What better way to open a year-end results statement. Shaftesbury Capital’s chief exec Ian Hawksworth said Thursday: “It’s been an excellent start [for us] with positive metrics delivered across the business”.

And with property peer Hammerson also reporting a record year of leasing on the same day, the commercial property sector has certainly left the dark days of the pandemic far, far behind.

For the year to 31 December, Shaftesbury said the upbeat message was underpinned by a year of “significant rental income growth and cost savings” driving financial performance.

And, of course, the bright lights of central London continue to be a major draw for its core business with “a broad pool of investors attracted to prime West End real estate as demonstrated by recent sales totalling £145 million at a premium to valuation”, the group, which owns 2.9 million sq ft of lettable space across Soho and Covent Garden, said.

It also noted that the West End is continuing to attract target brands and concepts, while winning back shoppers and businesses following on from the pandemic.

It said: “The West End, and particularly our portfolio, is a destination of choice for both market entry and expansion. It is a strong retail leasing market with units often attracting interest from multiple occupiers.”

Overall, the group said leasing activity remained strong, with 526 transactions completed in the full year at rents on average 10% ahead of December 2022, representing £37 million of rent.

As of last December, it had £3.4 billion worth of total equity, up from £1.5 billion in the same period the year before. And vacancy rates were also low, sitting at 2.1% of estimated rental value available to let.

Annualised gross income increased 10.4% like-for-like to £192.8 million while estimated rental value (ERV) growth resulted in a 6.9% like-for-like increase to £236.9 million.

Meanwhile, its outlook for the medium-term targets rental growth of 5-7% per annum.

It added: “Despite the uncertain geopolitical and macroeconomic backdrop, our strong performance and leasing pipeline together with positive trading conditions across our West End locations provide us with confidence in the growth prospects for our exceptional portfolio.”