Shaftesbury soars on increased London tourism

Specialist London retail property company Shaftesbury has seen its three London estates soar in value over the past year as tourists return to the capital. The company saw pre-tax profits rise 19.6 per cent to£14.7 million on the back of increased rental income in its Carnaby, Covent Garden and Chinatown estates. Net asset value rose 20 per cent to 352p a share.

Shaftesbury chief executive Jonathan Lane said that its Carnaby estate, located in the heart of the West End, had performed particularly well. 'Increases in footfall and demand are now being translated into meaningful rental growth,' he said. He added that, in the longer-term, The Crown Estate's£500 million redevelopment programme on Regent Street would also benefit the area.

In Covent Garden, Shaftesbury's holdings have re-centred on the Seven Dials area. 'Seven Dials is becoming recognised as a favoured location for distinctive brands and individual restaurants of high quality,' Lane Said. 'This is in contrast to the predominantly high street retailing on and to the south of Long Acre.'