Shaftesbury’s estate has risen to £3.26bn over the past six months.
In a valuation update issued today, the West End landlord said the valuation had risen by 7.5% on a like-for-like basis, from the £3bn declared at the end of September 2021. The increase follows a 5.2% increase over the previous six months.
The increase was largely driven by like-for-like ERV growth of 6.4%, with increases across all uses, reflecting sustained occupier demand and low levels of vacancy. Shaftesbury added that footfall and trading in its locations was continuing to recover and had almost reached pre-pandemic levels.
Chief executive Brian Bickell said: “I am pleased to report that confidence, footfall and sales across our villages continue to recover well. Demand/supply tension in our locations, reflecting strong interest from potential occupiers across all uses, and low vacancy is driving a recovery in rental levels which has been the main component of the valuation increase over the six months to 31 March 2022. We are now looking forward to an extended period of uninterrupted trading as we enter the important summer season.”
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