Shaftesbury has bought the long-leasehold interest of 90-104 Berwick Street in Soho, W1, for £38.5m.
The acquisition from PMB Holdings means Shaftesbury will own half of the frontages on Berwick Street.
The property is in the middle of a redevelopment to provide 12,500 sq ft of shops, a 5,500 sq ft supermarket, a 2,000 sq ft restaurant and a 110-bedroom hotel. It expected to complete in late 2018.
Brian Bickell, chief executive of Shaftesbury, said: “We expect Berwick Street, which is currently in the final phase of major public realm improvements, to benefit from a significant increase in footfall from the opening of the Elizabeth Line and Tottenham Court Road’s new ticket hall on Dean Street in December 2018.
“We are excited by the medium and long-term prospects for this important location.”
Goldenberg Real Estate acted for PMB.
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette
