How’s this for a positive trading update? “Our West End estates are busy and vibrant coming into the Christmas trading period with high footfall and good customer sales growth”. Who else can this be but London premier shopping district landlord Shaftesbury Capital’s chief executive Ian Hawksworth.

He was updating the market Tuesday (26 November) on trading across the 1 July-11 November period that has seen “strong leasing demand across all uses”. That includes 192 transactions completed in the period, at rents on average 9% ahead of June’s estimated retail value (ERV). And it was also enjoying an “excellent” leasing pipeline.
 
Shaftesbury Capital also said it has completed £240 million of asset disposals over the last 18 months “that will continue to be recycled into target acquisitions”.

Hawksworth added: “We are well-positioned to deliver attractive long-term returns as the leading central London mixed-use REIT [real estate investment trust].” 

That 9% ERV rate included £15.9 million of new leases and renewals in H2 to date, 7% ahead of previous passing rent.

Demand for its prime locations reflected a low vacancy rate with just 2.1%  of ERV available to let, down from 2.7% in June.

And the area also welcomed several new brands introduced including outdoor brand Peak Performance, premium watch brand Longines, designer brand Alta, sneaker store Autry, Brazilian fashion label Farm Rio, leather goods label Aspinal, premium outdoor brand outdoor Barbour and outdoor/ski brand Salomon.

The company also noted there was particularly good momentum across its vibrant Seven Dials region of Covent Garden with eight new brands introduced since July, including menswear brand NN.07, boutique retailer Saint + Sofia and apparel concept Gandy’s International. 
 
In nearby Carnaby Street saw a further 17 signings over recent months including contemporary jeweller Astrid & Miyu, and Australian beauty brand Grown Alchemist.
 
As an overview, Shaftesbury Capital said the market has been more active for smaller lot sizes in its core West End region, “with transactions demonstrating demand for high quality, prime central London real estate”.