Shaftesbury expands in Seven Dials area – Shaftesbury PLC, which already owns a 14.9 acre property portfolio in London’s West End, has announced that it has acquired six buildings on Neal Street, Seven Dials, for a total consideration of GBP24.6 million, inclusive of acquisition costs.
Located on the northern end of Neal Street, between Short’s Gardens and Shaftesbury Avenue, the buildings are adjacent to existing holdings and comprise six shops (5,200 sq. ft.) with sold-off residential accommodation above. Current contracted income is GBP0.6 million per annum.
Brian Bickell, Chief Executive, commented: “We are pleased to have secured this important acquisition, which increases our ownership of frontages on the northern section of Neal Street to around 70%. Situated close to the Tottenham Court Road Crossrail hub, the northern end of Neal Street is forecast to see material footfall growth once the Elizabeth Line service starts in December 2018. Current rental tones on this part of the street are significantly lower than at the southern end. However, with the benefit of growing footfall, together with the careful curation and coherent tenant selection strategy we will implement, we expect to see this differential in rents to narrow significantly over the medium term.”
SHB : Shaftesbury expands in Seven Dials area