West End property specialist positive about future despite ‘material impact’ on performance

A London property specialist has said it expects a “return to prosperity and growth” despite the disruption caused by the COVID-19 pandemic.

Shaftesbury, which owns a 15.2-acre portfolio of commercial properties in the heart of London’s West End, has experienced a decline in valuations and a dip in profit as a result of the coronavirus outbreak and subsequent lockdown.

The firm has seen a loss after tax of £287.6m, which it has attributed to a decrease due to revaluation deficits in the current period.

Brian Bickell, Shaftesbury chief executive, commented: “Although our business performed well during the first four months of the period, the growing impact of the measures to address the pandemic are having a material impact on normal patterns of life and commerce, both for our occupiers and on the near-term prospects for our business and financial performance.

“The economies of London and the West End have a long history of structural resilience, having weathered many episodes of near-term challenges and uncertainties.

“Their unique features come from a culture of constant evolution across a broad-based economy, attracting talent, creativity, innovation and investment from across the world and reinforcing their enduring appeal to businesses, visitors and as great places to live.

“In the post-pandemic recovery, these fundamental advantages will underpin their return to prosperity and growth.”

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