Shaftesbury ‘well positioned’ for growth as rents rise

Shaftesbury Capital has said it is “well positioned” to deliver growth following a positive start to the year. The group reported strong leasing activity across its portfolio so far this year, with 147 deals, representing £22.4m of new rent agreed. The deals have been secured at 7% above December 2023 ERVs and 16% ahead of previous passing rents. Chief executive Ian Hawksworth said: “It has been a positive start to the year, our West End estates are busy and vibrant with high footfall, customer sales growth and increasing levels of international tourism.”   Some 23 new brands and concepts were introduced to Shaftesbury Capital’s estate during the period, with strong demand in particular coming from retail and hospitality occupiers. Luxury make-up and skincare concept Charlotte Tilbury is upsizing significantly to a new flagship store on the Piazza following the success of its James Street store, said the group, with a number of other significant signings for Seven Dials. Shaftesbury Capital said its office portfolio had also performed well during the period, regularly achieving rents of more than £100 per sq ft. Photos courtesy of Shaftesbury Capital