A new 110-bed hotel is set to be developed on one of London’s busiest streets following a £38.5 million investment from real estate organisation Shaftesbury PLC.
The group, which owns a 14.5 acre portfolio in London’s West End, has announced that it has acquired a long-leasehold in 90-104 Berwick Street, Soho, London.
The property is currently being redeveloped to provide a 110 bedroom hotel, a retail space, supermarket and restaurant. Both the hotel and supermarket have been pre-let.
The redevelopment is expected to be completed in the second half 2018.
Brian Bickell, chief executive of Shaftesbury, said: “We are pleased to have secured this strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50%.
“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.”