Shaftesbury makes major acquisition in heart of Soho
Shaftesbury has acquired a 200 year leasehold interest in the lower floors of 92-104 Berwick Street in Soho for £27.5 million
The real estate investment trust, which owns a 16 acre portfolio in London’s West End, purchased the interest from the administrator of Berwick Street Securities. It comprises 15,600 square feet of retail space and 3,600 square feet of restaurant accommodation, all of which will be available from autumn 2022.
Shaftesbury will be creating 11 new units for retailers and F&B concepts that fit its retail strategy of focusing on independents, concept stores and new startups. Work will include the installation of new shop fronts and the provision of “well configured” space that is ready to move into.
Simon Quayle, executive director at Shaftesbury, said: “This acquisition will take our ownership to over 50% of active frontages on Berwick Street. 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.”
Samantha Bain-Mollison, retail director at Shaftesbury, added: “We are looking to attract new, innovative businesses who want to invest in bricks and mortar and can offer a point of difference when it comes to products and experiences that will fit the Soho retail mix. Berwick Street has evolved as a destination and attracts visitors seeking something different with the mix of exciting fashion, lifestyle and record stores.”
