Nearly 60 per cent of commercial West End rent remains unpaid due to Covid
A London real estate landlord has reported that less than 50 per cent of West End tenants have paid rent for the six months to the end of September.
Shaftesbury, which owns a 16 acre portfolio in the West End, reported that only 41 per cent of rents for the period have been collected, with 23 per cent being waived due to the pandemic.
The company said that after an extended period of closure, most of its 611 restaurants, cafés, pubs and shops have now reopened, and that packages of rental and other measures to support their recovery are in place and being extended to the end of the year.
Brian Bickell, chief executive, commented: “The course of the pandemic in the short and medium term will continue to dictate the extent of restrictions imposed by the UK and other governments to contain the spread of the Covid-19 virus, with implications for the global economy and the pace of recovery.
“As an international destination, local trading conditions in the West End will inevitably be affected by these macro uncertainties.
“Longer term, the exceptional qualities and features of London and the West End provide firm foundations for recovery as pandemic disruption recedes.
“Their long history of embracing change, dynamism, creativity and their enduring global appeal will be their most important strengths in a post-pandemic world of new priorities, expectations and patterns of activity.
“Against this backdrop, and with the benefit of our experienced, entrepreneurial and innovative management team, we remain confident in the long-term prospects for our exceptional portfolio and business.”
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