SHB.L Share News (SHB)

(Sharecast News) - Commercial landlord Shaftesbury but said potential clients for larger and smaller properties in London's West End were being cautious, with one major retailer pulling out despite having agreed terms.The real estate group said the average time to conclude lettings had increased from six weeks last year to around eight weeks currently, though demand for smaller spaces was said to remain "healthy".Furthermore, prospective occupiers for larger space were said to be "cautious" due to the current climate of business uncertainty in the UK. In recent months, however, the has been "considerable leasing progress" in larger schemes in Chinatown and Seven Dials.The Central Cross project, representing 2.6% of the group's wholly-owned portfolio estimated rental value, was now 76% let or under offer, though at the time of the group's final results in March it reported "all of the scheme's restaurant space" was let or under offer.Thomas Neal's Warehouse, a 19,700 square foot development in Covent Garden representing 0.5% of ERV, had seen a proposed letting to an international retailer with whom terms had been agreed "has not proceeded", Shaftesbury said, though the property was now said to be under offer.On the plus side, 57 Broadwick Street, the property off Carnaby Street, was now fully let, providing 1.8% of wholly-owned portfolio ERV."Despite well-publicised uncertainties affecting business confidence nationally, London's West End economy continues to be resilient," said chief executive Brian Bickell."Trading across our restaurants, cafés, bars and shops has been robust over the summer months. In particular, our food and beverage occupiers have benefited from good footfall in our locations and the attraction of a wide variety of carefully-curated, innovative casual dining choices."