Shaftesbury update highlights strength of busy West End, Covent Garden
UK property giant Shaftesbury issued a trading update on Monday with the firm’s latest news underlining the buoyancy of central London shopping at present.
While recent sales and footfall reports have suggested that the wider London area isn’t benefitting as much as it would like from the tourist boom, in its update for the period from April 1 to September 22, Shaftesbury said it’s certainly getting a boost from its central London strength.
“The West End has been busy throughout the summer, with a notable increase in overseas visitors, who are benefitting from the weakness in Sterling. Although national consumer spending trends are unclear, trading in our locations continues to be buoyant,” it said.
And this looks likely to continue with the firm also having a strong pipeline of properties coming though. As we reported earlier, it is currently marketing the transformed Thomas Neal's Warehouse in Seven Dials as a major flagship store.
And its Central Cross property in Chinatown has retail units fronting Charing Cross Road that "have attracted considerable interest,”. Additionally, Westminster City Council's scheme to create a new public square in Newport Place and improvements to Newport Court near Leicester Square, which Shaftesbury is funding, will start next month. Meanwhile its property at 57 Broadwick Street, in the Carnaby area, will soon be ready with the retail units already under offer.
The company said that the prosperity of London’s west End is being “underpinned by a unique combination of its appeal to Londoners and domestic and international visitors, as well as its diverse business community, which brings a large local working population.”
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