Shaftesbury has bought more than 15,000 sq ft of retail space on Soho’s Berwick Street, part of a planned mixed-use development placed in receivership during 2020.
The company has paid £27.5m for a 200-year leasehold over the lower floors of 92-104 Berwick Street, W1.
The properties were acquired from the administrator of special purpose vehicle Berwick Street Securities and comprise 15,600 sq ft of retail space and 3,600 sq ft for restaurant uses. Some 5,400 sq ft is let to a Co-op supermarket, which is open. The rest is vacant and in shell condition.
Shaftesbury executive director Simon Quayle said: “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 north-south route through Soho. This acquisition will take our ownership of active frontages on Berwick Street to over 50%.
“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.”
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Image from Shaftesbury
