Shaftesbury buys Berwick Street development

Shaftesbury buys Berwick Street development – Shaftesbury PLC, the Real Estate Investment Trust which owns a 14 1/2 acre portfolio in London’s West End, announces that it has entered in to a contract with PMB Holdings Limited to acquire a long-leasehold interest in 90-104 Berwick Street, Soho, London W1 at a price of GBP38.5 million.

Located at the southern end of Berwick Street, the property is currently being redeveloped to provide 12,500 sq. ft of retail, a 5,500 sq. ft. supermarket, a 2,000 sq. ft. restaurant and a 110 bedroom hotel. Both the hotel and supermarket have been pre-let.  The redevelopment is expected to complete in late 2018, which will, subject to satisfying various contractual conditions, trigger the completion of the acquisition.

Commenting on the transaction, Brian Bickell, Chief Executive of Shaftesbury, commented: “We are pleased to have secured this strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50%.Once completed, it will enable us to accelerate our long-term strategy on this important north-south route in the heart of Soho.  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“.

SHB : Shaftesbury buys Berwick Street development