Shaftesbury Capital, the owner of popular London destinations such as Covent Garden and West End, is experiencing strong trading performance. The integration of Shaftesbury and Caapco, two property giants, is progressing well, according to the CEO of Shaftesbury Capital, Ian Hawksworth. The company’s portfolio, which includes Covent Garden, Seven Dials, Carnaby, Soho, and Chinatown, has shown exceptional resilience and performance despite macroeconomic uncertainty.
In the first five months of the year, Shaftesbury Capital completed 173 leasing transactions, with rents averaging 6% higher than in December 2022. This positive growth in rental rates instills confidence in the company’s future rental growth prospects. Moreover, several store openings, including flagship stores for Uniqlo, Gramicci, and Farah, have contributed to the company’s success. Upcoming openings for Mejuri, a jewelry retailer, and Hoka, a footwear retailer, are also set to enhance the portfolio. Additionally, retail tenants in Shaftesbury Capital’s properties have reported sales that are, on average, 13% higher than in 2019, reflecting encouraging trading activity.
Footfall trends in the West End are also positive, fueled by an increasing number of international tourists. This growth was particularly pronounced in May, following the Coronation celebrations, and is expected to continue throughout the summer. In addition to this, the integration of Shaftesbury and Caapco focuses on cost-cutting measures. The actions taken so far are projected to yield annualized savings of approximately £7.5 million.
Overall, Shaftesbury Capital’s trading update showcases the company’s strong performance and sustained growth in the prime West End area of London. With the integration of the two property giants progressing smoothly and positive market conditions, Shaftesbury Capital is well-positioned for future success.
Useful links:
1. https://www.shaftesburycapital.com
2. https://www.coventgarden.london
