Chinatown and Carnaby Street landlord Shaftesbury on Tuesday showed it is not immune from the UK’s High Street woes, as it reported a slip in the value of its property empire.
The West End property developer said its estate value decreased 0.6% to £4 billion in the year to September 30, dragged down by writedowns at some of its larger shops in Long Acre and Carnaby Street.
Pre-tax profit fell to £26 million from £175.5 million, due to the much smaller rises in property values than in previous years.
But boss Brian Bickell was bullish and said Shaftesbury can convert retail space into offices if needed. He added that there is still a queue of retailers and restaurant chains that want to open on the estate.
Bickell said: "In a year dominated by domestic political uncertainties and a slowing national economy, the qualities of our portfolio, business model and proven strategy, together, have delivered a resilient performance.”
Rental income increased 4% to £117.3 million and Shaftesbury is upping its dividend by 5.4% to 17.7p.
The shares were 37p lower to 914p.
