20 Dec 2017 07:00
Shaftesbury PLC
Important Seven Dials acquisition
Shaftesbury PLC, the Real Estate Investment Trust which owns a 14.9 acre portfolio in London's West End, announces that it has acquired six buildings on Neal Street, Seven Dials, for £24.6 million, inclusive of acquisition costs.
Located on the northern end of Neal Street, between Short's Gardens and Shaftesbury Avenue, the buildings are adjacent to existing holdings and comprise six shops (5,200 sq. ft.) with sold-off residential accommodation above. Current contracted income is £0.6 million per annum.
Brian Bickell, Chief Executive, commented:
"We are pleased to have secured this important acquisition, which increases our ownership of frontages on the northern section of Neal Street to around 70%.
Situated close to the Tottenham Court Road Crossrail hub, the northern end of Neal Street is forecast to see material footfall growth once the Elizabeth Line service starts in December 2018. Current rental tones on this part of the street are significantly lower than at the southern end. However, with the benefit of growing footfall, together with the careful curation and coherent tenant selection strategy we will implement, we expect to see this differential in rents to narrow significantly over the medium term."
20 December 2017
For further information:
Shaftesbury PLC 020 7333 8118 Brian Bickell, Chief Executive Tom Welton, Property Director Chris Ward, Finance Director | RMS Partners 020 3735 6551 Simon Courtenay |
MHP Communications 020 3128 8100 Andrew Leach/Reg Hoare
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About Shaftesbury
Shaftesbury PLC is a Real Estate Investment Trust, which invests exclusively in the liveliest parts of London's West End. Our objective is to deliver long-term growth in rental income, capital values and shareholder returns.
Focussed on restaurants, leisure and retail, our exceptional portfolio now extends to 14.9 acres, clustered mainly in Carnaby, Seven Dials and Chinatown, with substantial ownerships in east and west Covent Garden, Soho and Fitzrovia.
In addition, we have a 50% interest in the Longmartin joint venture with The Mercers' Company, which has a long leasehold interest, extending to 1.9 acres, in St Martin's Courtyard in Covent Garden.
Our proven management strategy is to create and foster distinctive, attractive and prosperous locations. It is implemented by an experienced management team with an innovative approach to long-term, sustainable income and value creation, and a focus on shareholder returns. We have a strong balance sheet and conservative leverage.
Forward-looking statements
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