Shaftesbury has reported high levels of occupancy across its West End village estate as demand for its properties remained strong in the three months to the end of June.
The REIT said the total estimated rental value of the 68,000 sq ft of vacant wholly-owned space, including that held for refurbishment, amounted to £3.3m, or 4.1% of total commercial ERV at the quarter end.
Vacant ready-to-let space across its £1.75bn holdings stood at just 1.6% – down from 1.5% at the end of March.
Despite strong demand, the firm noted the “uncertainty” and “substantial challenges” to everyday life posed by the Olympics.
The firm reported a limited supply for its “specific investment strategy”, purchasing just £36.2m in the nine months to 30 June, of which £6.8m fell into the last three months.
It has added 13 shops, five restaurants, 4,000 sq ft of offices and seven flats to its portfolio of more than 500 buildings since the start of the financial year.
As at the 30 June, the company had drawn £420m from its £575m of committed bank facilities, giving it £155m available. The average all-in cost of its bank debt was 5.19%.
Including its £61m 8.5% debenture stock and its 50% share of the £120m term loan in the Longmartin joint venture, the group’s overall cost of debt was 5.43%.
The firm also announced the appointment of two non-executive directors, former BDO senior partner Dermot Mathias, and ex-head of UK equities at Fidelity, Sally Walden.
bridget.o’connell@estatesgazette.com
