Shaftesbury reports high occupancy after successful festive period

Real estate owner Shaftesbury has said occupancy levels across its West End portfolio remain high, with operators reporting year-on-year turnover growth over the festive period.

The company, which owns 15 acres across London's West End comprising some 600 buildings, said the area remained resilient to the subdued leisure spending reported elsewhere in a trading and finance update covering 1 October 2018 to 7 February 2019.

Brian Bickell, chief executive, said: "During the important trading season leading up to and including the Christmas and the New Year holidays, footfall in our locations has been robust and our occupiers generally reported growth in turnover compared with the same period in 2017. In contrast to reports of subdued leisure spending nationally, our restaurants, cafés, pubs and bars were particularly busy throughout the festive period."

During the quarter Shaftesbury announced the letting of Thomas Neal's Warehouse to street food operator Kerb, which will see the historic building transformed into a market expected to open in summer 2019.

Central Cross, Shaftesbury's £15m mixed-use centre in Chinatown, is now 71% let or under offer, with three shops remaining available.

The company's planned purchase of 90-104 Berwick Street has been delayed and it reports that the availability of properties to acquire in its target locations has been "exceptionally limited" in recent months.