Shaftesbury expects to buy more

Shaftesbury has forecast an uplift in property purchases over the next year although it said that timing was unpredictable. The Real Estate Investment Trust said in an interim management statement that uncertainty about the future of the UK economy was affecting consumer confidence and spending nationally.

However, the West End of London continued to attract an ever greater number of visitors, underpinning an already prosperous and resilient local economy. Shaftesbury said it was confident, against this background, that continuing strong demand for accommodation throughout its villages would be reflected in rising rental income and out-performance in capital values.

The total estimated annual rental value of its wholly owned vacant commercial space totalled £2.9m as of the end of January, two-thirds of which was under construction and comprised principally a new retail and office development at 36-39 Carnaby Street.

The estimated annual rental value of commercial space ready to let and not already under offer was only £800,000 equivalent to 1.1 percent of the estimated rental value of the commercial elements of its wholly owned portfolio.