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Shaftesbury seals long-leasehold on Berwick Street property for £38m

West End property investor Shaftesbury plc has announced it has acquired the long leasehold for 90-104 Berwick Street in Soho for £38.5m.

The property firm, which owns over 14 acres of holdings in London’s West End, announced to the stock exchange this morning that it had entered into a contract with PMB Holdings to expand its Soho-based holdings.

Located on the southern end of Berwick Street, work is already under way to redevelop the site into 12,500 sq ft of retail, along with a 5,500 sq ft supermarket, a 2,000 sq ft restaurant and a 110-bed hotel.

Both the hotel and supermarket have already been pre-let, and the redevelopment is expected to be completed by late 2018.

Brian Bickell, Chief Executive of Shaftesbury, commented: “We are pleased to have secured this strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50%.

“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.”