104 Berwick Street, Soho, in London for GBP38.5 million from real estate and leisure investment group Real estate investment trust Shaftesbury PLC said on Monday it has acquired a leasehold interest in 90-PMB Holdings Ltd.

The property is currently in the process of redevelopment, to provide 12,500 square feet of retail, a 5,500 square foot supermarket, a 2,000 square foot restaurant, and a 110 bedroom hotel.

Both the supermarket and hotel have been pre-let, and the redevelopment is expected to be completed in late 2018, which will complete the acquisition.

“We are pleased to have secured this strategic acquisition, which materially increases our ownership of Berwick Street frontages to 50%. Once completed, it will enable us to accelerate our long-term strategy on this important north-south route in the heart of Soho. 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,” said Chief Executive Brian Bickell.

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