10 May 2018 07:00
Shaftesbury PLC
Strategic acquisition in Carnaby
Shaftesbury PLC, the Real Estate Investment Trust which owns a 14.9 acre portfolio in London's West End, announces that it has exchanged contracts to acquire the freehold of 35 and 36 Great Marlborough Street, Carnaby for £22.7 million, inclusive of acquisition costs. This brings Shaftesbury's gross expenditure on acquisitions since 1 October 2017 to £140.1 million.
Located at the northern gateway in to Carnaby, the buildings comprise two shops (3,000 sq. ft.) with 4,250 sq. ft. of office accommodation on the upper floors. Current contracted income is £0.54 million per annum.
Brian Bickell, Chief Executive, commented:
"This important acquisition consolidates further our ownership at the busy northern entrance to the 14 streets of Carnaby.
We are discussing plans to materially improve the streetscape in the vicinity with Westminster City Council. Together with our wider estate management strategy, this will bring sustained growth in medium term rental prospects."
10 May 2018
For further information:
Shaftesbury PLC 020 7333 8118 Brian Bickell, Chief Executive Simon Quayle, Property Director Chris Ward, Finance Director | RMS Partners 020 3735 6551 Simon Courtenay |
MHP Communications 020 3128 8100 Reg Hoare/Oliver Hughes
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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 Carnaby ownership now comprises 99 shops (183,000 sq. ft.), 59 restaurants, cafes and bars (180,000 sq.ft.), 303,000 sq.ft of office accommodation and 109 apartments (67,000 sq.ft.).
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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