Shaftesbury business update shows London leads UK economic growth

Shaftesbury plc, the owner of property in Soho and the West End of London, says business has been booming across properties in Carnaby Street, Chinatown, Charlotte Street and other West End 'villages' in recent months.

Shaftesbury acquired more sites in the final three months of 2013, acquiring shops, a restaurant, a bar and flats in Charlotte Street and Chinatown.

The group's residential and shopping scheme in Carnaby Street, revamped as an upmarket shopping area, has an estimated rental value of £2m compared with pre-development rental income of £1.6m.

A spokesperson for Shaftesbury said, 'London's West End continues to be a popular destination for domestic and international visitors as well as Londoners. Despite weather conditions over Christmas and New Year, visitor numbers and spending, particularly in restaurants, cafes and bars, have been resilient.'