Shaftesbury has said that London’s West End continues to flourish, benefiting from the long-term increase in London’s economy, population, and visitor numbers.
It reported a buoyant summer with strong footfall in its villages and trading across its 583 shops, restaurants, cafés, pubs and bars, which together produce 72% of its rental income.
Strong occupier demand and low vacancy has boosted rental growth across all uses, and the company has begun work on its two largest schemes.
Following grant of planning consent in July 2015, Shaftesbury is now securing vacant possession at its mixed-use ownership fronting Charing Cross Road, Newport Place and Newport Court at the eastern boundary of Chinatown.
The scheme will provide 46,000 sq ft of restaurant and retail space. Work is due to start next year and complete in mid-2017.
It has also submitted a planning application for the reconfiguration and extension of 57 Broadwick Street, W1, at the eastern gateway to Carnaby.
The proposed scheme will provide 12,000 sq ft of shops and restaurants, 20,000 sq ft of offices and 2,000 sq ft of housing. Subject to consent, Shaftesbury expects work to commence during spring 2016, with completion in phases from late 2017.
