Arrival of tourists increases business for Shaftesbury

It was today forwarded by Landlord Shaftesbury that the business for its tenants across the West End has increased due to a boost in overseas and domestic tourists to the capital.

The firm specified that with the arrival of visitors, healthy demand was maintained for its shops and restaurants in Covent Garden, Chinatown and Carnaby Street, since tenants continued to rake in profits despite the recession.

The end of July saw the firm reducing its vacant space to 69,000 square feet from 74,500 square feet in March. Landlord Shaftesbury said that it has new lettings worth £956,000 in the pipeline - more than double the volume seen in March.

But in spite of all this, the office market remained weak due to the downturn.

According to Chief executive Jonathan Lane, "London's West End, which has proved very resilient throughout the recent period of economic turbulence, continues to prosper and there is now evidence of stability returning to financial and property markets."

He added: "We are confident that demand for our shops, restaurants and residential accommodation will remain strong."

A sum of £149million was raised by the firm last month through a rights issue, which it used to repay debts.