Shaftesbury – West End estates continue to be “busy and vibrant”: Central London landlord Shaftesbury has reported that its West End estates continue to be “busy and vibrant” and that footfall is high, with continued customer sales growth, limited vacancy and a strong leasing pipeline. The company said that during 2024, 473 leasing transactions were concluded with a combined rental value of £48.7m, including 175 commercial lettings and renewals: £37.5m, 10.7% ahead of 31 December 2023 ERV and 17.8% ahead of previous passing rents. The company said it had been an active year for food and beverage leasing with 39 leasing transactions completed, 14.8% ahead of December 2023 ERV. In 2024, its West End portfolio welcomed 24 new offerings, ranging from independent to international operators. It said: “As is typical, there have been a small number of failures during the year, however ongoing leasing demand has resulted in the available space being filled quickly. Availability of restaurant and leisure space is very limited given the vibrancy of these locations together with constrained planning and licensing policies. There is particularly positive performance from our Soho food & beverage portfolio. Kingly Court continues to attract interest from multiple food and beverage operators. The team behind renowned Soho concept, Blanchette, have launched Goldies, their latest concept in Kingly Court. Mediterranean concept Alta has signed following the redevelopment of units across two floors, creating a larger destination dining opportunity. Kingly Street has bolstered its evening offer, with the openings of The Counter and The Little Violet Door joining food & beverage concept Two Floors which has expanded its presence following refurbishment.” Ian Hawksworth, chief executive, said: “We are delighted to deliver a strong set of results for 2024. Our West End estates continue to be busy and vibrant with high footfall and customer sales growth. There continues to be strong leasing demand with 473 transactions completed 9% ahead of December 2023 ERV, with an excellent leasing pipeline. Valuation has increased 4.5% driven by strong ERV growth. The momentum of 2024 has continued into the current year. With our strong balance sheet, we are well-positioned to capitalise on market opportunities and confident of delivering further growth as the leading central London mixed-use REIT.” The company said it was confident in the growth prospects of its West End portfolio. It said: “Despite the well-documented macro-economic uncertainty, the West End continues to perform. Footfall is high, with continued customer sales growth, limited vacancy and a strong leasing pipeline. We have delivered growth in cash rents, ERV and valuation, and we expect continued performance with our rents and valuation well underpinned and are positioned for further growth. Prime central London real estate continues to attract capital, and we see opportunities for investment and expansion within and alongside our portfolio. Shaftesbury Capital has a strong balance sheet and significant liquidity to take advantage of market opportunities. The quality of our portfolio, our active approach and the positive market fundamentals of the West End give us confidence in our target of 5 to 7% rental growth, which with stable yields, would deliver total accounting returns of 8 to 10% over the medium-term.”