Shaftesbury makes a strategic acquisition in Carnaby – Shaftesbury (SHB) the Real Estate Investment Trust (REIT) has exchanged contracts to acquire the freehold of 35 and 36 Great Marlborough Street, Carnaby for £22.7 million.
Located at the northern gateway in to Carnaby, the buildings comprise two shops (3,000 sq. ft.) with 4,250 sq. ft. of office accommodation on the upper floors. The current contracted income is £0.54 million per annum.
More on Shaftesbury
Shaftesbury is a REIT focused on real estate in London’s West End. It focuses on central locations close to a concentration of world-class attractions which attract numbers of domestic and overseas visitors.
Shaftesbury says that its strategy is to:
- Produce sustainable growth in its revenue through long-term investment in, and management of, its property holdings;
- Deliver this growing income stream to shareholders through dividends; and
- Increase the value of its portfolio and of shareholders’ investment in its business through a combination of rising income and a concentration on uses which have low levels of obsolescence.
Shaftesbury lists many reasons why it feels that a focus on London’s West End is attractive, including:
- Estimated 200 million visits annually
- 19.1 million international visitors per annum
- 650,000 working population across the borough of Westminster
- Large resident population
- Favourite destination for Londoners and 20 million people in southern England who are easily able to visit for the day
- World-class visitor attractions – palaces, parks, architecture and historical sites
- Unrivalled cultural facilities – over 38 theatres, cinemas, 30 world-class museums and galleries
- Choice of shops and restaurants unmatched by any other city in the world
- A large local working population – a global location particularly for media and creative businesses
SHB : Shaftesbury makes a strategic acquisition in Carnaby