West End property owner Shaftesbury on Monday reported a recovery in rent collection and said footfall was also showing signs of improvement as shoppers returned after the easing of Covid restrictions.
The company said it collected 55% of contracted rent in July and was confident of further collections over the coming month. For the quarter to June 30 Shaftesbury collected 51% of contracted rent, up from 40% in the previous three months.
Shaftesbury said it was experiencing a continuing recovery in occupier demand across all uses and a reduction in vacancy, which fell to 4.1% as of Aug. 13 from 8.4% at March 31.
Footfall in London’s iconic West End had recovered to 50% – 60% of pre-pandemic levels. Shaftesbury added that it expected a return of office-based workers from Autumn.
“The momentum of the last four months is providing a sound platform for the continuing revival of the West End in the important months ahead, leading up to Christmas and into the New Year, and the prospects for a return to pre-pandemic patterns of life and activity,” said chief executive Brian Bickell.
