Shaftesbury shrugs off Brexit

And unlike nearly all other real estate companies, it also benefited from a higher revaluation surplus on its portfolio, which helped to push adjusted net asset value ahead by 2.7 per cent to 912p.

Like-for-like rents grew by 2.1 per cent to £112m, but there is also a significant reversionary element whereby if all existing leases were marked to market rental income would be £30.2m higher. This is crystallised as leases come up for renewal. And while new business rates introduced in April will add to tenants' costs, chief executive Brian Bickell stressed that these increases were well flagged and should not have a significant impact on rental growth.

Redevelopment and refurbishment covering 216,000 sq ft cost £20m, with the Thomas Neal's Warehouse now completed, and the Charing Cross site backing on to Chinatown all but finished. This will create a much more attractive entrance to Chinatown. Voids were higher at 3 per cent because they included the now completed but still vacant Thomas Neal's Warehouse. The site at 57 Broadwick Street is expected to complete later this year. In addition, £28.1m was spent on acquiring new properties, while non-core asset disposals raised £5.4m.

With around 100m visitors to the Chinatown and Carnaby Street areas each year, demand from potential tenants remained strong, especially as planning constraints rule out any large-scale development and discourage conversion of existing spaces for leisure uses.

Shaftesbury's portfolio also contains 405,000 sq ft of office space let to 248 tenants and 570 - mainly studio - flats. Leasing transactions comprised £9.3m on the commercial side at 5.6 per cent ahead of estimated rental value at 30 September 2016, and £4.6m residential.

Analysts at Peel Hunt are forecasting adjusted net asset value at the September 2017 year-end of 897p, up from 888p in 2016.