Shaftesbury PLC, the Real Estate Investment Trust which owns a 14.5 acre portfolio in London’s West End, has entered into a contract with PMB Holdings Limited to acquire a long-leasehold interest in 90-104 Berwick Street, Soho at a price of £38.5m.
Located at the southern end of Berwick Street, the property is currently being redeveloped to provide 12,500 sq ft of retail, a 5,00 sq ft supermarket, a 2,000 sq ft restaurant and a 110 bedroom hotel.
“We are pleased to have secured the strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50 per cent,” says Brian Bickell, chief executive of Shaftesbury PLC. “Once completed, it will enable us to accelerate our long-term strategy on this important north-south route in the heart of Soho.
“We expect Berwick Street, which is currently in the final phase of major public realm improvements, to benefit from a significant increase in footfall from the opening of the Elizabeth Line and Tottenham Court Road’s new ticket hall on Dean Street in December 2018. We are excited by the medium and long-term prospects for this important location,” he adds.