Landlord hit by fall in income from properties in Chinatown, Soho and Covent Garden
Shaftesbury, one of the biggest landlords in central London, has slumped to a £700m loss after slashing the value of its portfolio, as the West End braces for tougher Covid-19 restrictions.
The company, which owns parts of Chinatown, Soho and Covent Garden, has been hit by the sharp fall in the number of tourists and office workers coming into the capital. It said vacancies at its shops, restaurants and offices had nearly tripled to 10.2% in the year to 30 September. As tenants struggled to pay their rent, Shaftesbury’s net income fell by 24% to £74.3 . It collected only 53% of the rent due in the second half of the year.
