Shaftesbury makes a major Seven Dials acquisition for over £20m

Shaftesbury plc has acquired six buildings on Neal Street in Seven Dials for £24.6m.

The total is inclusive of acquisition costs. Shaftesbury is a real estate investment trust which owns a 14.9 acre portfolio in London’s West End.

Located on the northern end of Neal Street, between Short’s Gardens and Shaftesbury Avenue, the buildings are adjacent to existing holdings and comprise of six shops totalling 5,200 sq ft, with sold-off residential accommodation above. A contracted income is £0.6m per annum.

Brian Bickell, chief executive of Shaftesbury, 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 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 growing footfall, careful curation and coherent tenant selection strategy we will implement, we expect to see rents to narrow significantly over the medium term.”

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