Property group Shaftesbury has reported demand for its West End commercial property assets remains strong.
It announced the value of its portfolio had fallen (15.6 per cent), but insisted that because it had invested in assets in good locations, it would weather the economic storm.
John Manser, chairman, said despite the current period of economic turmoil “the group’s highly specialised portfolio of tightly defined central London villages is better placed than most to continue generating robust income”.
“Currently, demand for the retail and restaurant properties that constitute the majority of our assets remains strong,” he continued.
London’s West End is famed for its entertainment and tourism but it is also home to city offices and residential buildings.
Shaftesbury’s results compared favourably with recent data from the Independent Property Databank, which suggested values had fallen by 3.8 per cent in October.