Soho
Our investments in Soho mainly comprise holdings in Berwick Street. Berwick Street is located in a conservation area at the heart of the West End. Traditionally known as Soho’s local high street, it runs north/south from Oxford Street towards Shaftesbury Avenue. In 2007, Westminster City Council designated Berwick Street as a priority in its Action Area Plan as it has suffered from a lack of investment or any strategy for many years.
We have chosen to invest in Berwick Street because, although at the heart of Soho and with good footfall, buildings and the public realm are dilapidated, ownership and tenant mix are disparate, and as a consequence rental levels are modest.
The southern end of Berwick Street and the areas immediately to the west are dominated by publicly owned buildings which are either empty or are in poor repair, having lacked investment in recent years. This gives the area a shabby atmosphere which contributes to the vacancies within Berwick Street market and in adjacent buildings. We support Westminster City Council’s designation of Berwick Street as an Action Area, which will stimulate investment in the area as a whole.
Facts
| No. | Area Sq ft |
Gross income |
|
| Shops | 24 | 25,000 | 22% |
| Restaurants | 11 | 24,000 | 33% |
| Offices (tenancies) | 24,000 | 23% | |
| Residential | 43 | 27,000 | 22% |
