Shaftesbury announces Soho retail space acquisition
Shaftesbury, the Real Estate Investment Trust which owns a 16 acre portfolio in London’s West End, has announced that it has acquired a 200 year leasehold of the lower floors of 92-104 Berwick Street, Soho, for £27.5 million.
Purchased from the Administrator of Berwick Street Securities LLP, the interest comprises 15,600 sq. ft. of retail and 3,600 sq. ft. which is suitable for restaurants, all of which will be available from Autumn 2022.
The creation of 11 new units will bring opportunities for new retailers and food concepts that fit with Shaftesbury’s retail strategy focusing on independents, concept stores and new startups. The company will be seeking brands and food operators that add value to the local Soho community as well as attract domestic and international visitors to Soho.
Simon Quayle, Executive Director at Shaftesbury, commented: “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 popular street. 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 can’t wait to add some special retail and restaurant businesses to this stretch of Berwick Street. 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. The market with its lively street food and fruit & vegetable stallholders sits alongside brands such as Sandqvist, Footpatrol, Oliver Spencer and Bleach”.
Last week, it was revealed that Shaftesbury and Capco are in talks over a possible merger, potentially bringing together some of central London’s best known tourist destinations under the ownership of a single company.