Shaftesbury has acquired a 200 year ungeared leasehold interest in the lower floors of 92-104 Berwick Street in Soho, London’s West End, for £27.5 million.
Purchased from the Administrator of Berwick Street Securities LLP, the interest comprises c.15,600 sq. ft. of retail and c.3,600 sq. ft. which is suitable for restaurant accommodation, all of which will be available from Autumn 2022.
”The creation of 11 new units will bring exciting opportunities for new retailers and F&B concepts that fit with Shaftesbury’s retail strategy focusing on independents, concept stores and exciting new startups,” said the REIT in a press release.
Shaftesbury will be seeking brands and new food operators to add value to the local Soho community as well as attract domestic and international visitors to Soho. Shaftesbury will install new shop fronts and will provide operators with well configured attractive space ready to move in.
Simon Quayle, Executive Director, Shaftesbury commented: “We have always considered ownership of this frontage of over 250 ft. at the busy southern end of Berwick Street, an important part of our long-term strategy for this popular street. This acquisition will take our ownership to over 50% of active frontages on Berwick Street. With the recovery of the West End from the extended period of pandemic disruption now firmly established, the imminent opening of the Elizabeth Line, and Soho’s special appeal to visitors and workers, we are confident in the letting and long-term growth prospects for this exceptional location.”
Samantha Bain-Mollison, Retail Director, Shaftesbury commented: “We can’t wait to add some special retail and restaurant businesses to this stretch of Berwick Street. We are looking to attract new, innovative businesses who want to invest in bricks and mortar and can offer a point of difference when it comes to products and experiences that will fit the Soho retail mix. Berwick Street has evolved as a destination and attracts visitors seeking something different with the mix of exciting fashion, lifestyle and record stores. The market with its lively street food and fruit & vegetable stallholders sits alongside brands such as Sandqvist, Footpatrol, Oliver Spencer and Bleach”.