Shaftesbury boosts London's Berwick Street ownership with new buy
Landlord Shaftesbury, which owns a 16-acre portfolio in London's West End, has just got a little bigger in the prized retail area.
The property giant has acquired a 200-year leasehold in the lower floors of 92-104 Berwick Street, Soho, for £27.5 million, excluding purchase costs.
Bought from the administrator of Berwick Street Securities, the interest comprises around 15,600 sq ft of retail space. Capital expenditure of £2.6 million is anticipated to meet “market-standard specification now expected by occupiers”.
Simon Quayle, executive director, said of the acquisition: “We have always considered ownership of this frontage of over 250 ft at the busy southern end of Berwick Street, an important part of our long-term strategy for this north-south route through Soho. This acquisition will take our ownership of active frontages on Berwick Street to over 50%.”
For many decades, Berwick Street was home to market traders and textiles/haberdashery retailers but has since seen the area transformed into a more modern-day retail setting in what is a key part of the Soho area.
Quayle added: “The imminent opening of the Elizabeth [tube] Line, and Soho's special appeal to visitors and workers, we are confident in the letting and long-term growth prospects for this exceptional location.”
Shaftesbury, which has confirmed it is in merger talks with sector peer Capco that would see their combined portfolio including key central London shopping areas in Covent Garden, Carnaby and Soho, also said the recovery of the West End “is now firmly established” post-pandemic.
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