INDUSTRY NEWS

Shaftesbury’s Surprise Rise

West End property developer and landlord Shaftesbury has seen the value of its portfolio rise by 7 percent in the second and third quarters of this year, far higher than expectations. Renewed interest in Central London’s commercial property, both by investors and occupiers, has been credited with the bump in value.

Shaftesbury owns a mixture of properties in the West End, including restaurant, retail and office space.

Despite gaining some ground in recent months, the longer-term picture of falling prices means that the portfolio has actually fallen in value by nearly 4 percent, year-on-year. However, this was taken as a positive result against the wider commercial property market’s decline of around 25 percent in that period.

Shares in Shaftesbury stand at around 390p, compared to less than 250p at the bottom of the slump back in April – a rise of around 60 percent.