(Sharecast News) - Real estate investment trust Shaftesbury has acquired a 200-year ungeared leasehold interest in the lower floors of 92-104 Berwick Street in Soho for £27.5m.
Shaftesbury, which purchased the leasehold from the administrator of Berwick Street Securities, said on Tuesday that the interest was made up of roughly 15,600 square feet of retail accommodation and approximately 3,600 square feet deemed suitable for restaurant usage.
Of the total space, 5,400 square feet has been let to a supermarket, while the remainder was vacant and in shell condition.
The FTSE 250-listed firm added that capital expenditure of £2.6m was expected to meet the market-standard specification now expected by occupiers.
Executive director Simon Quayle 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 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."
Reporting by Iain Gilbert at Sharecast.com