Shaftesbury PLC

Strategic acquisition in Soho

Shaftesbury PLC, the Real Estate Investment Trust which owns a 16-acre portfolio in London's West End, announces that it has acquired a 200 year ungeared leasehold interest in the lower floors of 92-104 Berwick Street, Soho, for £27.5 million (excluding purchase costs).

Purchased from the Administrator of Berwick Street Securities LLP, the interest comprises c.15,600 sq. ft. of retail accommodation and c.3,600 sq. ft. which is suitable for restaurant uses.

Of the total space, 5,400 sq. ft. has been let to a supermarket, which is now open and trading. The remainder is vacant and in shell condition. Capital expenditure of £2.6 million is anticipated to meet the market-standard specification now expected by occupiers.

Simon Quayle, Executive Director, commented on 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%.

With the recovery of the West End from the extended period of pandemic disruption now firmly established, the imminent opening of the Elizabeth 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."

Ends.

17 May 2022

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Notes for editors

About Shaftesbury   

Shaftesbury is a Real Estate Investment Trust which invests exclusively in the heart of London's West End. Focused on food, beverage, retail and leisure, our portfolio is clustered mainly in Carnaby, Seven Dials and Chinatown, but also includes substantial ownerships in East and West Covent Garden, Soho and Fitzrovia.

Extending to 16 acres, the portfolio comprises over 600 restaurants, cafés, pubs and shops, extending to 1.1 million sq. ft., 0.4 million sq. ft. of offices and 631 apartments. All our properties are close to the main West End Underground stations, and within ten minutes' walk of the two West End transport hubs for the Elizabeth Line, at Tottenham Court Road and Bond Street.

In addition, we have a 50% interest in the Longmartin joint venture, which has a long leasehold interest, extending to 1.9 acres, in St Martin's Courtyard in Covent Garden.