Shaftesbury reports 'unprecedented' demand from F&B operators

03-Dec-2013 - Last updated on 24-Jun-2024 at 11:03 GMT

Shaftesbury: 'Currently there is unprecedented demand from interesting and well-funded food and beverage operators'

Property landlord Shaftesbury says that there has been an “unprecedented demand” in its properties from food and beverage (F&B) operators, which now account for one-third of its income.

The company, which operates 560 premises across 13 acres in prime West End locations including Soho, Covent Garden and Carnaby Street, announced in its annual results: “Currently there is unprecedented demand from interesting and well-funded food and beverage operators, which is continuing to drive strong rental growth.

“Furthermore, planning policies in the West End restrict the creation of new restaurant space, to preserve a balance with other commercial uses.

“The wide variety of dining and leisure choices is a feature of the West End and forms an integral part of the mix in our villages, complementing our shops and drawing visitors.

“As with our shops, we seek out and encourage new food and beverage concepts, both from the UK and abroad, to add to the appeal of our villages.”

Income and acquisitions

Net property income for Shaftesbury in the year to 30 September increased by 3.1% to £73.2m. Acquisitions totalled £28m in the period and include eight shops, four restaurants and 5,100sq ft of offices.

Brian Bickell, chief executive, said: “London’s stature as one of the world’s leading cities continues to grow as it becomes an ever-more popular destination for visitors and businesses. The West End and our central locations are clearly benefiting from London’s dynamism and growing global reputation.

“Following the successful staging of the 2012 Olympics and Paralympics, which showcased London across the world, there has been a noticeable increase in domestic and international visitors throughout the year.

“Coupled with a gradual recovery in consumer confidence in the UK and abroad, visitor spending is increasing, encouraging retailers, restaurateurs and other leisure-related businesses to establish new ventures, particularly in and around the West End.”