activity is driving footfall and spending ahead of 2019 levels, with occupiers reporting an increase in sales, 6% ahead of pre-pandemic levels.
It also said that occupancy levels and rental values have returned to pre-COVID levels, with a strong demand for space seeing Shaftesbury enjoy 59 new hospitality and retail lettings.
The report said that prospects for London and the West End remain bright, despite ongoing macroeconomic challenges.
Brian Bickell, chief executive, said: “The year has seen a rapid rebound in the West End economy as Covid-related disruption receded and patterns of everyday activity returned to pre-pandemic normality. The sustained recovery in footfall and trading since the early months of 2022 has been matched by the strength of occupier demand”.
“Although London and the West End cannot be immune from the unprecedented range of challenges which are now dominating the national outlook, their long-term prospects remain bright, thanks to their enduring appeal”, he added.