Shaftesbury has announced that it has acquired a 200 year ungeared leasehold interest in Soho for £27.5m, 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 comprises c.15,600 square feet of retail space and c.3,600 square feet of restaurant accommodation space.
Shaftesbury’s said the acquisition aligns with its retail strategy focusing on independents, concept stores and exciting new startups.
It 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.
New shop fronts will also be introduced and will provide operators with “well-configured attractive space” ready to move in.
Simon Quayle, executive director at Shaftesbury, said: “We have always considered ownership of this frontage of over 250 feet at the busy southern end of Berwick Street, an important part of our long-term strategy for this popular 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 at Shaftesbury, added: “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.”