West End landlord Shaftesbury on Tuesday put out a strong set of full-year results, boosted by a golden period for investment and growth in London.
Shaftesbury reported a 21.9% growth in the value of its assets when measured per share to £8.69 ($13.16) and property income was up 6.3% t0 £4.7 million ($7.1 million). Post-tax profit was up 6.1% to £467.3 million ($707.6 million).
The company praised a “a period of exceptional investment and growth” in London for the performance. Shaftesbury owns big swathes of London’s West End shopping district, including Carnaby Street, Covent Garden, Chinatown, and Soho.
Chairman Jonathan Lane says in a statement:
London’s global status continues to attract domestic and international businesses and visitors in unrivalled numbers. The city is currently experiencing a period of exceptional investment and growth. With forecasts pointing to a rapidly increasing population, more people and businesses are being drawn to its dynamic economy, wide variety of attractions and diverse, cosmopolitan atmosphere.
The completion of Crossrail in 2018, with its two West End transport hubs at Tottenham Court Road and Bond Street, will bring much-needed additional transport capacity to the London network. Importantly for us, accessibility to the West End will be materially improved and footfall patterns will change, which will benefit our holdings, all of which are a short walk from these new hubs.
London is currently undergoing a skyscraper boom and seeing a huge influx of new population. While this is good for property companies, the flipside is house prices in the capital are absolutely sky-rocketing.
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