Shaftesbury PLC acquires Berwick Street property

Shaftesbury PLC, the Real Estate Investment Trust which owns a 14 and a half acre portfolio in London’s West End, is adding to its Soho holdings with the purchase of a Berwick Street property.

The real estate investment trust has acquired the long-leasehold interest in 90-104 Berwick Street, Soho in London, close to Tottenham Court Road Crossrail station, for 38.5 million pounds.

The property is currently being redevelopment to provide 12,500 square foot of retail, a 5,500 square foot supermarket, a 2,000 square foot restaurant and a 110 bedroom hotel. Both the hotel and supermarket have been pre-let, Shaftesbury said.

The redevelopment is expected to be complete in late 2018, which will trigger the completion of the acquisition.

“We are pleased to have secured this strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50 percent,” said Brian Bickell, chief executive of Shaftesbury. “Once completed, it will enable us to accelerate our long-term strategy on this important north-south route in the heart of Soho.”

Bicknell added: “We expect Berwick Street, which is currently in the final phase of major public realm improvements, to benefit from a significant increase in footfall from the opening of the Elizabeth Line and Tottenham Court Road’s new ticket hall on Dean Street in December 2018. We are excited by the medium and long-term prospects for this important location.”

Brands currently on Berwick Street owned by Shaftesbury include Oliver Spencer, Nudie Jeans, Bleach, Footpatrol, Other and Sandqvist.

Image: courtesy of Shaftesbury PLC