Shaftesbury, a well-known landlord in the prestigious West End of London, has recently expanded its ownership in the highly sought-after retail area of Berwick Street. The property giant has acquired a 200-year leasehold on the lower floors of 92-104 Berwick Street in Soho for a hefty sum of £27.5 million, excluding additional purchase costs. This acquisition has significantly increased Shaftesbury’s portfolio by approximately 15,600 square feet of prime retail space. Not stopping there, the company plans to invest £2.6 million to ensure that the property meets the market standard specifications expected by potential tenants.
Simon Quayle, an executive director at Shaftesbury, emphasized the significance of owning this particular stretch of Berwick Street, which spans over 250 feet on the bustling southern end. He stated that this acquisition perfectly aligns with the company’s long-term strategy for the north-south route through Soho. With this recent purchase, Shaftesbury’s ownership of active frontages on Berwick Street will now exceed 50%, cementing their position as a dominant player in the area.
Berwick Street has a rich history, formerly known for its market traders and textile and haberdashery retailers. However, in recent years, the landscape has undergone a significant transformation, turning into a contemporary retail destination that has become an integral part of the vibrant Soho district. Quayle also noted the impending opening of the Elizabeth Line as well as the allure of Soho to both visitors and professionals, contributing to the exceptional location’s leasing and long-term growth prospects.
In addition to the acquisition on Berwick Street, Shaftesbury has confirmed that it is currently involved in merger discussions with Capco, another major player in the industry. If successful, this merger would create a combined portfolio that boasts prominent shopping areas in Covent Garden, Carnaby, and Soho. Moreover, Shaftesbury expressed confidence in the recovery of the West End following the impact of the COVID-19 pandemic, stating that the revival is now firmly established.
Useful links:
1. Shaftesbury Official Website: Visit Shaftesbury’s official website for more information on their property portfolio and investments.
2. Capco Official Website: Explore the official website of Capco to learn about their real estate projects and potential merger with Shaftesbury.
