Strategic acquisition in Carnaby brings acquisitions to £140m
Shaftesbury the Real Estate Investment Trust which owns a 14.9-acre portfolio in London’s West End, has exchanged contracts to acquire the freehold of 35 and 36 Great Marlborough Street, Carnaby for £22.7m. 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 totalling 3,000 sq ft with 4,250 sq ft of offices on the upper floors. Current contracted income is £0.54m pa.
Chief Executive Brian Bickell said: “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.”