Shaftesbury has announced that it has acquired a 200-year unannounced lease in Soho for £ 27.5 million, allowing the creation of 11 new units for new retailers and F&B concepts, all of which will be available from autumn 2022.
Located on the lower floors of 92-104 Berwick Street, the portfolio consists of approximately 15,600 square feet of retail space and approximately 3,600 square feet of restaurant accommodation.
Shaftesbury’s said the acquisition is in line with its retail strategy, which focuses on independent, concept stores and exciting start-ups.
He will look for brands and new food operators to “add value” to the local community in Soho, as well as to attract local and international visitors to Soho.
New storefronts will also be introduced, providing operators with a “well-configured attractive space” ready for use.
The property was purchased by the Berwick Street Securities LLP administrator and added to Shaftesbury’s 16-acre portfolio in London’s West End.
Simon Quayle, CEO of Shaftesbury, said: “We have always considered ownership of this person over 250 feet in the bustling south end of Berwick Street, an important part of our long-term strategy for this popular street.
“With the West End recovering from a long period of already established pandemic disturbances, the forthcoming opening of the Elizabeth Line and Soho’s special appeal to visitors and workers, we are confident of renting and long-term growth prospects for this exceptional location. . ”
Samantha Bain-Molison, Retail Director at Shaftesbury, added: “We are looking to attract new, innovative businesses that want to invest in bricks and mortar and can offer a point of difference when it comes to products and experiences that will suit at the Soho retail mix. “