The West End landlord has reported a sustained recovery in central London footfall, driven by hospitality and leisure businesses. However, footfall during weekdays has recovered less strongly, it says, and is around 80% of pre Covid levels.
The Real Estate Investment Trust has seen sustained occupier demand, with vacancies rapidly returning to pre-pandemic levels.
Its occupier support strategy maintained occupancy across hospitality, retail and leisure space through the disruption, according to Shaftesbury, with support now only being given on an exceptional, case-by-case basis.
There has also been a sustained recovery in rent collection since all restrictions lifted in July. In the first nine months of the year, 52% of contracted rent was collected, rising to 75% in the final quarter as restrictions were removed fully and occupier support tapered.
In October, 80% of rent was collected to date, with rental support ended other than on exceptional case-by-case basis.
“Our response to the economic and social disruption caused by the pandemic has been to support our occupiers and community and to work with our fellow West End stakeholders,” says Shaftesbury chief executive Brian Bickell.
“Its success has been rewarded by the speedy recovery in footfall and trading across our villages, which in turn has enhanced their appeal to new businesses and residents and restored our occupancy levels.
“It is also an endorsement of our credentials as a long-term, responsible, supportive landlord and partner.”