West End landlord Shaftesbury ‘unaffected’ by retail restructurings
West End landlord Shaftesbury said it has been “largely unaffected” by a recent string of retail and restaurant closures and restructurings.
In a trading update this morning the real estate investment trust said it had “limited exposure” to occupier insolvencies.
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Tenant insolvencies have accounted for less than two per cent of Shaftesbury’s portfolio estimated rental value (ERV).
Shaftesbury chief executive Brian Bickell said: “Our exceptional 15.2 acre portfiolio, located in some of the busiest parts of the West End, continues to perform well.
“The small to medium-sized space we mostly provide, combined with our modest rental levels, are a considerable advantage in the current market, attracting good levels of interest.
“Our long-established tenant selection strategy has ensured that we have been largely unaffected by high-profile retail and restaurant failures and restructurings.”
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The developer has begun work on its mixed-use scheme at 72 Broadwick Street, which will cost £32m and is expected to take around two years overall with the first stages set to be completed at the end of 2020.
Since 1 April, Shaftesbury has completed acquisitions worth £34.9m, comprising three shops, one restaurant and 2,600 sq ft of office space, bringing total purchases for the financial year to £47m.
Main image credit: Getty