Shaftesbury hails strong start to Christmas trading

West End landlord Shaftesbury Capital hailed a strong start to the Christmas trading period on Monday, with footfall "high" and sales tracking above the prior year.

The company said customers reported sales up 12% on 2022 levels and 16% above 2019 levels.

It pointed to "sustained" demand across all uses. Shaftesbury said leasing activity in the second half totalled 220 transactions, representing £15.6m of rent, 6% ahead of 30 June 2023 ERV.

The company said 440 leasing transactions were completed in the year to date. This represents £30.2m of rent, 9% ahead of 31 December 2022 ERV.

Shaftesbury also said that vacancy remains low at 2.2% of ERV available to let, versus 2.5% at the end of June.

Over the medium term, the group is targeting rental growth of 5% to 7% per year on average.

Chief executive Ian Hawksworth said: "Our excellent performance has continued into the second half, with a strong start to the Christmas trading period. The West End is one of the most vibrant global destinations with an unrivalled concentration of entertainment and cultural attractions.

"There is excellent leasing momentum across all uses with 220 leasing transactions signed so far in the second half, at rents on average 6% ahead of June 2023 ERV and a strong leasing pipeline."

He said that despite the uncertain macroeconomic backdrop, the company’s "prime" West End portfolio continues to demonstrate its "resilience and appeal".

At 0820 GMT, the shares were up 2.1% at 118.80p.