Shaftesbury sees profits surge as it hails Crossrail arrival

- Advertisement -


woo

East end property business Shaftesbury saw a surge in profits as the company saw the arrival of Crossrail as a boon to spending in the shopping and nightlife district.

- Advertisement -

The firm’s net asset income rose 55% to £41 million in the six months to March 2022, while the value of its portfolio rose 7.5% in the six months to £3.26 billion.

- Advertisement -

Monthly sales across the firm’s portfolio of 291 stores and 322 bars and restaurants were up 7% over pre-pandemic levels, while rental income was up 11.5%, driven by improved occupancy and the end of rental support for occupants.

Footfall in the West End was recovering, fueled by the return of international visitors, the company said, while the arrival of the Elizabeth Line in central London would result in “a material increase in visitor numbers and spending”.

- Advertisement -

Shaftesbury warned of challenges posed by inflationary pressures, supply chain disruptions and tax hikes, but boss Brian Bickell said: “While London and the West End may not be completely sheltered from these headwinds, their global situation , appeal and broad-based, dynamic economies should provide a degree of protection that few other places can match.”

Established in 1986, Shaftesbury has a portfolio of 16 acres of shops, bars and offices in the West End, which includes parts of Chinatown, Covent Garden and SoHo, all 10 minutes from the new Elizabeth Line stations on Tottenham Court Road. are within walking distance. and Bond Street.

According to data from Cushman & Wakefield, the value of office rents in SoHo has risen 42% since the Crossrail project was given royal assent in 2008, as fare increases along the route of the Elizabeth Line have outpaced the rest of London.

Credit: www.standard.co.uk /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox