Shaftesbury announce major acquisition in heart of Soho portfolio

Shaftesbury, 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 and c.3,600 sq. ft. which is suitable for restaurant accommodation, all of which will be available from Autumn 2022.

The creation of 11 new units will bring exciting opportunities for new retailers and F&B concepts that fit with Shaftesbury’s retail strategy focusing on independents, concept stores and exciting new startups. Shaftesbury will be seeking brands and new food operators to add value to the local Soho community as well as attract domestic and international visitors to Soho. Shaftesbury will install new shop fronts and will provide operators with well configured attractive space ready to move in.  

Simon Quayle, Executive Director, 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, Shaftesbury commented: “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”.

@shaftesburyplc / Shaftesbury.co.uk / @ThisIsSoho / ThisIsSoho.co.uk

For further information and images please contact Meghan Ryan at Sister London [email protected] / 020 7287 9601

NOTES TO EDITORS

About Soho

Soho is the creative hub of London’s West End with a vibrant mix of independent and concept fashion stores, restaurants and bars. Shaftesbury’s Soho portfolio includes 39 shops and 31 restaurants, bars and cafes across several Soho streets including Berwick St, Broadwick St, Denman Street and Brewer Street.

About Shaftesbury

Shaftesbury owns and manages a 16 acre property portfolio in the liveliest parts of London's West End.  The portfolio comprises of restaurants, cafés, pubs and shops, extending to apartments and offices in the highly popular, sought-after and prosperous locations of Carnaby, Seven Dials and Chinatown, together with substantial ownerships in East and West Covent Garden, Soho and Fitzrovia.  All Shaftesbury 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.

@shaftesburyplc shaftesbury.co.uk