At 30 September 2009, the Group’s ownership comprised 16 shops, 4 restaurants and cafes, 27,000 sq ft of offices and 17 residential apartments. These holdings were valued at £33.2 million and represented 3% by value of the Group’s portfolio.

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 expect that assembling ownerships in and around Berwick Street will have potential for us as a long term project. Past experience has shown that progress at this early stage can be slow. Our commitment to date is very much a preliminary investment. We have the financial resources to support our strategy of securing additional purchases over time to establish a significant ownership in the area. Also Westminster City Council’s active participation and support, which they have given in the past to our initiatives in our other locations, will be required.