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Shaftesbury buys £23m Great Marlborough Street building

By James Wallace - Thursday, May 10, 2018 11:02

Shaftesbury, 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 from a private investor for £22.7m.

Located at the northern gateway in to Carnaby, the buildings comprise two shops (3,000 sq ft) with 4,250 sq ft of office accommodation on the upper floors. Current contracted income is £0.54m per annum.

This brings Shaftesbury’s recent spending spree to £140.1m for eight buildings since December.  At the end of last year, Shaftesbury acquired the freehold of 72 Broadwick Street for £92.2m and six buildings on Neal Street, Seven Dials, for £24.4m.

Shaftesbury raised net proceeds of £260.4m last December through issuing 27.9m new ordinary shares which financed the purchase of 72 Broadwick Street, the £41m acquisition of 90-104 Berwick Street with remaining equity set aside future acquisitions and capex.

Brian Bickell, chief executive, 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." 

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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