It could be a long old road back from the pandemic for West End property investor Shaftesbury but at least it has begun the journey.
A key waypoint for Shaftesbury will be the anticipated return of office workers in the autumn. While people are no longer being asked to work from home in England, many employers are taking a cautious approach to getting people back into offices so there’s a chance that Shaftesbury could be feeling a bit lost in a couple of weeks.
However, footfall has recovered, led by day trippers and tourism and levels of occupancy and rental income are offering some encouragement to Shaftesbury.
“Shaftesbury is also to be commended for being proactive on the things it can control, like converting properties in the portfolio to better fit tenants’ demands and needs,” said AJ Bell’s Danni Hewson.
“At present Shaftesbury has a reasonable amount of liquidity to hold out for the return to normality it expects to emerge by 2023. However with the Delta variant continuing to rage and concerns over a bad winter flu season to come, Shaftesbury’s hard won progress in recent months still feels pretty fragile.
“And longer term there is the question of whether the West End will ever return to its former glories, Shaftesbury must hope that it does, and sooner rather than later.”