Shaftesbury Capital, a prominent landlord in London’s West End, has recently revealed its plan to sell all of its properties in Fitzrovia. This decision reflects the company’s strategic focus on its core West End properties, including Covent Garden and Soho, as well as its belief in the potential recovery of the retail sector in these areas. The properties in Fitzrovia, estimated to be valued at more than £100 million, consist of a mix of hospitality and leisure units, offices, stores, and flats, totaling approximately 100,000 sq ft.
To handle the sale of these assets, Shaftesbury Capital has enlisted the services of agents from CBRE, according to React News. The company’s most recent accounts indicate that the properties are valued at around £118 million and generate an annual rental income of £5 million. Ian Hawksworth, CEO of Shaftesbury Capital, explained that the properties in Fitzrovia no longer meet their investment criteria, leading to the decision to divest.
The proceeds from the sale are expected to provide a significant boost to the retail areas in central London, particularly Carnaby Street, Soho, and Covent Garden. Hawksworth pointed out that even in these prime locations, there may be assets that no longer align with their investment criteria, hinting at potential sales in the future.
Shaftesbury Capital was created through the merger of Shaftesbury and Capital & Counties, two of the largest landlords in the West End. The combined entity now owns a portfolio worth £5 billion, comprising stores, offices, flats, and hospitality units in London’s key retail and theater district.
The decision by Shaftesbury Capital to offload its properties in Fitzrovia demonstrates the company’s strategic focus on its core retail hotspots and its confidence in the recovery of the West End retail sector. By streamlining its portfolio, the company aims to generate capital for reinvestment in its prime locations, further enhancing the retail and cultural experience in London’s key shopping districts. The sale of these Fitzrovia properties marks the start of a capital recycling program for Shaftesbury Capital, with potential future sales expected in other areas that no longer align with their investment criteria.
Useful links:
– Shaftesbury Capital Official Website: Learn more about Shaftesbury Capital and its portfolio of properties in London’s West End.
– CBRE Official Website: Find out more about CBRE, the agents responsible for handling the sale of Shaftesbury Capital’s Fitzrovia properties.
