Shaftesbury extends holdings., buying six buildings on Neal Street, Seven Dials, for £24.6 m
Shaftesbury, which owns a 14.9-acre portfolio in London’s West End, has added to its holdings in Neal Street, Covent Garden, buying six shops totalling 5,200 sq ft on the northern end of Neal Street, between Short’s Gardens and Shaftesbury Avenue. Current contracted income is £0.6m pa.
Chief executive Brian Bickell said: “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 per cent.
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.”