West End's strong 'seven-days-a-week trading' gives Shaftesbury Capital reasons to be happy in H1
And reflecting that performance is Shaftesbury Capital, reporting Tuesday (29 July) that half-year results to 30 June saw an ongoing 'strong performance', according to CEO Ian Hawksworth, who talked of 'growth in rents, earnings, dividends, valuation and [net tangible assets]'.
And of course, having London's West End (worth £5.2 billion across 2.7 million sq ft of lettable space and attracting around 200 million visitors annually) as your key asset, he said the area's portfolio 'continues to be busy and vibrant with high footfall and seven days a week trading'.
Those positives meant H1 gross profit grew 11% to £89.2 million, while growth in underlying earnings lifted 16% to £40.6 million across a portfolio. Valuation increased by 3.1% to £5.2 billion 'driven by [estimated retail value] growth and stable yields'. Net tangible assets were up 3.3% at £3.8 billion.
West End leasing demand remains 'strong' with 193 transactions (representing £19.2 million of contracted rent) completed 9% ahead of December 2024's estimated ERV, it noted.
Investment activity is mainly focused on Covent Garden and Carnaby/Soho. During the period, £71 million was invested in its portfolio, comprising £15.8 million in capital expenditure and £55 million in targeted acquisitions (before costs), 'presenting asset management opportunities with excellent rental growth prospects'.
In recent months, Soho and Carnaby Street welcomed a number of openings, 'reinforcing the area's position as one of London's most vibrant shopping districts'.
On Carnaby Street, Tala opened its first UK store delivering a range of activewear, Farm Rio opened its first dedicated store in the West End, and UK-Korean beauty retailer Pureseoul launched its largest flagship to date. US shoe brand Autry debuted its first UK store on Beak Street, Charlotte Tilbury will open a new flagship later this year in a gateway unit to Carnaby Street at one of its key entrance points, and MAC Cosmetics launched a new experience-led concept as part of a relocation on Carnaby Street.
Looking to the current H2, Shaftesbury Capital said it's begun with 'positive momentum' and is well positioned to grow the business and take advantage of market opportunities in London's West End'.
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