Shaftesbury continues to drive value from its 14-acre central London estate, agreeing £19.1m of lettings, lease renewals and rent reviews in the year to date.
This is equivalent to churn of 17% of its portfolio, which includes Carnaby Street.
The lettings and renewals were agreed at 5% above ERV, while reviews resulted in a 27.2% leap in rents.
The strong tenant demand suggests Shaftesbury can sustain its 5% compound annual growth rate achieved on rents over the past five years.
Its Chinatown holdings where the ready-to-let vacancy has increased from 1.1% to 2.1% of portfolio rental value over the period offer further opportunities to deliver growth.
bridget.o’connell@estatesgazette.com
