Demand for West End property remains despite recession

A "healthy" demand for properties in London's West End has seen one landlord turn over a significant profit despite the tough economic climate.

Shaftesbury, which operates a portfolio of residential, commercial and office lets in the Carnaby Street, Chinatown and Covent Garden areas, has posted an adjusted before tax profit of £21.3 million for the year to September 30th.

The landlord said the figure, which is a 32.9 per cent increase on 2008, could be attributed to tenant demand for apartments, shops and restaurants remaining strong.

John Manser, Shaftesbury's chairman, said the West End economy had been "resilient" to the "unprecedented turmoil" seen in the first half of the financial year.

"As a result, demand for our shops, restaurants and residential accommodation has remained healthy and our rental income continues to grow strongly," he said.

Mr Manser added that the firm had seen a recovery in the value of its "well located" properties as a result of confidence returning to investment markets.

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